Core Viewpoint - Daiwa has reiterated a "Buy" rating for SUTENG JUCHUANG (02498) and raised the 12-month target price from HKD 56 to HKD 60 based on the price-to-sales ratio, while also increasing revenue forecasts for the next two years by 8% to 12% [1] Revenue Forecasts - The forecast for non-ADAS lidar shipments this year has been raised from 450,000 units to 746,600 units, and the 2027 forecast has been increased from 650,000 units to 1,200,000 units, reflecting solid business progress with Robotaxi operators and unmanned delivery vehicle operators [1] Product Development - The company is positioned increasingly favorably in the commercialization of L4 autonomous driving technology, leveraging its SPAD-based 520-line digital lidar (EM4) and the industry's first mass-produced solid-state blind spot lidar (E1) [1] Market Penetration - The 520-line lidar is becoming increasingly popular among Robotaxi operators, with over 200,000 orders for unmanned delivery vehicles secured [1]
大和：重申予速腾聚创(02498)“买入”评级 目标价升至60港元