Core Viewpoint - The company is expected to benefit from rapid growth in downstream demand due to its digital product advantages, maintaining an outperform rating and a target price of HKD 47.00, which implies a 43% upside potential from the current stock price [1] Financial Performance - In Q3 2025, the company achieved revenue of CNY 407 million, aligning with previous expectations [2] - Gross margin improved year-on-year by 6.5 percentage points to 23.9% in Q3 2025 [2] - The robotics sector showed significant growth, with laser radar sales increasing by 393.1% year-on-year and revenue rising by 157.8% [2] - The company aims to achieve profitability in Q4 2025 [2] ADAS Business - The new EM platform digital products have gained recognition, with 13 automakers securing 56 model designations [3] - The EMX platform, targeting L2+ vehicles, has received 49 model designations and is expected to enter mass production in 2026 [3] - The EM4 platform is already integrated into several models, including Zeekr 9X and Zhiji LS6/LS9, positioning it as a core component for L3 vehicles [3] - The company has secured multiple model designations from 12 overseas and joint venture brands, including major European and North American electric vehicle manufacturers, indicating a new growth avenue [3] Robotics and Other Businesses - The company has partnered with Didi to equip its next-generation Robotaxi with 10 units of automotive-grade digital laser radar [4] - The company is entering the lawn mowing robot market with E1R and Airy, collaborating with several top 5 industry clients, with large-scale production set to begin in Q4 2025 [4] - In urban delivery, the company has partnered with 90% of leading global clients, and the newly launched Fairy has been commercialized with the New Stone Age unmanned vehicle X3 [4] - The introduction of Active Camera2 in October enhances the company's embodied intelligence layout [4]
中金：维持速腾聚创跑赢行业评级 目标价47港元