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方正证券:速腾聚创AC2新品发布在即 维持“推荐”评级
Zhi Tong Cai Jing·2025-10-20 06:51

Core Insights - The International Conference on Intelligent Robots and Systems (IROS2025) will take place from October 19 to 25, 2025, in Hangzhou, where the company SUTENG will launch its latest Active Camera product, AC2 [1] - The company is expected to benefit significantly from the growth in intelligent driving and the broader robotics sector, with projected revenues of 2.5 billion, 3.42 billion, and 4.58 billion yuan for 2025, 2026, and 2027 respectively [1] - The AC2 product integrates advanced technologies such as dToF laser radar, dual RGB cameras, and IMU for motion compensation, providing a comprehensive solution for various 3D applications [1][2] Group 1 - The AC2 series is designed to be compact, with dimensions similar to widely used dual-vision sensors, offering millimeter-level distance accuracy and robust RGBD data for diverse applications in robotics [1] - The company has developed its SPAD-SoC chip since 2018, with the product launched in 2022, enhancing detection performance and power efficiency [2] - The AC series products are applicable across multiple sectors including automotive, robotics, and consumer electronics, with a potential second growth curve in robotics components [2] Group 2 - The company's technology is aligned with Huawei's laser radar products, indicating a shared technological foundation that can be leveraged across various applications [2] - The company has integrated with NVIDIA's DRIVE, Jetson, and Omniverse ecosystems, enhancing its capabilities in visual technology [2] - The company is also expanding its offerings in dexterous robotic components, which are expected to see gradual market adoption [2]