Core Insights - Zhongyou Securities initiates coverage on SUTENG JUCHUANG (02498) with a "Buy" rating, projecting revenues of 2.433 billion, 3.739 billion, and 5.221 billion yuan for 2025, 2026, and 2027 respectively [1] - The company reported a 7.7% year-on-year increase in revenue for H1 2025, reaching 783 million yuan, with gross margin improving from 13.6% to 25.9% compared to the same period last year [1] Group 1: Revenue and Growth - The robotics and other sectors are highlighted as the main growth drivers for the company in the first half of the year, with LiDAR product revenue reaching 221 million yuan and sales skyrocketing from 8,900 units in 2024 to 46,300 units, marking a staggering year-on-year increase of 420.2% [1] - In Q2 2025, sales reached 34,400 units, reflecting a year-on-year growth of 631.9% [1] Group 2: Profitability and Partnerships - The gross margin for robotic LiDAR in H1 2025 improved significantly from 26.1% to 45.0%, showcasing the benefits of scale [1] - The company has achieved substantial results in customer expansion, forming partnerships with several leading global robotic lawn mower manufacturers, with order sizes exceeding seven figures, including a three-year strategic cooperation agreement with Kuka Technology for 1.2 million solid-state LiDAR units [1] Group 3: Market Position and Product Development - The company leverages its self-developed SPAD-SOC chip to launch the E platform solid-state LiDAR, gaining a competitive edge in the Robotaxi sector [2] - The first mass-produced solid-state LiDAR, E1, has become the industry's first large-scale commercial solid-state LiDAR, with the EM4+E1 product combination validated by eight leading Robotaxi clients, covering over 90% of the global L4 sector [2] - Anticipated mass production of the "EM4+E1" by top Robotaxi clients by the end of the year is expected to drive further revenue growth, with projected shipments reaching the tens of thousands [2]
中邮证券：首予速腾聚创“增持”评级 Robotaxi商业化进程加速