Investment Rating - The report assigns a "BUY" rating to RoboSense (02498.HK) with a target price of HK$ 48.50 per share [2][7]. Core Insights - RoboSense reported strong Q4 2025 operating metrics, achieving breakeven in the quarter due to significant increases in LiDAR shipments for both ADAS and robotics [3][7]. - The robotics segment, particularly lawn mower robots, was a key driver of growth, supported by product upgrades and new customer additions [4]. - Demand for new digital LiDAR products, EMX and EM4, is expected to exceed expectations, contributing significantly to revenue in 2026 [5]. - Technological advancements showcased at CES, including a Delivery Assistant robot, highlight RoboSense's innovation capabilities [6]. - The upward revision of sales volume forecasts and revenue assumptions reflects stronger-than-expected demand, leading to improved gross margin forecasts [7]. Financial Overview - For 2025, RoboSense is projected to generate revenue of RMB 2,019.6 million, with a gross profit of RMB 557.9 million and a gross margin of 27.6% [8]. - The company anticipates a significant increase in revenue to RMB 4,002.8 million by 2026, with a gross profit of RMB 1,142.1 million [8]. - The financial metrics indicate a path to profitability, with net profit expected to turn positive by 2026, reaching RMB 221.6 million [8].

Core Viewpoint - The report from Citi highlights Hesai Technology's position as the world's largest lidar supplier by revenue in 2024, with monthly production and delivery exceeding 200,000 units [1] Group 1: Company Performance - Hesai Technology has achieved a significant milestone by becoming the leading lidar supplier globally, indicating strong market demand and operational efficiency [1] - The company is expected to benefit from the increasing adoption of lidar as a standard safety feature in smart vehicles, with multi-lidar solutions becoming mainstream [1] Group 2: Market Expansion - In January 2026, Hesai was selected as a lidar partner for NVIDIA's Hyperion 10 platform, which is expected to enhance its market presence [1] - The company has entered the C-sample stage with European automakers, indicating progress in international market expansion, which is anticipated to be a key growth driver this year [1]

Core Viewpoint - Quantum Computing Inc. has been selected as the stalking horse bidder for the remaining assets of Luminar Technologies, Inc. as part of Luminar's Chapter 11 bankruptcy process, with a proposed purchase price of approximately $22 million, pending court approval and auction outcomes [1][2]. Group 1: Acquisition Details - The acquisition of Luminar's assets is expected to enhance QCi's capabilities in photonics and quantum optics, expanding its presence across the photonics value chain from chip design to system delivery [3]. - QCi anticipates that the acquired assets will contribute immediate revenue and support its commercial operations through existing customer programs and deployed systems [4]. - The transaction is expected to close in the first quarter of 2026, subject to the completion of the court-supervised auction process [2]. Group 2: Strategic Implications - The acquisition aligns with QCi's strategy to build a scalable photonics platform and expand into future quantum sensing verticals, leveraging Luminar's expertise in system integration and optical technologies [5]. - QCi plans to retain key technical and engineering teams from Luminar, continuing investment in R&D to support its broader photonics and quantum technology strategy [4][5]. - The integration of Luminar's LiDAR technology is expected to provide real-world performance feedback that will accelerate QCi's transition from research to fielded systems, enhancing its capabilities in quantum sensing, computing, communication, and photonic AI [5]. Group 3: Company Overview - Quantum Computing Inc. specializes in quantum optics and integrated photonics technology, offering accessible quantum machines and foundry services for photonic chip production [6]. - The company's products are designed to operate at room temperature and low power, targeting applications in high-performance computing, artificial intelligence, and cybersecurity [6].

