Shenwan Hongyuan Securities·2025-06-02 12:11Investment Rating - The report maintains a positive outlook on the controller sector, indicating a potential for performance and valuation recovery [3][4]. Core Insights - The controller sector has experienced significant overselling, and the fundamentals are showing notable improvement, suggesting a dual recovery in performance and valuation [4][5]. - Historical analysis of key companies in the controller sector, such as Heertai and Tuobang, reveals a high sensitivity of stock performance to earnings and raw material price fluctuations [5][6]. - The report highlights the strong growth potential in the laser radar robotics field, particularly in consumer-grade robots, marking a significant industry shift [14][15]. Summary by Sections Controller Sector Recovery - The controller sector has shown signs of recovery in Q1 2025, with Heertai reporting a revenue of 2.585 billion yuan, a year-on-year increase of 30.44%, and a net profit of 169 million yuan, up 75.41% [9]. - Tuobang also reported a revenue of 2.671 billion yuan, a 15.24% increase, with a net profit of 197 million yuan, reflecting a 12.10% growth [11]. Laser Radar Robotics Growth - Hesai Technology reported a Q1 2025 delivery of nearly 200,000 units, a year-on-year increase of 231%, with a revenue of 530 million yuan, up 46.3% [15][18]. - RoboSense reported a revenue of approximately 330 million yuan in Q1 2025, with a gross profit of 77.01 million yuan, a significant increase of 73.1% [19][21]. Market Trends and Strategic Partnerships - The report notes that Hesai is a key supplier for leading Robotaxi companies, indicating a shift from technology validation to commercial operation in the Robotaxi industry [18]. - RoboSense has secured significant orders in various sectors, including a strategic partnership for 1.2 million units in the lawn mower market, showcasing strong demand across multiple applications [24].