Core Viewpoint - Xuteng Juchuang (02498) maintains a "Buy" rating with a target price of HKD 48.50 per share, with adjusted financial forecasts reflecting a decrease in estimated revenue for FY2025 but an increase for FY2026 and FY2027, driven by significant contributions from robotic applications of LiDAR technology [1] Group 1: Financial Performance - In the first half of FY2025, Xuteng Juchuang recorded revenue of RMB 780 million, representing a year-on-year growth of 7.7%, primarily driven by a 184.8% increase in revenue from robotic LiDAR sales [1] - The company's gross margin improved to 25.9%, indicating ongoing enhancements from economies of scale and advancements in proprietary technology [1] Group 2: Market Dynamics - Sales of ADAS LiDAR in the first half of FY2025 decreased by 18.8% year-on-year, with shipments dropping to 220,500 units, mainly due to reduced orders from two major clients [2] - The introduction of cost-effective EMX and digital LiDAR EM4, compliant with L3/L4 standards, is expected to strengthen the company's position in the digital LiDAR market [2] - Despite a decline in average selling price to RMB 2,192.5, the increase in EMX sales proportion is anticipated to enhance sales performance in Q4 [2] Group 3: Growth Potential in Robotics - In the first half of FY2025, Xuteng Juchuang delivered 46,300 units of robotic LiDAR, marking an approximate sixfold increase year-on-year, driven by strong demand in the lawnmower market [3] - The company has secured a significant order for approximately 1.2 million automotive-grade solid-state LiDAR units, laying a solid foundation for future revenue growth [3] - The upcoming release of the improved AC2, which integrates camera, LiDAR, and IMU data, aims to meet the increasingly complex demands of downstream industry applications [3]
西牛证券：重申速腾聚创(02498)“买入”评级 目标价48.50港元