Investment Rating - The report gives a "Buy" rating for the company with a target price of HK$ 23.30 [54][53]. Core Insights - The company, SUTENG JUCHUANG (02498.HK), focuses on providing LiDAR and perception solutions for ADAS, robotics, and other applications, having secured 71 production orders from 22 automotive manufacturers and tier-one suppliers as of May 2024 [58][59]. - The global LiDAR solutions market was valued at RMB 12 billion in 2022 and is projected to grow at a CAGR of 78.8% to RMB 1,253.7 billion by 2030, with the automotive sector being the primary growth driver [4][5]. - The company has developed three LiDAR platforms: R platform for robotics, M platform for automotive applications, and E platform for short-range detection, with plans for a new F platform to support ultra-long detection ranges [59][60]. Summary by Sections Business Overview - SUTENG JUCHUANG was founded in August 2014 and aims to develop LiDAR technology for automotive and robotics applications [26]. - The company has launched several products, including the M1 series for ADAS applications and the E1 solid-state LiDAR [27][28]. Market Overview - The automotive LiDAR solutions market is expected to account for 79.8% of the total LiDAR solutions market by 2030, driven by ADAS applications [4]. - The robotics LiDAR solutions market is projected to grow from RMB 8.2 billion in 2022 to RMB 216.2 billion by 2030, with China expected to become the largest market [29]. Production Capacity - The company operates two manufacturing centers in Shenzhen, with a total designed capacity of over 1 million units per year expected by Q3 2024 [12][14]. - The production capacity is set to meet the increasing demand for LiDAR products, with significant growth anticipated in shipment volumes [12][14]. Financial Forecasts - Revenue is expected to grow significantly, with projected shipments of approximately 800,000 units in 2024 and 2 million units in 2025, leading to a revenue increase of 111.2% in 2023 and 119.9% in 2024 [14][36]. - Gross margins are anticipated to improve steadily, reaching between 16.5% and 22.1% over the next three years [15][36]. Valuation - The company is valued using discounted cash flow and price-to-sales models, with a fair valuation estimated at HK$ 24.30 per share [18][32]. - The report highlights that the company’s current valuation reflects its potential for future growth, particularly in terms of market share and shipment volume [32].
速腾聚创：双轮成长动能