Core Viewpoint - Morgan Stanley upgraded the investment rating of SUTENG JUCHUANG (02498) from "Neutral" to "Overweight," raising the target price from HKD 28.6 to HKD 53, reflecting a projected price-to-sales ratio of 5 times for the next year [1] Group 1: LiDAR Market Demand - The demand for LiDAR is expected to reach 3.1 million, 6.9 million, and 12.1 million units by 2025, 2027, and 2030, with penetration rates of 20%, 33%, and 44% respectively, compared to 18% in Q2 of this year [1] - Strong demand is noted from various robotic applications, including robotic lawn mowers, autonomous taxis, logistics robots, and mining trucks [1] Group 2: Revenue and Profit Projections - SUTENG JUCHUANG is projected to receive more design orders, with total LiDAR shipments expected to be 836,000, 1.8 million, and 2.8 million units from 2025 to 2027, reflecting a compound annual growth rate of 74%, with approximately 30% coming from robotics [2] - The company’s gross margin is expected to stabilize around 28% from 2025 to 2027, with adjusted net profits projected at RMB 187 million and RMB 493 million for 2026 and 2027 respectively [2] - Total revenue for SUTENG JUCHUANG is expected to reach RMB 3.2 billion and RMB 4.7 billion in 2026 and 2027, with the robotics sector contributing 36% and 33% respectively [2]
小摩：升速腾聚创(02498)评级至“增持” 目标价上调至53港元