Investment Rating - The report assigns a "BUY" rating to RoboSense (02498.HK) with a target price of HK$ 43.50 [2][6]. Core Insights - RoboSense reported a year-on-year revenue increase of 47.2%, reaching RMB 1,648.9 million in 2024, with 93.0% of revenue coming from LIDAR sales for ADAS, robotics, and other applications [2][6]. - The gross margin improved significantly to 17.2%, while the net loss narrowed to RMB 481.8 million [2][6]. - The company is well-positioned to maintain its leadership in the LiDAR sector, with expectations of achieving break-even by 2026 [6]. Revenue and Growth - Revenue for 2024 was RMB 1,648.9 million, with projected revenues of RMB 2,502.7 million in 2025, RMB 3,425.3 million in 2026, and RMB 5,199.2 million in 2027 [7][13]. - The year-on-year growth rates are projected at 51.8% for 2025, 36.9% for 2026, and 51.8% for 2027 [13]. Product Performance - In Q4 2024, RoboSense sold 153,900 units of LIDAR for ADAS, with the M1P model being the primary revenue driver, while the MX model is expected to gain traction [4][6]. - The company achieved sales of 8,300 units of LIDAR for robotics in Q4 2024, with growth anticipated from the E1R model and other new models [5][6]. Market Position and Strategy - RoboSense's strong R&D capabilities allow it to adapt to market trends and offer competitive solutions, focusing on customizable solutions for diverse applications [6]. - The ADAS LiDAR market is characterized by concentration and oligopoly, enabling OEMs to mitigate concentration risks effectively [6]. Financial Metrics - The gross profit for 2024 was RMB 283.6 million, with a gross margin of 17.2% [13][14]. - The report indicates a projected improvement in gross margin to 21.6% in 2025 and 24.9% in 2026 [13][14].
速腾聚创：From standardization to customization-20250506