Investment Rating - The report initiates coverage with a "Buy" rating for the company [24]. Core Insights - The company is a global leader in automotive lidar and perception solutions, with a comprehensive stack of solutions from hardware to software. It achieved a revenue of 1.12 billion RMB in 2023, representing a year-on-year growth of 111.2%, and a net loss of 430 million RMB, which is a reduction in loss by 22.9% year-on-year [23][24]. - The automotive lidar market is expected to grow significantly, with projections indicating that the market size in China could reach 10.3 billion RMB and globally 11.4 billion RMB by 2026 [23][43]. - The company holds the highest number of designated cooperation models with automotive manufacturers globally, indicating strong market positioning [10][89]. Summary by Sections Company Overview - The company has a strong foothold in the automotive lidar market, with over 580,000 units delivered and a top-tier market share in both automotive and robotics sectors [1][1.3.1]. - The revenue growth from 2020 to 2023 has a compound annual growth rate (CAGR) of 87.1%, with significant contributions from Advanced Driver Assistance Systems (ADAS) [1.4.1][99]. Market Dynamics - The automotive lidar market is characterized by low penetration rates and significant growth potential, with cost advantages for manufacturers expected to enhance competitiveness [2.6.1][2.6.2]. - The report highlights the importance of lidar in ADAS due to its precision and safety requirements, which are critical for the advancement of autonomous driving technologies [2.1.1][2.1.3]. Financial Projections - Revenue forecasts for the company are projected at 2.4 billion RMB in 2024, 4.2 billion RMB in 2025, and 5.7 billion RMB in 2026, with expected net profits turning positive by 2025 [24][27]. - The report employs a price-to-sales (P/S) valuation method, estimating a target price of 31.86 RMB per share for 2024 [24][25]. Competitive Positioning - The company is recognized for its extensive customer base, including numerous OEMs and Tier 1 suppliers, and has a robust production capacity supported by self-built factories [3.2][3.3]. - The report emphasizes the company's strategic direction towards becoming a platform-level enterprise in AI and robotics, leveraging its technological barriers and large customer base [3.4][3.4.1].
速腾聚创：迅速腾飞的激光雷达巨头：聚智驾之势，创感知先河