ROBOSENSE(02498.HK)：ROBOTICS IS THE NEW GROWTH ENGINE

We maintain "Buy", and increase TP to HK$46.40. RoboSense (the "Company"), posted strong revenue growth in 2025Q2 in the Robotics segment, and moderate growth in the ADAS segment. Therefore, we adjust our 2025-2027 revenue forecasts to RMB2,446 mn (-6.8%) / RMB3,756 mn (+2.4%) / RMB5,227 mn (+5.2%), respectively. We expect adjusted net profit expected to turn positive in 4Q25. Our TP is based on a SOTP 2026F EV/S valuation of 2.0x for the ADAS segment and 10.0x for the robotics segment. This results in a 8. ...