SIASUN(SZ:300024) Ge Long Hui·2025-11-28 04:12Core Viewpoint - The company SUTENG JUCHUANG has released its Q3 2025 report, showing promising developments in the pan-robotics and Robotaxi markets, leading to an upgrade in EPS forecasts and a target price increase, maintaining a "Buy" rating [1][2] Financial Performance - In Q3 2025, the company achieved revenue of 410 million yuan, remaining flat year-on-year but down 10.6% quarter-on-quarter [1] - The net profit attributable to the parent company was -100 million yuan, compared to -80 million yuan in the same period last year and -50 million yuan in Q2 2025 [1] - The net profit margin was -24.57%, a decrease of 4.46 percentage points year-on-year and 13.63 percentage points quarter-on-quarter [1] Business Developments - The company has successfully expanded its customer base for passenger car laser radar, securing significant contracts with a major new energy vehicle manufacturer and a leading global SUV and pickup truck manufacturer [1] - A new three-year exclusive contract was obtained for a pure electric model from Japan's largest automaker and a Chinese joint venture brand [2] - The Robotaxi business is expected to see a trend of multiple laser radars per vehicle, with a new collaboration with Didi to provide a combination solution for enhanced perception capabilities [2] Product Innovations - In Q3, the company delivered 35,500 laser radars for pan-robotics, marking a significant year-on-year increase [2] - The company has become the preferred perception solution for several unmanned delivery developers, including JD.com and Meituan [2] - New products launched include the Fairy high-precision mid-to-long-range digital laser radar and the AC2 sensor, which integrates multiple technologies to expand into robotics and consumer markets [2]