Investment Rating - The report assigns a "Buy" rating to RoboSense (02498.HK) with a target price of HK$23.30 per share [1]. Core Insights - RoboSense is a leading provider of LiDAR and perception solutions in China, focusing on applications in ADAS, robotics, and other sectors. The company has achieved significant design wins with 71 models in mass production and 25 models in SOP (Start of Production) as of May 2024 [11][58]. - The growth momentum is driven by dual factors: the M platform as the main revenue source and the anticipated mass production of the E and F platforms in 2025 and 2026, respectively [94]. - The company has developed mechanical and solid-state LiDAR technologies, with the M platform being the primary revenue driver. The E platform is designed for short-range detection, while the F platform will support ultra-long detection ranges [12][94]. Summary by Sections Business Overview - RoboSense specializes in LiDAR and perception solutions for various applications, including ADAS and robotics. The company has established partnerships with 22 automotive OEMs and tier-one suppliers [11][58]. Sales of LiDAR Products - Sales of LiDAR products for ADAS reached 240k units in 2023 and 116k units in Q1 2024, reflecting a year-on-year growth of 5.5 times and 5.4 times, respectively [25][99]. - The revenue from ADAS LiDAR products in 2023 and Q1 2024 was RMB 777.1 million and RMB 305.9 million, showing a year-on-year increase of 3.8 times and 3.3 times [30][99]. Financial Performance - The report indicates that RoboSense's gross margin for ADAS LiDAR products turned positive in Q1 2024, with expectations for further improvement due to economies of scale [102]. - The projected gross margin for the company is expected to rise to between 16.5% and 22.1% in the coming years [102]. Industry Overview - 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 reach RMB 1,253.7 billion by 2030, with the automotive sector, particularly ADAS applications, being the primary growth driver [81].
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