【招商电子】速腾聚创：车载、机器人业务双轮驱动，24全年营收及出货量同比高增长

Core Viewpoint - The company reported a revenue of 1.649 billion yuan for 2024, representing a year-on-year increase of 47.2%, with a significant reduction in net loss by 88.9% to 482 million yuan, indicating a positive trend in financial performance [2]. Group 1: Financial Performance - The total revenue for 2024 reached 1.649 billion yuan, up 47.2% year-on-year, primarily driven by high sales growth in ADAS laser radar products [2]. - The gross margin improved significantly to 17.2%, an increase of 8.8 percentage points year-on-year, mainly due to the enhanced gross margin of ADAS products [2]. - The net loss for the year narrowed to 482 million yuan, a reduction of 88.9% year-on-year, with adjusted net loss at 396 million yuan, down 90.8% [2]. Group 2: ADAS Business - The revenue from ADAS products reached 1.34 billion yuan in 2024, a year-on-year increase of 71.8%, with sales volume growing by 113.9% to 519,800 units [3]. - The average selling price (ASP) of ADAS products was slightly below 2,600 yuan, with the introduction of cost-effective new products leading to multiple OEM partnerships [3]. - The company accelerated its global layout, securing partnerships with eight overseas and joint venture brands, covering markets in Europe, North America, and Asia-Pacific [3]. Group 3: Robotics Business - Revenue from robotics and other products was 198 million yuan in 2024, reflecting a year-on-year increase of 6.4%, with a sales volume of 24,400 units, up 47.0% [4]. - The company expanded its product line with new offerings specifically designed for the robotics market, and by the end of 2024, it served over 2,800 clients across various scenarios [4]. - The company is actively pursuing innovations in embodied intelligence, launching new components and solutions for humanoid robots, and has established partnerships with over ten global humanoid robot companies [4]. Group 4: Investment Rating - The company maintains a strong investment rating due to its extensive layout in ADAS and robotics, leading in service to OEMs and Tier 1 suppliers, with improving profitability [5]. - The forecast for total revenue in 2024, 2025, and 2026 is projected to grow significantly, with expectations for continued rapid growth in ADAS product shipments and revenue [5].