Core Insights - Innoviz Technologies (INVZ) has announced a partnership with Vueron Technology Co., focusing on AI-powered LiDAR perception solutions [1] Group 1: Partnership Details - The collaboration integrates Innoviz's LiDAR data from InnovizTwo and InnovizSMART into Vueron's VueX AI development platform [1] - This integration aims to assist automotive manufacturers and smart infrastructure operators in accelerating their perception development [1] Group 2: Technological Advancements - The partnership enables automated data annotation, training, and validation, enhancing the efficiency of perception development processes [1]

Market Performance - U.S. stocks experienced an upward trend, with the Dow Jones increasing by over 400 points, up 0.86% to 49,397.20, while the NASDAQ rose 0.45% to 23,500.32 and the S&P 500 gained 0.48% to 6,934.99 [1] - European shares also saw gains, with the eurozone's STOXX 600 up 0.62%, Spain's IBEX 35 Index rising 0.49%, London's FTSE 100 increasing by 1.15%, Germany's DAX gaining 0.25%, and France's CAC 40 up 0.28% [6] - Asian markets closed mostly higher, with Japan's Nikkei 225 gaining 1.32%, Hong Kong's Hang Seng Index up 1.38%, China's Shanghai Composite surging 1.50%, while India's BSE Sensex fell by 0.44% [7] Sector Performance - Health care shares increased by 2% on Tuesday, indicating a strong performance in this sector [1] - Energy stocks, however, dipped by 1.2%, reflecting a decline in this sector [1] Company News - Alumis Inc. shares surged 132% to $19.30 after positive Phase 3 trial results for envudeucitinib in plaque psoriasis [8] - Aeva Technologies Inc. saw a 25% increase in shares to $16.30 following the selection of its LiDAR technology for NVIDIA's autonomous vehicle platform [8] - Cyclerion Therapeutics Inc. shares rose by 47% to $2.04 due to an expanded collaboration with Medsteer [8] - Instil Bio Inc. shares dropped 51% to $6.05 after discontinuing clinical development of AXN-2510 [8] - MOBIX LABS, INC. shares fell 45% to $0.18 after pricing a $6 million offering of common stock [8] - AngioDynamics, Inc. shares decreased by 15% to $11.22 following disappointing second-quarter results [8] Economic Indicators - The S&P Global services PMI declined to 52.5 in December from 54.1 in the previous month, lower than the preliminary reading of 52.9 [2][10] - The S&P Global composite PMI fell to 52.7 in December, marking the lowest level in eight months, down from 54.2 in the previous month [10]

Financial Performance - D-Wave reported a significant revenue increase in 3Q25, rising from $1.9 million to $3.7 million, nearly a 100% gain year-over-year [1] - The adjusted net loss improved to $18.1 million, or 5 cents per share, compared to a loss of $23.2 million, or 12 cents per share in 3Q24, exceeding expectations by 2 cents per share [1] - D-Wave's stock has surged by 201% in 2025 [1] Intellectual Property and Technology - D-Wave has over 260 U.S. granted patents protecting its technology and innovations [2] - The company operates at all levels of the quantum computing segment, producing both hardware (quantum computers) and software, positioning itself as a full-stack quantum company [3] Market Position and Services - D-Wave is a leader in the quantum computing industry, having launched its real-time quantum cloud service, Leap, in 2018, which offers 99.9% uptime and advanced quantum processing units [4] - The company is recognized for its potential to revolutionize various sectors, including AI applications, cloud computing, and encryption [5] Analyst Insights and Ratings - Wedbush analyst Antoine Legault highlights D-Wave's broad commercial adoption potential and significant addressable market, giving it a Buy rating with a $35 price target, indicating a 38% upside [8] - The consensus rating for D-Wave is Strong Buy, with 13 recent positive analyst reviews and an average price target of $40, suggesting a 58% one-year upside [8]

Core Insights - Aeva Technologies is positioning LiDAR technology as central to the transition towards "Physical AI," showcasing a passenger vehicle with 4D LiDAR integrated into the windshield at CES 2026 [1][10] - The new 4D LiDAR sensor utilizes Frequency Modulated Continuous Wave technology, allowing simultaneous measurement of distance and speed for detected objects, enhancing machine perception in dynamic environments [2][10] - Aeva is expanding its technology applications into transportation and industrial sectors, with sensors aimed at improving traffic flow, rail systems, and factory automation [3][10] Company Developments - Aeva's stock has seen significant growth, nearly tripling in value during 2025 [8] - The company currently has a forward price-to-sales ratio exceeding 31, indicating a high valuation compared to the industry average [9] - Aeva's earnings estimates have remained stable over the past 60 days, with projected losses of -1.80 for the current year and -1.81 for the next year [13]

