Investment Rating - The investment rating for the company is "Outperform the Market" [5][64]. Core Viewpoints - The company has a strong order backlog, benefiting from the rapid development of ADAS and advanced driving technologies. It has established close partnerships with over 30 automakers and suppliers globally, securing more than 100 models for pre-installation [2][44]. - The company aims to become a leading global robotics technology platform, leveraging its AI-driven solutions and advanced components for robotics applications [22][25]. - The company has launched new digital products, including the EM platform and various laser radar products, which are expected to drive future growth [29][31]. Financial Performance - In Q1 2025, the company reported revenue of 3.28 billion yuan, a year-on-year decrease of 12.4%, with a net loss of 1 billion yuan [1][7]. - The gross margin improved significantly, reaching 23.49%, an increase of 11.17 percentage points year-on-year [14][18]. - The company forecasts revenues of 24.89 billion yuan, 36.17 billion yuan, and 52.75 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits of -2.8 billion yuan, 0.6 billion yuan, and 4.6 billion yuan [3][64]. Product and Market Development - The company has introduced several new products targeting both the automotive and robotics markets, including the EM platform and various laser radar solutions [29][34]. - The company has secured a record order of 1.2 million solid-state laser radars for the lawnmower industry, indicating strong demand in the robotics sector [50][51]. - The company is actively exploring the embodied intelligence field and has established partnerships with over 20 companies to promote the development and application of intelligent robotics [3][44]. Market Position - The company is recognized as a global leader in the laser radar and perception solutions market, with a significant market share in the automotive sector [60][61]. - The company has been awarded the Edison Award for Best New Product in Engineering and Robotics, highlighting its influence and leadership in advancing robotics perception technology [59][62].
速腾聚创（02498）：在手订单充足，毛利率同环比提升