Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 41.89, indicating a potential upside of 21.4% from the current price of HKD 34.50 [1][10][11]. Core Insights - The company is expected to experience a peak in robot lidar deliveries in the second half of the year, with a significant increase in sales volume and revenue [2][6]. - The gross margin for lidar products is steadily improving, with the overall gross margin rising to 27.7% in Q2 2025, up 4.2 percentage points from the previous quarter [6][7]. - The company has made significant advancements in its self-developed SPAD-SOC chip, which is expected to enhance production capabilities and market competitiveness [6][7]. Financial Overview - Revenue is projected to grow from RMB 1,120 million in 2023 to RMB 4,456 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 45.2% [5][13]. - The net profit is expected to improve from a loss of RMB 4,331 million in 2023 to a profit of RMB 263 million by 2027, indicating a turnaround in profitability [5][13]. - The company reported a revenue of RMB 455 million in Q2 2025, a 24% increase year-over-year, with a notable 133% increase in gross profit [6][7]. Market Performance - The stock has shown a year-to-date increase of 12.38%, with a 52-week high of HKD 50.40 and a low of HKD 11.02 [4][6]. - The average daily trading volume is approximately 6.78 million shares, indicating active market participation [4]. Sales and Production Metrics - In Q2 2025, the company sold 158,200 units of lidar, a 29% increase year-over-year, with robot lidar sales surging by 632% [6][7]. - The average selling price (ASP) for lidar products was approximately RMB 2,600, reflecting a slight decrease of 5% from the previous quarter [6]. Future Outlook - The company is expected to achieve profitability by 2026, driven by scale effects and improved operational efficiencies [6][8]. - The upcoming release of the AC2 robot in the second half of the year is anticipated to capitalize on the growing demand for embodied intelligence in robotics [6].
速腾聚创（02498）：2Q25毛利率稳步提升，预计下半年机器人激光雷达迎交付高峰，维持买入