车载相关业务包括相机镜头、相机模组、光学雷达组件及产品等，并占舜宇2025年上半年收入的17%。 该行表示，由于ADAS渗透率提升及规格升级趋势，预期车载业务将呈现结构性双位数增长。该行认 为，将相关业务独立上市应可为母公司提供车载业务的市价估值，而舜宇将维持控股股东地位，相信这 将成为舜宇股价的正面催化剂。 花旗发布研报称，舜宇光学科技(02382)正考虑分拆其车载相关光学业务，并在联交所主板独立上市。 该行对舜宇的目标价为103港元，评级"买入"。 ...

花旗发表研究报告指，舜宇光学正考虑分拆其车载相关光学业务，并在联交所主板独立上市。该些业务 包括相机镜头、相机模块、光学雷达元件及产品等，并占舜宇2025年上半年收入的17%。该行表示，由 于ADAS渗透率提升及规格升级趋势，预期车载业务将呈现结构性双位数增长。该行认为，将相关业务 独立上市应可为母公司提供车载业务的市价估值，而舜宇将维持控股股东地位，相信这将成为舜宇股价 的正面催化剂。该行对舜宇的目标价为103港元，评级"买入"。 ...

舜宇光学 20251217 摘要 车载镜头市场增长潜力巨大，预计 2025 年单车平均搭载 4.3 个摄像头， 新能源汽车已超过 10 个。舜宇光学已完成 1,700 万至 1,800 万像素 ADAS 产品研发，技术领先，小型化和自清洁是未来发展方向。预计 2025 年车载镜头和模组营收增长超 20%，下半年环比改善。 XR 领域中，VR 市场需求疲软，但智能眼镜表现良好，尤其受北美大客 户 2025 年 9 月发布四款智能眼镜的推动。未来智能眼镜单副搭载摄像 头数量可能增至 10 个以上，AR 眼镜带显示功能比例也将增加。舜宇光 学在波导片、光机等核心部件已有布局，预计 XR 相关业务营收与去年 持平。 智能手机市场饱和，预计 2025 年出货量持平或低个位数增长。存储涨 价对中低端机型有影响，但高端机型规格持续升级，如潜望式摄像头、 可变光圈等。舜宇光学聚焦高端产品线，预计手机镜头和模组营收增长 5%~10%，ASP 及毛利率均提升，全年 ASP 实现双位数增长。 舜宇光学与歌尔合作集中在波导片领域，双方看好 AR 技术并投入多年。 由于 AR 市场发展缓慢，技术和供应链不成熟，前期投入尚未转化为显 著 ...

Allegro MicroSystems FY Conference Summary Company Overview - **Company**: Allegro MicroSystems (NasdaqGS:ALGM) - **Date**: December 10, 2025 - **Key Speakers**: Derek D'Antilio (CFO), Mark Gill (VP of Corporate Strategy) Industry Context - **Industry**: Automotive and Industrial Semiconductor Market - **Recent Changes**: CEO change in February 2025, with a focus on innovation and leadership restructuring Key Points Performance and Market Dynamics - Allegro celebrated its fifth anniversary as a public company, having experienced strong growth during the automotive upcycle post-COVID [3][4] - A significant inventory correction occurred in the automotive sector starting in December 2023, leading to a 30% sequential revenue decline in June 2024, particularly in China [4][5] - The company is optimistic about the end of the inventory correction, with improved internal models for inventory management and customer behavior [5][6] Revenue Guidance and Market Drivers - For the December quarter, Allegro guided a 5% sequential revenue increase, which is better than the typical seasonal decline of 5% [7][8] - Key drivers for this growth include: - Strength in the automotive sector, with an expected increase in auto production by 3 million units in 2025 [9] - A resurgence in the data center business, which accounted for 8% of revenue last quarter [9] Inventory and Consumption Insights - Allegro has observed lean inventories in the U.S., China, and Korea, while European inventories remain higher [13][14] - Distributors are back to a target inventory model of 10-12 weeks, indicating a more stable supply chain [13] Automotive Market Trends - The content opportunity per vehicle is approximately $9, with potential increases to $40 for internal combustion engine (ICE) vehicles and up to $100 for electric vehicles (EVs) [18][19] - Allegro is well-positioned to benefit from the shift towards electrification and advanced driver assistance systems (ADAS), which significantly increase content per vehicle [20][21] Regional Performance - In the September quarter, all regions grew except Europe, which faced challenges [24] - China represents about 27% of Allegro's business, primarily in automotive, with strong growth expected in exports [25] Industrial Market Insights - The industrial market is seeing growth in medical applications and electrification of the grid, with a focus on robotics as a significant future opportunity [26][28] - Allegro is actively engaging with various robotics companies globally, indicating a robust pipeline for future growth [31] Data Center and Power Management - Allegro's data center business has rebounded, now accounting for 8% of revenue, with a broader portfolio including power management solutions [33][35] - The company is well-positioned for the transition to higher voltage systems (48V to 800V), leveraging technology developed for the automotive sector [35][36] Sensor Technology and Competitive Position - Allegro claims a 23% market share in the magnetic sensing market, positioning itself as a leader over competitors like Infineon and Melexis [55] - The acquisition of TMR technology enhances Allegro's sensor portfolio, offering better precision and lower power consumption compared to traditional Hall Effect sensors [56][57] Future Outlook - The company anticipates significant growth in humanoid robotics, with content opportunities estimated at $100-$110 per robot [52] - Allegro is focused on design wins today to ensure meaningful revenue contributions from robotics and automation in the coming years [52] Conclusion Allegro MicroSystems is navigating a complex market landscape with a focus on innovation, inventory management, and strategic growth in both automotive and industrial sectors. The company is well-positioned to capitalize on emerging trends in electrification, robotics, and data center technologies, with a strong emphasis on enhancing its sensor capabilities.

