Investment Rating - The report maintains an "Outperform" rating for RoboSense (2498 HK) [1][10][4] Core Views - In the first half of 2024, RoboSense achieved revenue of Rmb727 million, representing a year-on-year increase of 121%. The gross profit was Rmb99 million, with a significant year-on-year increase of 672.8%, resulting in a gross profit margin of 13.6%, up by 9.68 percentage points year-on-year [1][10] - The company recorded a net loss attributable to shareholders of Rmb269 million, which is a 65.1% reduction in losses compared to the previous year, with a net profit margin of -37% [1][10] - In the second quarter of 2024, revenue reached Rmb366 million, reflecting a year-on-year increase of 98.8% and a quarter-on-quarter increase of 1.4%. The gross profit was Rmb54 million, with a year-on-year increase of 190.3% and a quarter-on-quarter increase of 21.6%, leading to a gross profit margin of 14.8% [1][10] - Shipments in the first half of 2024 were close to the total shipments for the entire previous year, with scale effects offsetting the impact of annual price declines [1][10] - The company expects to launch its Rmb1,000-level MX model in the first quarter of 2025, with overseas business development anticipated to enhance mid-to-long-term growth potential [1][10] Financial Summary - The projected revenue for RoboSense for 2024-2026 is Rmb2.145 billion, Rmb3.700 billion, and Rmb5.800 billion respectively, with estimated EPS of Rmb-1.05, Rmb-0.52, and Rmb0.18 [1][10] - The gross profit margin is expected to improve from 8.4% in 2023 to 19.7% by 2026 [2][9] - The company’s operating expenses are projected to decrease, with significant improvements in the expense ratio noted in the first half of 2024 [1][10] Market Position - RoboSense's LiDAR products are expected to see increased sales, with projected sales volumes of 24,000 units in 2024, rising to 200,000 units by 2026 [2][9] - The average selling price (ASP) for ADAS LiDAR is expected to decrease from Rmb3,238 in 2024 to Rmb2,600 in 2026, while the ASP for robotics LiDAR is projected to remain stable at Rmb8,000 [2][9]
速腾聚创：2024年中报点评：上半年出货逼近去年全年，新定点量产和robotic订单支撑下半年增速