Investment Rating - Buy (Maintained) [1] Core Views - The company's 2024 Q1-Q3 performance exceeded market expectations, with revenue reaching 1 13 billion yuan, a year-on-year increase of 91 5%, and net profit attributable to the parent company improving to -3 5 billion yuan, a year-on-year increase of 69 0% [1] - ADAS products showed strong growth momentum, with Q3 revenue reaching 330 million yuan, a year-on-year increase of 87 1%, and shipments reaching 131,000 units, a year-on-year increase of 150% [1] - The company's market share in the ADAS sector reached 35 0% in the first three quarters of 2024, maintaining its leading position in the industry [1] - The company's robot business achieved significant breakthroughs, with Q3 revenue reaching 60 million yuan, a year-on-year increase of 44 5%, and shipments reaching 7,000 units, a year-on-year increase of 38% [1] Financial Performance - Revenue for 2024 is expected to reach 1 755 26 billion yuan, a year-on-year increase of 56 70%, and is projected to grow to 4 142 51 billion yuan by 2026 [1] - Net profit attributable to the parent company is expected to improve significantly, from -534 33 million yuan in 2024 to 44 71 million yuan in 2026 [1] - The company's gross margin for ADAS products increased from 10 6% in Q1 2024 to 14 1% in Q3 2024, with the overall gross margin reaching 17 5% in Q3 2024 [1] Business Highlights - The company's MX products have secured partnerships with 7 automakers in the L2+ segment, and as of November 2024, the company has established collaborations with 28 automakers and Tier 1 suppliers, with 92 models designated for production [1] - The company has made significant progress in the robot sector, with partnerships increasing from 2,400 to 2,600, and multiple new products receiving mass production designations from leading robot companies [1] - The company is expected to benefit from the trend of L4 laser radar solutions transitioning from mechanical to semi-solid-state, with mass production designations secured with global ride-hailing platforms and Xiaoma Zhixing [1] Market Position and Outlook - The company's ADAS products are expected to continue growing, driven by the mass production of models such as BYD Han and Seal, Geely Galaxy E8, and GAC Aion RT, which are equipped with laser radar [1] - The company has accumulated high-quality designated projects with overseas leading automakers, providing momentum for development beyond 2026 [1] - The robot business is expected to contribute significantly to revenue and gross profit, with shipments projected to exceed six figures by 2025 [1] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been adjusted to 17 6/28 6/41 4 billion yuan, with net profit attributable to the parent company adjusted to -5 3/-2 5/0 4 billion yuan [2] - The price-to-sales ratio (P/S) for the company is 4 5/2 8/1 9 times based on the closing price on November 29, 2024 [2]
速腾聚创：Q3业绩点评：ADAS增长动能强劲，机器人进展迅猛：24Q1