Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.135 billion RMB for the first three quarters of 2024, representing a year-over-year increase of 91.5%, while operating losses narrowed to approximately 432 million RMB [1] - The gross margin improved to 17.5%, with a quarter-over-quarter increase of 3.9 percentage points, and the gross profit reached 170 million RMB, up 375.4% year-over-year [1] - The company has a domestic market share of approximately 35% in the L2 automotive sector and achieved significant breakthroughs with L4 customers, including partnerships with major players like Didi and Pony.ai [1] Summary by Sections Financial Performance - Revenue for 2024 is projected to be 1.724 billion RMB, with expected growth rates of 53.92% in 2024, 42.02% in 2025, and 43.94% in 2026 [4] - The company anticipates a net profit of -435 million RMB in 2024, improving to -265 million RMB in 2025, and turning positive with a net profit of 69 million RMB in 2026 [4] - The price-to-sales (P/S) ratio is projected to be 4.5, 3.2, and 2.2 for the years 2024, 2025, and 2026 respectively [1][4] Market Position - The company has established a strong presence in the automotive sector with 38.2 million units of lidar sold in the first three quarters of 2024, marking a year-over-year increase of 259.6% [1] - The average selling price (ASP) for automotive lidar is approximately 2,566 RMB, with a slight quarter-over-quarter decrease of 31 RMB [1] - The company has secured partnerships with 26 automotive manufacturers and has 84 models in production, with 31 models achieving SOP (Start of Production) [1] Research and Development - The R&D expense ratio for the first three quarters of 2024 was 41.0%, a decrease of 20.2 percentage points year-over-year [1] - The company showcased an 8-degree-of-freedom dexterous hand at the China Hi-Tech Fair, indicating advancements in robotics and sensor technology [1]
速腾聚创：Q3毛利率环比持续改善，车载L4客户与机器人海外客户取得定点突破