智能驾驶传感器

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星展:升速腾聚创目标价至50港元 次季业绩胜预期
Zhi Tong Cai Jing· 2025-08-27 09:30
星展发布研报称,速腾聚创(02498)次季业绩胜预期,毛利率达28%,好过目标的25%,主要受惠于MX 系列量产及成本控制措施。另外,管理层态度转趋乐观,并重申2025年下半年实现盈亏平衡的目标。该 行认为2026年增长动力包括EM平台量产、比亚迪(002594)相关业务扩展、获得新客户及机器人业务 订单。基于毛利率预测获上调,将2025及26年度盈利预测分别上调22%及16%;维持"买入"评级,目标价 由45港元上调至50港元。 ...
华为系创业造雷达,承泰科技绑定比亚迪闯关IPO!
Sou Hu Cai Jing· 2025-06-26 02:48
Core Viewpoint - Chengtai Technology, founded by former Huawei engineers, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing significant revenue growth but a heavy reliance on BYD for its income [1][5][19] Group 1: Company Overview - Chengtai Technology was established in 2016 by Chen Chengwen and Zhou Ke, both with backgrounds in Huawei and expertise in millimeter-wave radar technology [2][11] - The company specializes in millimeter-wave radar, which is essential for intelligent driving systems, providing real-time detection and spatial positioning [2][4] - Chengtai Technology holds a leading position in the domestic forward millimeter-wave radar market with a 9.3% shipment share and a total market share of 4.5% as of 2024 [4] Group 2: Financial Performance - Chengtai Technology's revenue has shown a compound annual growth rate (CAGR) of 145.7%, with figures of 0.58 billion, 1.57 billion, and 3.48 billion RMB for 2022, 2023, and 2024 respectively [5][6] - The company's gross margin has been steadily increasing, reaching 34.0% in 2024, while R&D expenses remain high, exceeding 50% of revenue [6] - Despite significant revenue growth, the company has experienced net losses, although these have narrowed from 79.17 million RMB in 2022 to 21.77 million RMB in 2024 [6][7] Group 3: Customer Dependency - Chengtai Technology's revenue is heavily dependent on BYD, with 93.6% of its income in 2024 coming from this single customer, highlighting a growing customer concentration risk [5][7][8] - The top five customers accounted for 98.3% of total revenue in 2024, indicating an increasing reliance on a limited customer base [7][8] Group 4: Market Potential - The millimeter-wave radar market is projected to grow significantly, with the Chinese market expected to increase from 8.2 billion RMB in 2024 to 21.6 billion RMB by 2029, reflecting a CAGR of 21.5% [16][17] - Chengtai Technology's manufacturing advantage is notable, with a production yield of 99.8% in 2024, surpassing the industry average of 95% [16][19] Group 5: Strategic Considerations - The company plans to use IPO proceeds for technology research and product development (35%), production line upgrades (20%), and operational funding (20%) [16] - Chengtai Technology's founders face the challenge of maintaining a strong partnership with BYD while mitigating the risks associated with high customer concentration [19]