We maintain "Buy", and increase TP to HK$46.40. RoboSense (the "Company"), posted strong revenue growth in 2025Q2 in the Robotics segment, and moderate growth in the ADAS segment. Therefore, we adjust our 2025-2027 revenue forecasts to RMB2,446 mn (-6.8%) / RMB3,756 mn (+2.4%) / RMB5,227 mn (+5.2%), respectively. We expect adjusted net profit expected to turn positive in 4Q25. Our TP is based on a SOTP 2026F EV/S valuation of 2.0x for the ADAS segment and 10.0x for the robotics segment. This results in a 8. ...

智通财经APP获悉，三位知情人士透露，Stellantis(STLA.US)已搁置其首个L3级高级驾驶辅助项目，原 因是成本高昂、技术挑战以及担心消费者接受度不足。 就在2025年2月，该公司还宣称其自主研发的AutoDrive系统已准备就绪，并将成为战略的关键支柱。该 系统允许驾驶员在特定条件下放开双手并移开视线，可暂时观看电影、处理邮件或阅读书籍。 该公司向确认，这款L3级软件最终未能上市，但未明确表示项目已被取消。 Stellantis发言人表示："2025年2月发布的是目前市场需求有限的L3技术，因此并未推出，但该技术已具 备部署条件。"不过三位消息人士称，该项目已被冻结且预计不会部署。当被问及该项目耗费的时间与 资金时，Stellantis拒绝透露具体数字，仅表示AutoDrive的研发成果将助力未来版本开发。 Stellantis前任首席执行官Carlos Tavares在2021年曾透露，AutoDrive作为三大核心技术平台之一原定于 2024年面世。"软件战略是Stellantis整体战略的关键基石，"他当时表示。 近年来传统车企竞相投入巨资开发可像智能手机般持续升级的软件定义汽车，这种由特 ...

[Table_Title] Company Report: ROBOSENSE (02498 HK) Muyang Zhao 赵沐阳 公司报告： 速腾聚创 (02498 HK) muyang.zhao@gtjas.com.hk 机器人 [Table_Summary] 业务成为新增长引擎 (852) 25095375 25 August 2025 | [Table_Rank] Rating: | Buy | | --- | --- | | | Maintained | | 评级： | 买入 (维持) | | [Table_Price] 6-18m TP 目标价: | HK$46.40 | | Revised from 原目标价: | HK$42.17 | Share price 股价: HK$39.020 Equity Research Report Company Report 证 券 研 究 报 告 机 械 行 业 2] 速 腾 聚 创 ROBOSENSE (02498 HK) Stock performance 股价表现 [Table_QuotePic] (50.0) 0.0 50.0 100.0 150 ...

Asia Tech Hardware Sunny Optical Technology Group Co Ltd Rating Outperform Price Target Shirley Yang, CFA +852 2123 2660 shirley.yang@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com Sunny Optical 1H25: Premiumization powers profit surge. PT raised to HK$110 Solid 1H25 results. Total revenue grew 4% YoY and is in line with consensus. GM improved by +2.6ppts YoY to 19.8%. Handset lens GM increased to 25-30% (vs. 20-25% in 2024), fueled by higher mix of 6P+ lens (rev. up 9% YoY) and more than ...

国内侧：1）小米豪华 SUV 上市 1 小时订出 28.9 万辆，全系搭载禾赛激光雷 达，公司已与小米达成 2026 年多款车型平台级合作；2）公司累计 24 家车 企量产定点，25Q2 及近期再获 9 家头部 20 款新车型定点（吉利、长城、长 安等），预计 25-26 年交付；3）25 年上海车展中，禾赛激光雷达首秀上汽 奥迪纯电轿跑，凯迪拉克 VISTIQ 首发舱内隐藏式激光雷达方案。 证券研究报告 | 行业点评报告 2025 年 08 月 24 日 GAAP 盈利超预期，国内外客户拓展顺利 禾赛 25Q2 跟踪报告： TMT 及中小盘/通信 事件：2025 年 8 月 15 日，禾赛（HSAI.O）发布《2025 年二季度报告》，25Q2 公司实现营收 7.06 亿元（yoy+53.9%）、GAAP 净利润 0.44 亿元（远超 GAAP 层面转正目标，24Q2 同期为-0.72 亿元）、Non-GAAP 净利润为 0.73 亿元（24Q2 同期为-0.44 亿元，实现大幅增长）。 ❑ 25Q2 收入符合指引，GAAP 净利润远超预期。 25Q2 层面：1）营收侧：25Q2 公司实现营收 7.06 亿 ...

