Investment Highlights - Company is a global leader in LiDAR solutions and has achieved profitability for the first time in Q4 2024, marking a significant milestone as the only publicly listed LiDAR company to do so [1] - The company has maintained the top position in global LiDAR revenue from 2021 to 2024, showcasing a leading market share [1] - Three competitive advantages include chip technology leadership, self-built automated production capacity, and extensive customer resources [1] Industry Growth Factors - The industry is entering a high-growth phase driven by the proliferation of urban NOA functions, the layout of L3, and decreasing LiDAR prices [2] - Expected shipments of automotive LiDAR in China are projected to exceed 3 million units in 2025 and 10 million units by 2028, with a CAGR of 58% [2] - The robotics sector, including applications like lawnmowers and logistics robots, is emerging as a new growth area [2] Financial Projections and Valuation - Earnings per share (EPS) are forecasted to be 2.33 CNY and 3.81 CNY for 2025 and 2026, respectively, with revenues of 3.1 billion CNY and 4.3 billion CNY [2] - The company is valued at 5.4x and 4.0x P/S for 2025 and 2026, respectively, with target prices of 182.5 HKD for H shares and 23.5 USD for US shares, indicating an upside potential of 53% and 52% [2]