Investment Rating - The report maintains a "Buy" rating for the company [7][11]. Core Insights - The company achieved record deliveries and performance, maintaining robust profitability amid scale expansion. The ADAS business continues to thrive, with multi-radar systems driving up the per-vehicle value. The robotics segment and global expansion are accelerating, contributing to a second growth curve [3][11]. Financial Summary - Revenue projections for FY2024 to FY2028 are as follows: 20.77 billion, 30.28 billion, 43.26 billion, 63.90 billion, and 87.68 billion RMB, respectively. The year-on-year growth rates are 10.7%, 45.8%, 42.9%, 47.7%, and 37.2% [5][12]. - Gross profit is expected to reach 8.85 billion, 12.65 billion, 16.87 billion, 25.56 billion, and 35.95 billion RMB for the same period, with gross margins of 33.7%, 43.0%, 33.4%, 51.5%, and 40.7% [5][12]. - GAAP net profit is projected to be (1.02) billion, 0.436 billion, 0.589 billion, 1.282 billion, and 1.629 billion RMB, with significant year-on-year growth rates of 78.5%, 525.8%, 35.1%, 117.7%, and 27.1% [5][12]. Delivery and Performance Highlights - In Q4 FY25, the company delivered a total of 631,100 units, a year-on-year increase of 184.2%. ADAS product deliveries reached 550,700 units, up 185.0%, while robotics product deliveries were 80,400 units, up 178.9% [11]. - The quarterly revenue hit 1 billion RMB, reflecting a 39.0% year-on-year increase. The Non-GAAP net profit for the quarter was 181 million RMB, up 6.2% year-on-year [11]. Business Segments - The ADAS business remains highly prosperous, with the company securing contracts with over 40 global automakers and more than 160 vehicle models. The addition of new clients like BAIC and Bestune in Q4 further solidifies its market share [11]. - The robotics segment is expanding rapidly, with significant orders for various applications, including humanoid robots and autonomous vehicles. The company has also partnered with NVIDIA and Grab to enhance its market presence [11].
禾赛：交付高增兑现盈利，ADAS与机器人共振向上-20260331
GUOTAI HAITONG SECURITIES·2026-03-31 13:25