SIASUN(SZ:300024) Ge Long Hui·2025-11-28 04:12Core Viewpoint - In Q3 2025, the company achieved revenue of 407 million yuan, a year-on-year decrease of 0.19%, with ADAS product revenue at 245 million yuan, down 26%, while revenue from the robotics sector increased by 158% to 142 million yuan. The gross margin improved to 23.93%, up 6.47 percentage points year-on-year, with ADAS gross margin at 18.1%, up 4 percentage points, and robotics gross margin at 37.2%, up 2.6 percentage points. The net loss for the quarter was approximately 101 million yuan, compared to a loss of 82 million yuan in the same period last year. The company aims to achieve profitability in Q4 and expects a doubling of ADAS radar shipments in 2026 driven by the launch of digital products like EMX [1][2][3] Revenue and Profitability - The company anticipates a turning point in profitability in Q4, with Q3 revenue of 407 million yuan, a slight decline of 0.19% year-on-year. ADAS product revenue decreased by 26% to 245 million yuan, while robotics revenue surged by 158% to 142 million yuan. The gross margin for Q3 was 23.93%, reflecting a year-on-year improvement of 6.47 percentage points, with ADAS and robotics gross margins also showing significant improvements [1][2] Product Delivery and Market Expansion - In Q3, the company shipped 150,100 units of ADAS laser radar, a year-on-year increase of 14.32%, and 35,500 units in robotics and other fields, up 393%. In October, the monthly delivery of laser radars exceeded 120,000 units, marking the entry of digital new products into large-scale delivery. The company has secured over 1 million units in orders from overseas and joint venture automakers, covering key regions such as Japan, Europe, and North America [2][3] Technological Advancements - The company has developed self-researched SPAD-SOC and other digital chips that meet AEC-Q automotive standards, catering to various scenarios including Robotaxi, ADAS, and service robots. It has secured model designations from approximately 32 automakers and tier-one suppliers, with 23 models from overseas and joint ventures. Collaborations with major Robotaxi and Robotruck companies have been established, with a new standard solution for Robotaxi featuring up to 10 laser radars per vehicle [3] Future Projections - Revenue projections for 2025 and 2026 are estimated at 2.219 billion yuan and 3.289 billion yuan, representing year-on-year growth of 35% and 48%, respectively. The net profit attributable to the parent company is expected to be -148 million yuan in 2025 and 148 million yuan in 2026, with corresponding net profit margins of -6.7% and 4.5% [4]