Core Viewpoint - Xinteng Juchuang (02498) maintains a "Buy" rating with a target price of HKD 48.50 per share, adjusting financial forecasts for FY2025 downwards while increasing expectations for FY2026 and FY2027, driven by significant contributions from robotic application lidar [1] Group 1: Financial Performance - In the first half of FY2025, Xinteng Juchuang recorded revenue of RMB 780 million, a year-on-year increase of 7.7%, primarily from robotic application lidar sales, which surged by 184.8% [1] - The group's gross margin improved to 25.9%, reflecting economies of scale and continuous improvements from 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 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 group's position in the digital lidar market [2] Group 3: Growth Drivers - In the first half of FY2025, Xinteng Juchuang delivered 46,300 units of robotic application lidar, a nearly sixfold increase year-on-year, driven by strong demand in the lawnmower robot market [3] - The group 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]
西牛证券：重申速腾聚创“买入”评级 目标价48.50港元