Investment Rating - The report gives a "Recommend" rating to the company with a reasonable value per share range of HKD 22 78 to HKD 31 51 [1][4] Core Views - The company is a leader in the LiDAR industry and is entering a period of rapid growth with revenue increasing nearly 6 times from 2020 to 2023 reaching RMB 1 12 billion [1] - The company has three major product platforms M E and R covering ADAS robots and Robotaxi with new products MX M3 and M2 launched this year to further improve cost performance [1] - The company is expanding its production capacity with the MARS manufacturing base expected to have an initial capacity of 1 million units and the new product MX will be mass produced and delivered in the first half of next year [1] - The LiDAR market is expected to grow significantly with the global automotive LiDAR market projected to reach USD 3 6 billion by 2029 with a CAGR of 38% from 2023 to 2029 [1] - The company is transitioning into an AI driven robotics company with its self developed SoC chip reducing costs and enabling the penetration of LiDAR into the 150k 200k RMB price range for vehicles [1] Revenue and Profit Forecast - The company is expected to achieve revenues of RMB 1 83 billion RMB 2 916 billion and RMB 4 771 billion in 2024 2025 and 2026 respectively [1][2] - Net profit is forecasted to be RMB 575 million RMB 427 million and RMB 11 million in 2024 2025 and 2026 respectively [1][2] Market Position and Growth - The company holds a 37% market share in the LiDAR market ranking first and has secured mass production orders for 80 models from 22 automotive OEMs and Tier 1 suppliers [1][12] - The company has a diversified customer base including 2600+ robotics customers such as Alibaba and Neolix and is expanding into service robots humanoid robots and Robotaxi [1][12] Product and Technology - The company has three major LiDAR platforms M E and R covering automotive and robotics applications with new products MX M3 and M2 leading the industry in cost performance [1][25] - The company has self developed SoC chips which reduce the cost of control and transceiver modules enabling the price of the new product MX to drop below USD 200 [1][68] Production Capacity - The company is building the MARS manufacturing base with an initial capacity of 1 million units and the new product MX will be mass produced and delivered in the first half of next year [1][27] Financial Performance - In H1 2024 the company achieved revenue of RMB 727 million a year on year increase of 120 97% driven by strong sales of ADAS products [1][28] - The gross margin of ADAS products turned positive to 11 20% in H1 2024 compared to 35 50% in the same period last year [1][28] Future Growth Drivers - The company is leveraging its hardware AI and chip technology stacks to grow into a robotics technology platform company expanding into humanoid robots service robots and Robotaxi [1][88] - The company has self developed AI perception software HyperVision which provides high quality perception information and enhances its integrated product capabilities [1][83]
速腾聚创深度报告：激光雷达执牛耳者，向AI+机器人成长