Core Viewpoint - Guosheng Securities is optimistic about the order demand and commercialization potential of SUTENG JUCHUANG's (02498) LiDAR products, forecasting total revenue of 2.3 billion, 3.5 billion, and 4.4 billion RMB for 2025-2027, representing year-on-year growth of 37%, 56%, and 24% respectively, with a non-GAAP net profit of -172 million, 163 million, and 366 million RMB [1] Group 1: Financial Performance - In Q3 2025, SUTENG JUCHUANG shipped 186,000 LiDAR units, a year-on-year increase of 34% [2] - The revenue for Q3 2025 reached 410 million RMB, with product, solution, and service revenues contributing 390 million, 10 million, and 8 million RMB respectively [2] - The gross margin for the company's products was approximately 23.9%, with automotive and robotics sectors having gross margins of about 18.1% and 37.2% respectively [2] Group 2: ADAS LiDAR Developments - In the domestic market, the EM platform set to launch in 2025 has secured orders from 13 automakers for a total of 56 models, with EMX receiving orders for 49 models expected to enter mass production in 2026 [3] - The EM4 model has been adopted in several vehicles from leading new energy car manufacturers and is becoming a core component for L3 autonomous driving [3] - Internationally, collaborations with automakers in Asia-Pacific, Europe, and North America are progressing, with revenue expected to be confirmed in the next 1-3 years, enhancing the overseas revenue share [3] Group 3: Robotics and Other LiDAR Products - The company has launched two new products, E1R and Airy, in the lawn mowing robot sector to address complex boundary recognition needs [4] - In urban delivery, the company has established partnerships with 90% of leading global clients using core products EMX, E1R, and Fairy [4] - For Robotaxi, SUTENG JUCHUANG has partnered with Didi for a new generation of Robotaxi models, utilizing a solution with 10 digital LiDAR units per vehicle [4] Group 4: Long-term Growth Potential - At the IROS conference in October, the company introduced Active Camera2, the industry's first integrated sensor system combining dTOF, RGB stereo, and IMU, recognized by Yole Group as a representative case for humanoid robot perception solutions [5]