Core Viewpoint - Morgan Stanley reaffirms "Buy" rating for SUTENG JUCHUANG (02498), indicating a favorable entry point with a target price of HKD 53 [1] Group 1: Company Performance - The company is projected to achieve LiDAR shipments of 455,000 units in Q4 2025 and 2.26 million units for the entire year of 2026, with revenue growth rates of 58% and 68% year-on-year respectively [1] - In October, the total delivery of LiDAR units exceeded 120,000, marking a historical high, and the digital platform design solutions have entered mass production [1] - The management anticipates strong future orders for ADAS LiDAR due to an increasing number of design solutions from a broader customer base [1] Group 2: Strategic Developments - Significant progress has been made in the robotics sector, with large-scale production for robotic lawnmower clients set to begin in Q4 2025 [1] - The company is collaborating with Didi to develop a new generation of autonomous taxis, each equipped with 10 sets of LiDAR [1] - New orders have been secured from urban delivery manufacturers [1]
小摩：重申速腾聚创(02498)“增持”评级 目标价53港元