Core Insights - Seyond has successfully listed on the Main Board of the Hong Kong Stock Exchange, marking a new growth phase with increasing commercial traction in autonomous mobility markets [1] - The company aims to connect digital and physical worlds through advanced 3D perception, enabling machines to understand and respond to real-world environments [2] Commercial Breakthroughs Across Autonomous Mobility - Seyond has made significant commercial progress in the U.S. autonomous mobility segments, driven by demand for high-performance perception solutions [3] - In the robotics sector, Seyond has secured commitments for over 5,000 LiDAR units, supporting last-mile delivery and warehouse automation [4] - The company has established partnerships with major U.S. robotaxi developers and has three customer partnerships in autonomous trucking, with additional programs in advanced stages [5] Expanding Adoption in Stationary and Built-Environment Applications - Seyond is strengthening its position in stationary perception applications, securing multiple U.S. contracts in airport operations, roadway safety, and security, with an expected contract value exceeding USD 10 million in 2026 [6] Post-IPO Investment and Long-Term Vision - The IPO has provided Seyond with enhanced capital flexibility to invest in LiDAR technology and perception algorithms, facilitating efficient movement from development to deployment [7] - The company is committed to building a smarter and safer future by integrating digital intelligence with high-performance 3D sensing technology [8] Company Overview - Seyond is a global provider of advanced LiDAR solutions for automotive, robotics, and intelligent sensing applications, focusing on performance, reliability, and scalability [9]

Core Viewpoint - Luminar Technologies, Inc. has initiated voluntary chapter 11 bankruptcy proceedings to facilitate a value-maximizing sale of its LiDAR business and its subsidiary Luminar Semiconductors, Inc. [1][5] Group 1: Chapter 11 Filing Details - The company has the support of approximately 91.3% of its first lien noteholders and about 85.9% of its second lien noteholders for the chapter 11 filing [1] - Luminar has entered into an agreement with Quantum Computing Inc. for the sale of LSI equity for cash consideration of $110 million, subject to better offers [2] - The Ad Hoc Group has consented to the use of approximately $25 million of cash on hand to fund the chapter 11 cases and support operations [3] Group 2: Operational Continuity - During the chapter 11 process, Luminar plans to continue its operations and maintain relationships with suppliers and partners to minimize disruptions [4] - The company has filed customary "First Day Motions" to ensure continued payment of employee wages, customer commitments, and vendor obligations incurred post-filing [4] Group 3: Sale Process and Timeline - Luminar has filed a motion to conduct sale processes for LSI equity and the LiDAR business under section 363 of the U.S. Bankruptcy Code, aiming for completion by the end of January 2026 [5]

Core Insights - Aeva Technologies has secured a significant Tier-1 contract with a major European passenger car manufacturer, establishing its Atlas Ultra sensor as the standard LiDAR for multiple vehicle models globally, excluding China, and ensuring production through the mid-2030s [1][9] - The successful completion of the joint development phase with the automaker has reduced technical risks and increased the likelihood of securing additional contracts [2] - Aeva is preparing for increased production capacity at its Fabrinet facility to meet anticipated demand by 2026, indicating readiness for mass production [3][4] Company Performance - Aeva reported third-quarter 2025 revenues of $3.6 million, an operating loss of $27.2 million, and cash use of $33.6 million, with total available cash around $270 million, supported by a recent $100 million investment from Apollo [3] - The company is still in an early stage, facing challenges in scaling manufacturing and proving its technology's performance and reliability [5] Market Context - The LiDAR market features competitors like Ouster and Luminar Technologies, which offer advanced sensor technologies aimed at enhancing safety and efficiency across various industries [6][7] - Aeva's stock has seen significant appreciation, more than tripling in 2025, although it trades at a forward price-to-sales ratio of nearly 35, which is considerably higher than the industry average [8][10]