Core Viewpoint - The report from CICC forecasts that SUTENG JUCHUANG (02498) will achieve revenues of 2.085 billion yuan in 2025 and 3.002 billion yuan in 2026, with current stock prices corresponding to 8.2x and 5.6x P/S for 2025 and 2026 respectively. The company is given an "outperform" rating based on a target market value of 22.8 billion HKD and a target price of 47.00 HKD, indicating a potential upside of 22% [1] Group 1 - The penetration rate of intelligent driving is continuously increasing, leading to a growth in demand for LiDAR. According to data from GaoGong Intelligent Automotive, the shipment of automotive LiDAR in China is expected to exceed 1.5 million units in 2024, more than 2.5 times that of 2023. The report anticipates an increase in the configuration rate of LiDAR as a core safety component due to the mandatory standard for passenger car AEB [2] - The report predicts that the shipment of LiDAR for domestic passenger cars will reach 3.14 million units in 2025, representing a year-on-year growth of over 100%, and is expected to exceed 10 million units by 2028, maintaining rapid growth [2] Group 2 - The company's LiDAR product matrix is continuously improving, with a comprehensive and efficient technology layout. The high-cost performance product MX will be launched in 2024 at a price of 200 USD, followed by the EMX in 2025. The company is also actively pursuing full-stack chip integration and digitalization, launching SPAD-SoC to reduce costs and enhance performance [3] - As of the end of Q2 2025, the company has secured front-loading design points for over 119 models from more than 30 global automotive manufacturers and Tier 1 clients [3] Group 3 - The company is expanding its reach into robotic scenarios, covering applications such as Robotaxi, lawn mowing robots, and unmanned delivery. In 2025, the company will launch the all-solid-state digital LiDAR E1R and Airy, collaborating with leading clients like Kuka and New Stone to explore the potential of LiDAR in non-ADAS fields [4] - In 2025, the company will officially enter the humanoid robot market, launching components such as dexterous hands, sensors, and domain controllers, further expanding its business capabilities [4] - Potential catalysts include exceeding expectations for LiDAR demand and customer expansion [4]
中金：首予速腾聚创(02498)跑赢行业评级 目标价47港元