Group 1 - The core viewpoint of the report is that Suoteng Juchuang (02498) is a high-quality domestic lidar manufacturer with a diverse range of radar products covering key scenarios in automotive and robotics, and the company is expected to maintain rapid growth in performance as innovative businesses begin to contribute revenue [1][2] - The company has established four major platforms for lidar products: R, M, E, and EM, which are applied in various scenarios such as ADAS and robotics, and is accelerating the development of innovative businesses, including products like the embodied intelligence-related robot eyes AC1/2 and dexterous hands [2] - The ADAS radar has established partnerships with multiple domestic and international automotive companies, with a projected increase in L2 and above penetration rates by 12.3 percentage points year-on-year in the first half of 2025, driving an increase in lidar shipment volumes [3] Group 2 - The delivery volume of the company's ADAS radar is expected to grow from 4,000 units in 2021 to 520,000 units by 2024, with 371,000 units delivered in the first three quarters of 2025 [3] - The company's robotics and other lidar sales and revenue are projected to see significant year-on-year growth, with delivery volume increasing by 408.07% to 81,800 units and related revenue rising by 173.58% to 363 million yuan in the first three quarters of 2025 [3] - The investment suggestion includes projected revenues of 3.57 billion yuan and 4.22 billion yuan for 2026 and 2027, respectively, with net profits of 91 million yuan and 420 million yuan, corresponding to price-to-sales ratios of 4.73 and 4.01 times [3]