Core Viewpoint - Recent significant shareholding increases by Vanguard and BlackRock in SUTENG demonstrate confidence in the potential of China's intelligent driving and robotics industry, highlighting SUTENG's core competitiveness in digital lidar technology and its commercial applications [2][8]. Shareholding Changes - Vanguard increased its stake in SUTENG by 14.0378 million shares, reaching a holding ratio of 2.97%, becoming the fourth-largest shareholder [3]. - BlackRock has continuously increased its holdings over four quarters, now owning 4.2657 million shares, making it the sixth-largest shareholder [3]. Industry Trends - Digital lidar is emerging as the future direction in intelligent perception, with SUTENG leading this technological transformation through chip-based architecture that enhances performance, cost, and reliability [4]. - SUTENG has achieved full-chain self-research in lidar technology, receiving AEC-Q100 automotive-grade certification, and has delivered 1 million vehicle-mounted lidar units, becoming the first company to reach this milestone globally [4]. Robotaxi Market - SUTENG's unique technological barriers are validated by its success in the Robotaxi market, where it has partnered with over 90% of L4 autonomous driving companies [5]. - The company’s solid-state digital lidar E1 and EM4 are preferred configurations for leading Robotaxi firms, with plans for mass production by the end of 2025 [5]. Robotics Sector - SUTENG is evolving from a lidar hardware supplier to a comprehensive robotics perception solution provider, launching the Active Camera series to meet the growing demand for high-precision, multi-modal perception in robotics [6]. - The company has established partnerships with over 3,200 clients in various verticals, achieving a significant increase in lidar sales for robotics, with a year-on-year growth of 631.9% [7]. Financial Outlook - Long-term investments from Vanguard and BlackRock reflect confidence in SUTENG's growth trajectory, with projections indicating substantial increases in revenue from both automotive and robotics sectors [7]. - Forecasts suggest SUTENG's revenue will reach 2.5 billion yuan, 3.42 billion yuan, and 4.58 billion yuan in 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 51%, 37%, and 34% [7]. Market Growth Potential - As digital lidar penetration in automotive intelligence increases and the robotics industry commercializes, SUTENG is positioned to benefit from rapid growth in both markets, supported by long-term capital investments [8].

Core Insights - RoboSense has achieved AEC-Q102 automotive-grade reliability certification for its two core digital lidar chips, making it the only company globally to have self-developed chips for the entire lidar link that meet automotive standards [1][4] - The SPAD-SoC chip and 2D VCSEL chip represent a significant technological advancement in lidar, with the SPAD-SoC integrating reception and processing capabilities, and the 2D VCSEL chip utilizing a unique 2D addressable scanning technology [6][9] Group 1: Certification and Technology - The AEC-Q certification is a global standard for automotive electronics, established by the Automotive Electronics Council (AEC) to ensure product reliability through rigorous testing under extreme conditions [4] - The SPAD-SoC chip features a high sampling rate of 440 billion samples per second and a 99% effective target recognition rate, significantly enhancing signal collection and processing capabilities [6] - The 2D VCSEL chip achieves an energy utilization rate of up to 70%, reducing power consumption and improving heat dissipation [9] Group 2: Competitive Advantages - RoboSense's digital lidar technology offers advantages over traditional analog systems, including higher resolution, stronger anti-interference capabilities, and a reduction in system size by over 50% [6][13] - The company has developed three proprietary technologies that enhance the performance of its chips, including Crosstalk Immunity Encoding, PicoSecond Timing Technology, and Adaptive Fusion Algorithm, which collectively improve measurement accuracy and reduce blind spots [11][13] Group 3: Market Position and Applications - RoboSense's EM4 and E1 lidar products have been selected by multiple leading Robotaxi clients in North America and China, establishing a strong market presence [15] - The EM platform has secured 45 model designations from eight major automotive manufacturers, indicating robust demand for its lidar solutions across various driving assistance and autonomous driving applications [17]