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].

Core Viewpoint - SUTENG JUCHUANG (02498) reported better-than-expected Q3 results, with total revenue of approximately 407 million yuan, and anticipates a significant increase in digital lidar sales in Q4, expecting to achieve profitability for the first time in a single quarter [1] Group 1: Financial Performance - In Q3, the company achieved total revenue of approximately 407 million yuan [1] - The company expects to achieve profitability in Q4 for the first time in a single quarter [1] Group 2: Stock Activity - On November 26, the company announced a buyback of 323,000 shares at a cost of approximately 10.01 million HKD [1] Group 3: Market Outlook - According to a report from China Merchants Securities International, the company is expected to achieve profitability in Q4, with strong shipments of ADAS and robotics projected to exceed one million units [1] - The report anticipates that Q4 lidar shipments will reach a record high, with October deliveries at 120,000 units and expected month-on-month growth in November and December [1] - By 2025, ADAS shipments are projected to approach 600,000 units, and exceed one million units by 2026, with the digital EM platform already designated for 49 vehicle models [1]

Core Viewpoint - SUTENG JUCHUANG (02498) reported better-than-expected Q3 results, with total revenue of approximately 407 million yuan, and anticipates a significant increase in digital lidar sales in Q4, expecting to achieve profitability for the first time in a single quarter [1] Group 1: Financial Performance - In Q3, the company achieved total revenue of approximately 407 million yuan [1] - The company expects to achieve profitability in Q4 for the first time in a single quarter [1] Group 2: Stock Activity - On November 26, the company announced a buyback of 323,000 shares at a cost of approximately 10.01 million HKD [1] Group 3: Market Outlook - According to a report from China Merchants Securities International, the company is expected to achieve profitability in Q4, with strong shipments of ADAS and robotics projected to exceed one million units [1] - The report anticipates that Q4 lidar shipments will reach a record high, with October deliveries at 120,000 units and expected month-on-month growth in November and December [1] - By 2025, ADAS shipments are projected to approach 600,000 units, and exceed one million units by 2026, with the digital EM platform already designated for 49 vehicle models [1]

Investment Rating - The investment rating for Horizon Robotics is "Buy" with a high risk designation [7]. Core Insights - Horizon Robotics expects significant growth in shipments for 2026, projecting high-end shipments between 300,000 to 500,000 units, mid-end shipments around 3 million units, and low-end shipments approximately 2 million units. Key contributors to high-end shipments are anticipated to be Chery and Chang'an, accounting for 50% of the total [1][2]. - The company maintains its guidance to ship 4 million units of automotive-grade processing hardware in 2025, with mid-to-high end products making up 50% of this total [2]. - Horizon Robotics has secured design wins for its high-end ADAS solution from Chery and Chang'an, with mass production of the first models expected in the second half of 2025 [3]. - The average selling price (ASP) for various products is detailed as follows: HSD (J6P) at US$700, HSD (dual J6M) at US$400, mid-end ADAS at US$90-100, and low-end ADAS at US$20-30 [4]. - The gross margin for the J6P chip is around 50%, while the software component has a gross margin close to 100% [5]. - Horizon Robotics has established collaborations with overseas tier-1 suppliers such as Bosch, Continental, and Denso to enhance its competitiveness in international markets [5]. - The company aims to increase its market share with BYD's God's Eye C solution in 2026 and plans to explore additional solutions [9]. - Horizon Robotics believes its HSD offers a competitive edge over Huawei's ADAS solution due to its high value for money, making it suitable for mass-market models [10]. - The deployment of HSD is expected to facilitate the development of Robotaxi systems, with a partnership announced with Hello Inc. in September 2025 [11]. - The valuation of Horizon Robotics is based on projected strong growth in the ADAS market from 2025 to 2030, with a target price set at HK$12.30, reflecting a potential return of 49.1% [12].

