Investment Rating - The report initiates coverage on RoboSense (02498.HK) with a "BUY" rating and a target price of HKD 23.30 [20][24][165] Core Insights - RoboSense specializes in LiDAR and perception solutions for various applications, including ADAS and robotics, with significant design wins for mass production across multiple vehicle models [21][43][157] - The company has launched multiple product platforms (R, M, E, and upcoming F) to cater to different market needs, with the M platform being the primary income source [21][44][157] - The global LiDAR solutions market is projected to grow significantly, with the automotive sector expected to be the main driver, constituting a large portion of the market by 2030 [113][116][131] Business Overview - RoboSense provides LiDAR solutions for ADAS, robotics, and other applications, having achieved design wins for 71 vehicle models with 22 automotive OEMs [21][43] - The company operates two manufacturing centers in Shenzhen, with plans for expansion to meet increasing demand [75][162] Sales of LiDAR Products - Sales of LiDAR products for ADAS showed significant growth, with a year-on-year increase of 5.5x in 2023 and 5.4x in Q1 2024 [60][68] - The revenue from LiDAR products for ADAS reached RMB 777.1 million in 2023, reflecting a substantial increase [68] Production Capacity - RoboSense's manufacturing facilities have a combined monthly capacity of approximately 49,300 units, with plans to expand to over 1 million units to meet future demand [75][162] AI Perception Software - The company has developed AI perception software, HyperVision, which enhances the capabilities of its LiDAR products in various applications, including autonomous driving and robotics [81][87] Solutions - RoboSense offers integrated solutions that combine LiDAR hardware with perception software, tailored to meet specific customer requirements [83][90] Major Customers - The company serves a diverse customer base, including over 270 automotive OEMs and Tier 1 suppliers, as well as numerous non-automotive clients [102][119] Industry Overview - The global LiDAR solutions market is expected to grow at a CAGR of 78.8%, reaching RMB 1,253.7 billion by 2030, with the automotive sector being a key contributor [113][116] - Solid-state LiDARs are anticipated to dominate the market, accounting for 85.3% of the share by 2030 due to their advantages over mechanical LiDARs [131]
速腾聚创：Growth momentum will be brought by dual drivers