SIASUN(SZ:300024) Sou Hu Cai Jing·2025-06-24 09:21Core Viewpoint - The CEO of SUTENG JUCHUANG expresses confidence in the company's performance in the second half of 2025, driven by increased sales of automotive lidar products due to head clients' growth [2][5]. Financial Performance - In Q1 2025, SUTENG JUCHUANG reported revenue of 330 million RMB, a decrease of 31 million RMB from 361 million RMB in the same period last year [3][4]. - Revenue from ADAS applications was 229 million RMB, down from 306 million RMB year-on-year, while revenue from robotic lidar products increased by 87% to 73.4 million RMB [3][5]. - Gross profit for Q1 2025 was 77 million RMB, up 73.1% from 44.5 million RMB in the previous year, with a gross margin of 23.5%, an increase of 11.2 percentage points [4]. Business Segments - The decline in ADAS revenue was attributed to reduced cooperation with two major clients, which previously accounted for 60% of total revenue [5][11]. - The company anticipates strong growth in logistics and garden robot sectors, with significant orders already secured, including a 1.2 million unit order with Mammotion [5][13]. - The company aims to achieve breakeven in a quarter of the second half of 2025 and expects to be profitable in 2026 [5][12]. Innovation and R&D - SUTENG JUCHUANG plans to invest approximately 250 million RMB in innovative business areas in 2024, representing 41% of total R&D expenses, focusing on robotics and AI technologies [7][23]. - The company has established partnerships with over 20 humanoid robot companies, indicating a strategic shift towards humanoid robotics, which is expected to have a market size ten times that of the automotive sector [8][25]. Market Outlook - The company expects overseas revenue to significantly increase by 2026, as current contributions are minimal due to the need for trust-building with international clients [6][22]. - The automotive lidar market is projected to expand as the technology becomes more accessible, with prices dropping below 200 USD, facilitating adoption in lower-priced vehicles [15][16].