Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$41.40, representing a potential upside of 27% from the current price of HK$32.58 [1][7][10]. Core Insights - The company is expected to achieve profitability in Q4 2025, with significant sales growth anticipated in the following year. The revenue for Q3 2025 was reported at RMB 407 million, with a decline of 10.6% quarter-on-quarter [5][8]. - The EM platform has gained market recognition, and the potential for Robotaxi is substantial, with expectations of increased demand for lidar units [6][10]. - The report projects a significant increase in radar sales, with estimates of 2.3 million units in 2026 and 3.1 million units in 2027, driven by the growth in the robotics sector [7][9]. Financial Summary - Revenue projections for the company are as follows: RMB 2,204 million in 2025, RMB 3,126 million in 2026, and RMB 4,038 million in 2027, reflecting a year-on-year growth of 33.6% in 2025 and 41.8% in 2026 [8][9]. - The adjusted net profit is expected to improve significantly, with estimates of RMB -83 million in 2025, RMB 230 million in 2026, and RMB 533 million in 2027 [9][10]. - The company anticipates a gross margin of 27.3% in 2025, increasing to 30.2% in 2026 and 31.2% in 2027 [9][10].
速腾聚创（02498）：4Q25有望实现盈利，预计明年销量放量增长