Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK 19.90 [2]. Core Insights - The company has shown robust shipment growth and continuous improvement in gross margins, leading to a revaluation of its stock. The gross margin for the third quarter reached 17.5%, marking three consecutive quarters of increase, while the net profit margin significantly narrowed from -37.4% in the second quarter to -20.4% in the third quarter [2]. - The sales volume of LiDAR for Advanced Driver Assistance Systems (ADAS) is expected to grow predictably, with third-quarter sales reaching 131,400 units, representing a year-on-year increase of 87.1% [2]. - The company is making significant progress in the high-level autonomous driving sector, securing partnerships with leading L4+ autonomous driving companies, which is a crucial step for its autonomous driving business [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of RMB 410 million, with RMB 380 million coming from LiDAR sales. The gross profit margin improved to 17.5%, and the net profit margin narrowed to -20.4% [2]. - The projected revenue for the upcoming years is as follows: RMB 1,120.1 million in 2024, RMB 1,706.6 million in 2025, RMB 2,591.2 million in 2026, and RMB 3,337.5 million in 2027, indicating a strong growth trajectory [8]. Market Position and Growth Potential - The company is targeting the RMB 150,000 to 200,000 automotive market, with established partnerships with seven automakers. The MX product line is expected to contribute significantly to future sales, potentially accounting for 30-40% of total sales by 2025 [2]. - The report highlights the strong demand for LiDAR in robotics, with sales reaching approximately 7,200 units in Q3, driven by the Helios and BPearl series [2]. Operational Efficiency - Continuous improvement in gross margins is attributed to scale effects and reduced procurement costs. The gross margins for ADAS and robotics applications reached 14.1% and 34.6%, respectively [2]. - The report anticipates that the company will continue to enhance its gross profit levels due to increased penetration of MX products and growth in autonomous driving business revenues [2].
速腾聚创：稳健出货量及持续改善的毛利率带来重估