Summary of Sunny Optical (2382.HK) Earnings Call Company Overview - **Company**: Sunny Optical (2382.HK) - **Industry**: Optical components and camera modules Key Points Financial Performance - Management remains positive about improving profitability, driven by specification upgrades in smartphone cameras [1][2] - Expected gross margin (GM) recovery to 19.7% and 20.2% in 2025 and 2026 respectively, compared to 14.5% and 18.3% in 2023 and 2024 [1] - July shipment growth for handset lens, vehicle lens, and camera modules was reported at -15%, +29%, and -3% year-over-year respectively [1] Revenue Projections - 2025 revenues expected to deliver year-over-year growth, supported by upgrades towards 6P and above handset lenses and large image size modules [5] - Vehicle lens and camera modules revenue growth driven by accelerated Advanced Driver Assistance Systems (ADAS) penetration and specification upgrades towards 8MPx solutions [5] - Management highlighted a recent design win for an 8MPx vehicle camera module from European OEM clients, supporting overseas expansion [5] Earnings Revisions - Earnings revised up by 10%, 2%, and 2% for 2025-2027 estimates [3] - Revenue estimates remain unchanged, but gross margin revised up by 0.5, 0.2, and 0.1 percentage points for 2025-2027 [3] Product Innovations - Management emphasized ultra-miniaturized molding packaging technology to enable module miniaturization for ultra-thin and foldable phones [5] - Anticipated growth in AR/VR products driven by the ramp-up of AI/AR glasses in 2025, with comprehensive product offerings across XR interaction modules and display modules [5] Valuation and Price Target - Target price raised to HK$91.1 from HK$89.0, based on a 2025E target P/E multiple of 21.6x [9] - The target P/E multiple aligns with the company's historical trading range [9] Risks - Potential risks include unexpected competition in handset lenses, shipment growth fluctuations in camera modules, and currency fluctuations [15] Financial Metrics - Projected revenues for 2025 are Rmb 43,816 million, with net income expected to reach Rmb 3,757 million [7] - Gross margin expected to improve to 20.0% in 2025, with operating margin at 8.5% [7] Additional Insights - Management's focus on technical capabilities for miniaturization and professional-grade imaging positions the company well for future growth in high-end smartphone models [1][5] - The positive outlook on vehicle camera modules indicates a strategic shift towards automotive applications, which may provide new revenue streams [5] This summary encapsulates the key insights from the earnings call, highlighting Sunny Optical's financial performance, growth strategies, and market outlook.

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved record high performance with deliveries reaching 103,181 units, a 242% increase year over year [7] - Total revenues were RMB 18.27 billion, an increase of 125.3% year over year and 15.6% quarter over quarter [22] - Vehicle sales revenue was RMB 16.88 billion, up 147.6% year over year and 17.5% quarter over quarter [22] - Vehicle gross margin increased to 14.3%, up 3.8 percentage points quarter over quarter, contributing to an overall gross margin of 17.3% [8][23] - Net loss narrowed to RMB 480 million, compared to RMB 1.28 billion year over year [26] Business Line Data and Key Metrics Changes - The Mona M03 MAX became a bestseller, accounting for over 80% of total Mona M03 sales [7] - Free cash flow in Q2 exceeded RMB 2 billion, with total cash on hand surpassing RMB 47.5 billion [8] - R&D expenses increased to RMB 2.21 billion, a 50.4% year over year increase [24] - SG&A expenses were RMB 2.17 billion, up 37.7% year over year [24] Market Data and Key Metrics Changes - Overseas deliveries exceeded 18,000 units in the first half of 2025, increasing over 200% year over year [18] - The company ranks as the best-selling Chinese NEV startup brand in 10 markets, including Norway and France [18] - Q3 delivery forecast is between 113,000 to 118,000 units, reflecting a year-over-year growth of 142.8% to 153.6% [19] Company Strategy and Development Direction - The company aims to strengthen core capabilities in technology leadership, organizational strength, commercialization, and globalization [10] - The launch of the G7 and P7 models is expected to enhance brand positioning and sales mix of high-end models [11][12] - The company plans to introduce several super electric models with advanced features, aiming for a generational lead in technology [13][14] Management's Comments on Operating Environment and Future Outlook - Management emphasized a focus on sustainable growth despite intense price competition [7] - The company is confident in leading the market at scale while advancing operational efficiency towards sustainable profitability [20] - The introduction of the one vehicle dual energy strong product cycle is expected to significantly strengthen the company's market position [20] Other Important Information - The company is preparing for mass production of L4 capable vehicles in 2026, with pilot robotaxi services launching in selected regions [16] - The introduction of the industry's first AI chip dedicated to smart cabins is expected to enhance user experience significantly [17] Q&A Session Summary Question: Brand Position and Product Pricing - Management is focusing on product layout, technology, aesthetics, and brand to increase average selling price (ASP) and improve profitability [30][34] Question: Smart Driving Technology - The company believes its Turing AI SoC provides a significant competitive advantage in smart driving technology, with expectations of leading the market by next year [36][40] Question: Cooperation with Volkswagen - The expanded collaboration with Volkswagen is expected to create significant strategic value and additional revenue streams [44][46] Question: Robotaxi Business - Management indicated plans for L4 capable vehicles and the differentiation of robotaxi models from consumer vehicles [48][50] Question: Vehicle Gross Margin Guidance - The company aims for high teens vehicle gross margin in Q4, with a focus on profitability [88][90] Question: Product Strategy and Design Focus - The company is shifting its strategy to prioritize design and aesthetics alongside technology [75][78] Question: Policy Response to Anti-Dilution Measures - Management is committed to innovation and quality while adapting to regulatory changes in the industry [80][82]

