Core Viewpoint - UBS initiates coverage on SUTENG with a "Buy" rating and a target price of HKD 47.8, expressing optimism about the long-term prospects of the company's advanced driver assistance systems (ADAS) laser radar business due to increased adoption by OEM clients like BYD and Geely [1] Group 1 - The company is strengthening its position in the robotic laser radar sector, which is expected to become a new growth driver [1] - UBS forecasts that SUTENG will turn profitable next year and achieve a compound annual growth rate (CAGR) of 66% in net profit from 2026 to 2030, exceeding market expectations [1] - The market may be underestimating the growth potential driven by traditional domestic OEMs in the areas of intelligence and robotics [1]

瑞银发布研报称，首予速腾聚创(02498)"买入"评级，目标价47.8港元。该行指出，随着比亚迪 （002594）(01211)和吉利汽车(00175)等代工生产(OEM)客户更愿意采用激光雷达，对速腾聚创的先进 驾驶辅助系统(ADAS)激光雷达业务的长期前景持乐观态度。该公司正在加强在机械人激光雷达领域的 布局，相信或成为其新的增长驱动力。 该行预计速腾聚创将在明年扭亏为盈，并料在2026至30年间达到66%的净利润年复合增长率，胜于市场 预期。该行相信，市场或低估了传统国内OEM推动智能化和进入机械人领域的增长潜力。 ...

Group 1 - UBS initiates a "Buy" rating for SUTENG JUCHUANG (02498) with a target price of HKD 47.8 [1] - The firm expresses optimism about the long-term prospects of SUTENG JUCHUANG's advanced driver assistance systems (ADAS) laser radar business, driven by increased adoption from OEM clients like BYD (01211) and Geely Automobile (00175) [1] - The company is strengthening its position in the robotic laser radar sector, which is expected to become a new growth driver [1] Group 2 - UBS forecasts that SUTENG JUCHUANG will turn profitable next year and anticipates a compound annual growth rate (CAGR) of 66% in net profit from 2026 to 2030, exceeding market expectations [1] - The firm believes that the market may underestimate the growth potential driven by traditional domestic OEMs in the areas of intelligence and robotics [1]