Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is projected to achieve revenues of 25.2 billion, 36.8 billion, and 50.0 billion RMB for the years 2025, 2026, and 2027 respectively, with a corresponding net profit of -2.56 million, 0.03 million, and 3.53 million RMB [3] - The current stock price corresponds to a PS valuation of 6.0, 4.1, and 3.1 times for the years 2025, 2026, and 2027 respectively [3] Financial Performance Summary - For 2023, the company expects revenue of 1,120 million RMB, with a growth rate of 111.22% [8] - The projected revenue for 2024 is 1,649 million RMB, with a growth rate of 47.20% [8] - The company anticipates a net profit of -4,337 million RMB for 2023, improving to -482 million RMB in 2024 [8] - The diluted earnings per share (EPS) is expected to be -8.95 RMB in 2023, improving to -0.99 RMB in 2024 [8] - The company’s gross margin is projected to improve significantly, with a gross profit of 94 million RMB in 2023, increasing to 284 million RMB in 2024 [11] Quarterly Performance Insights - In Q1 2025, the company reported revenue of 3.28 million RMB, a year-over-year decrease of 9.2% due to customer transitions affecting ADAS shipments [9] - The total shipment volume in Q1 2025 was 109,000 units, down 9.8% year-over-year, with ADAS shipments declining by 16.8% [9] - The gross margin for Q1 2025 was 23.5%, reflecting an increase of 11.2 percentage points year-over-year [9] - The Robotics segment showed strong growth, with revenue increasing by 87.0% year-over-year in Q1 2025 [9] Future Outlook - The company expects a rebound in ADAS shipments in Q2 2025, driven by increased production from major clients [9] - The introduction of new robotic components and products is anticipated to further enhance revenue streams in the second half of 2025 [9]
速腾聚创1Q25业绩点评：毛利率超预期改善，泛机器人赛道加速放量
SINOLINK SECURITIES·2025-06-01 10:25