Group 1 - The company has not yet partnered with Hongmeng Zhixing [1] - The company's products include a line control braking system, omnidirectional wheel angle module, and a fully controlled omnidirectional wheel high-speed skateboard chassis, which can be applied in intelligent driving [1] - The company is the first in China to possess a complete set of ADAS independent technology and has achieved mass production [1]

Group 1 - The company is optimistic about its long-term outlook, expecting significant growth in the AI market from 2026 to 2029, particularly in high-performance computing (HPC) [1] - The company has successfully completed the verification of its 3nm chip design in collaboration with major North American cloud customers, with mass production expected to begin by the end of Q1 2026 [1] - The company plans to recognize NRE revenue from its 2nm design project this year and is working with global cloud service providers on large AI chip projects [1] Group 2 - In the automotive market, the company has made clear progress in its ADAS chip project, with wafer orders already placed by end customers, expected to become one of the top three revenue sources starting in 2026 [2] - Over 80% of the company's revenue in Q2 came from advanced processes of 7nm and below, with expectations for significant growth in the revenue share from 3nm and 2nm processes starting in 2026 [2] - The company is actively reducing its exposure to the Chinese market, with revenue from China dropping to single digits in Q2, while expanding its engineering teams in Japan, Malaysia, and Vietnam [2] Group 3 - The company's Q2 consolidated revenue was NT$9.144 billion, a decrease of 12.79% quarter-over-quarter and 32.68% year-over-year, with a gross margin of 20.64% [3] - For the first half of the year, the consolidated revenue totaled NT$19.629 billion, a year-over-year decrease of 18.46%, while the gross margin increased by 3.1 percentage points [3] - The company maintains confidence in the AI market, expecting strong and sustainable growth in the coming years as N3 production and next-generation design projects are implemented [3]

Financial Data and Key Metrics Changes - The company generated revenues of $20.1 million for Q2 2025, with a gross margin of 21.4%, down from 27% in the prior year period [14][15] - Total operating expenses increased to $16.8 million from $14.5 million year-over-year, primarily due to higher corporate expenses and increased depreciation and R&D expenses [16][17] - Adjusted EBITDA was negative $8.7 million, compared to negative $3.9 million in the prior year [17] - Free cash flow improved to an outflow of $5.2 million from negative $11.5 million year-over-year [18] - The company ended the quarter with total liquidity of $36.2 million, including $35 million available under an undrawn credit line [18][19] Business Line Data and Key Metrics Changes - The backlog of orders reached a record $43 million to be shipped in 2025, indicating strong customer demand [6][14] - The aeronautics segment is the largest contributor to the backlog, with $21.3 million associated with this division [48] - The warehouse division reported a gross margin of 23%, down from 37% in the prior year, reflecting lower segment revenue and a change in product mix [15] Market Data and Key Metrics Changes - The global automotive smart glass market is projected to grow from $16 billion in 2024 to over $25 billion by 2028, with the company positioned to capitalize on this growth [8] - The marine lab market is valued at $6.2 billion, with the company expanding its presence in this sector [9] Company Strategy and Development Direction - The company aims to strengthen its balance sheet through debt financing, having closed on $15 million under favorable terms [5][19] - Strategic expansion into the marine sector and the aeronautics division is a focus, with new product launches planned for early 2026 [10][11] - The company is committed to non-dilutive capital sources to fund operations until achieving cash flow profitability [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year guidance despite shipment delays due to external factors, including a conflict in the region [6][29] - The second half of 2025 is expected to be significantly stronger than the first half, supported by a record backlog of orders [6][20] - Management emphasized the importance of operational discipline and cash management strategies to improve cash flow productivity [18] Other Important Information - The company has made significant board changes to align with its public company evolution, welcoming back a former director with expertise in global expansion and M&A [12] - The company is focused on enhancing its innovation pipeline across all business divisions [23] Q&A Session Summary Question: Can you elaborate on the timing dynamics affecting revenue? - Management acknowledged shifts in delivery timing and expressed confidence in meeting annual guidance despite some deliveries moving to the second half of the year [26][29] Question: What is the confidence level for the second half revenue ramp? - Management confirmed the company is prepared to deliver $45 million to $50 million quarters, aligning with sales order cadence [31][32] Question: Can you discuss liquidity dynamics going forward? - Management highlighted a $35 million credit line available for use and expressed confidence in achieving cash flow positive status [36][38] Question: What are the levers expected to achieve positive EBITDA this year? - Management indicated that achieving over $31 million in revenue would lead to positive adjusted EBITDA, with improved gross margins expected in the second half [43][45] Question: How does the backlog mix look for key contributors? - The aeronautics segment is the largest contributor to the backlog, with management confident in meeting targets for this division [47][48] Question: How will working capital items change to support increased shipping capacity? - Management noted that 80% of the business is factored, allowing for immediate cash flow upon invoicing, which supports production planning [50][52]