Investment Rating - The report maintains an "Outperform" rating for the company [2][15]. Core Insights - The company's revenue in Q1 2025 was Rmb328 million, reflecting a year-over-year decline of 9.2% and a quarter-over-quarter decline of 36.2%. However, gross profit improved to Rmb77 million, with a gross profit margin of 23.5%, which is an increase of 11.17 percentage points year-over-year [3][13]. - The decline in revenue was primarily due to a drop in shipments of automotive ADAS LiDAR caused by a customer solution switch, while the overall margin improvement was driven by the high-margin Robotics segment [3][14]. - The company expects the EM series to reverse the growth slowdown in the automotive ADAS LiDAR segment, with new product launches anticipated to drive growth [4][14]. - The Robotics segment showed significant growth, with revenue increasing by 87.0% year-over-year in Q1 2025, indicating strong demand and potential for further expansion [5][14]. - The company forecasts revenues of Rmb2.366 billion, Rmb3.118 billion, and Rmb5.195 billion for 2025, 2026, and 2027, respectively, with an expected EPS of -0.42, 0.18, and 1.36 for the same years [6][15]. Summary by Sections Financial Performance - Q1 2025 revenue was Rmb328 million, down 9.2% YoY and 36.2% QoQ, with a gross profit of Rmb77 million and a gross margin of 23.5% [3][13]. - The net loss for the quarter was Rmb99 million, a decrease of 25.0% YoY and 24.3% QoQ, with a net margin of -30.1% [3][13]. Business Segments - The automotive ADAS LiDAR segment faced challenges with a revenue drop of 25.2% YoY, while the Robotics segment saw a revenue increase of 87.0% YoY [4][5]. - The company launched new products aimed at the Robotics market, which are expected to contribute significantly to revenue growth [5][14]. Future Outlook - The company anticipates a ramp-up in production for the EM series in Q4 2025, which is expected to help recover growth in the ADAS segment [4][14]. - The overall revenue growth is projected to accelerate, particularly in the Robotics segment, which is expected to see multiple-fold growth in 2025 [5][6].
速腾聚创（02498）：25Q1业绩点评：ADAS营收承压，泛机器人业务拉动盈利改善，看好新产品放量