Group 1: Semiconductor Industry - The analog semiconductor industry is experiencing a clear internal differentiation, with power management ICs (PMIC) and signal chain markets stabilizing and entering a cyclical recovery phase after a deep downturn [2] - The mobile radio frequency front-end (RFFE) is still under pressure, while the automotive RFFE is becoming a new strategic growth area [2] - Global analog market recovery is indicated by Texas Instruments' price increases, with WSTS forecasting a 3% growth in global analog revenue in 2025 and 5% in 2026, although growth lags behind AI-driven sectors [6] Group 2: Automotive Companies - Geely Automobile (175 HK) reported a robust performance in Q3 2025, with revenue up 48% year-on-year, driven by resilient pricing of its Zeekr models [9] - Geely's gross margin improved to 16.6%, with expectations for continued growth in sales and margins due to new high-margin models and accelerated exports of new energy vehicles [8][9] - XPeng Motors (XPEV US/9868 HK) is expected to turn profitable in Q4 2025, with a projected 36% year-on-year sales growth in 2026, driven by new models and increased average selling prices [10][11] - Leap Motor (9863 HK) is also expected to see strong sales momentum, with a projected 52% year-on-year increase in total sales in 2026, supported by new model launches [12][13]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 totaled $0.3 million, up from $0.1 million in Q3 2024, indicating a significant increase [10] - Gross profit for Q3 2025 was negative $0.2 million, an improvement from negative $0.3 million in the same period last year [10] - Operating loss for Q3 2025 was $11.5 million, compared to a loss of $12.4 million in Q3 2024, showing a reduction in losses [11] - Net loss in Q3 2025 was $11 million, down from a net loss of $12.6 million in Q3 2024 [11] - As of September 30, 2025, the company held $52.6 million in cash and cash equivalents [12] Business Line Data and Key Metrics Changes - The company is focused on securing design wins with OEMs for its radar technology, which is crucial for ADAS and autonomous driving programs [4][5] - A top Japanese OEM has ordered radar kits for level 4 development activities, indicating strong demand for Arbe's technology [5] Market Data and Key Metrics Changes - Global economic shifts are causing some OEMs to postpone new model launches, but Arbe's market position continues to strengthen [6][12] - The company is seeing increasing demand in the defense sector and has expanded into the maritime domain [7][8] Company Strategy and Development Direction - Arbe aims to secure four design wins with OEMs in the next three quarters, focusing on premium models initially, with plans to expand to non-premium models over time [6][17] - The company expects initial revenues from its radar technology to begin in 2027, with a ramp-up in 2028 as chipsets are used in high-volume production [7] Management's Comments on Operating Environment and Future Outlook - Management noted that dialogues with OEMs are progressing well, with a clearer path to decision-making emerging [26] - The company anticipates that most revenues in 2026 will come from non-automotive sectors, with a ramp-up in revenues from China expected [29][30] Other Important Information - Arbe won two prestigious automotive technology industry awards in Q3 2025, highlighting its technological advantages [8] - The company welcomed a new board member with extensive experience in the automotive industry, which may enhance its strategic direction [9] Q&A Session Summary Question: Is the guidance for four design wins referring to four separate OEMs? - Yes, it refers to four different OEMs, with decisions expected from at least five OEMs in the next three quarters [17] Question: What factors could swing the revenue guidance for Q4 from low to high? - The timing of customer decisions on NRE programs will significantly impact revenue recognition in Q4 [20] Question: Can you provide insights into the conversations with OEMs and reasons for decision delays? - Dialogues are positive, but earlier delays were due to uncertainty regarding tariffs; now, a clearer path to decisions is expected [26] Question: How should one model revenue and expenses for 2026 and 2027? - Most revenues in 2026 are expected from non-automotive sectors, with stable operating expenses anticipated [30]