Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve revenue of 1.67 billion, 2.64 billion, and 4.24 billion RMB in 2024, 2025, and 2026 respectively, with a projected net profit of -472 million, -275 million, and 68 million RMB for the same years [2] - The stock is currently valued at a price-to-sales (P/S) ratio of 13.6, 8.6, and 5.4 for the years 2024, 2025, and 2026 respectively [2] - The company has a strong market position in the ADAS lidar sector, holding approximately 33.4% of the domestic market share in 2024 [6] Summary by Sections Performance Review - The company reported a revenue of 1.12 billion RMB in 2023, with a growth rate of 111.22% compared to 2022 [5] - The net profit for 2023 was -4.34 billion RMB, with a significant reduction in losses expected in the following years [5] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 1.67 billion, 2.64 billion, and 4.24 billion RMB respectively, with corresponding net profits of -472 million, -275 million, and 68 million RMB [2][5] - The diluted earnings per share (EPS) is expected to improve from -1.02 RMB in 2024 to 0.15 RMB in 2026 [5] Market Position and Strategy - The company is expanding into the robotics sector, which is anticipated to be a larger market than the current automotive lidar market [6] - The report highlights the necessity of lidar technology for high-level autonomous driving, emphasizing its value in safety and functionality [6]
速腾聚创：Q4大幅减亏，业绩基本符合预期，FSD入华恐难撼动激光雷达配置必要性-20250226