Group 1 - The core viewpoint of the report is that SUTENG JUCHUANG (02498) is expected to achieve significant revenue growth in the coming years, with projected revenues of 2.433 billion, 3.739 billion, and 5.221 billion yuan for 2025, 2026, and 2027 respectively [1] - In the first half of 2025, the company reported a revenue of 783 million yuan, representing a year-on-year growth of 7.7%, with gross margin increasing from 13.6% in the same period last year to 25.9% [1] - The robotics and other sectors have been the main growth drivers, with laser radar product revenue reaching 221 million yuan, and sales skyrocketing from 8,900 units in 2024 to 46,300 units, a year-on-year increase of 420.2% [1] - The gross margin for robotic laser radar in the first half of 2025 improved from 26.1% in the same period last year to 45.0%, highlighting the scale effect [1] - The company has successfully expanded its customer base, forming partnerships with several leading global lawnmower manufacturers, with order sizes exceeding seven figures [1] - In the field of unmanned delivery, the company has established deep collaborations with major players in North America and domestic companies like Meituan and Baixin [1] Group 2 - The report highlights the competitive advantage of the company in the Robotaxi sector, attributed to its self-developed SPAD-SOC chip and the launch of the E platform full solid-state laser radar [2] - The first full solid-state laser radar, E1, has achieved mass production, becoming the industry's first large-scale commercialized full solid-state laser radar [2] - The EM4+E1 product combination has completed mass production verification with eight leading Robotaxi clients, covering over 90% of the leading companies in the global L4 field [2] - It is anticipated that by the end of this year, major Robotaxi clients will initiate mass production of the "EM4+E1," with annual shipment volumes expected to reach the tens of thousands, further driving revenue growth [2] - The company has also made breakthroughs in the overseas Robotaxi market, with plans from leading companies in North America to expand their fleets equipped with E1 and EM4 laser radars by the end of the year [2]
中邮证券：首予速腾聚创(02498)“增持”评级 Robotaxi商业化进程加速