Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the continuous improvement in gross margin and expresses optimism regarding the dual resonance of general robotics and intelligent driving [1] - The company reported a revenue of 330 million yuan in Q1 2025, a year-on-year decrease of 12.4% and a quarter-on-quarter decrease of 30.7% [7] - The gross margin for Q1 2025 was 23.5%, an increase of 11.2 percentage points year-on-year and 1.3 percentage points quarter-on-quarter [7] Revenue and Profit Forecast - The company is expected to achieve total revenue of 2,631 million yuan in 2025, with a year-on-year growth of 59.53% [1] - The forecasted net profit attributable to the parent company for 2025 is -232.76 million yuan, improving from -481.83 million yuan in 2024 [1] - The report adjusts the net profit forecasts for 2025-2027 to -2.3 billion, 1.4 billion, and 4.6 billion yuan respectively [7] Product and Market Development - The company’s ADAS products generated revenue of 229 million yuan in Q1 2025, down 25.2% year-on-year and 42.3% quarter-on-quarter [7] - The general robotics segment saw revenue growth of 87.0% year-on-year in Q1 2025, reaching 73 million yuan [7] - The company has secured significant orders in the robotics sector, including a 1.2 million unit order for lawn mowing robots [7] Financial Metrics - The closing price on June 4, 2025, corresponds to a price-to-sales (P/S) ratio of 5.7 for 2025 [1] - The company’s projected gross margin is expected to improve to 24.00% in 2025 [8] - The asset-liability ratio is forecasted to be 34.24% in 2025 [8]
速腾聚创（02498）：2025年一季度业绩点评：毛利率持续提升，看好泛机器人与智驾双线共振