Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HK$46.40, revised from the previous target price of HK$42.17 [3][8]. Core Insights - The company's revenue from robotics and other LiDAR products has shown strong growth, while revenue from ADAS applications has seen moderate growth. The revenue forecasts for 2025-2027 have been adjusted to RMB 24.46 billion (-6.8%), RMB 37.56 billion (+2.4%), and RMB 52.27 billion (+5.2%) respectively [8][10]. - The company expects adjusted net profit to turn positive in Q4 2025, with the valuation method now based on 2026 multiples to better capture growth in the rapidly developing robotics sector [8][10]. - The robotics and other business revenue has tripled year-on-year, driven by breakthroughs in various markets including lawn mowing robots, unmanned delivery, and humanoid robots [8][10]. Financial Performance Summary - For the year ending December 31, 2023, the company reported total revenue of RMB 1,120 million, with a net loss of RMB 4,337 million. The EPS was reported at RMB -44.670 [7][13]. - The revenue for 2024 is projected to be RMB 1,649 million, with a reduced net loss of RMB 482 million and an EPS of RMB -1.109 [7][10]. - By 2025, revenue is expected to increase to RMB 2,446 million, with a further reduced net loss of RMB 160 million and an EPS of RMB -0.394 [7][10]. - The gross margin is projected to improve from 8.4% in 2023 to 26.7% in 2025, indicating a positive trend in profitability [14][15]. Market Position and Competitiveness - The company has established partnerships with leading manufacturers in the lawn mower market, achieving order volumes in the seven figures. Collaborations in the unmanned delivery sector include major platforms such as Meituan and COCO Robotics [8][10]. - The average selling price for ADAS LiDAR products has decreased by 14.4% year-on-year, while the gross margin for this segment has increased by 4.4 percentage points to 19.4% [8][10]. - The company is positioned to benefit from the growing demand in the robotics sector, supported by its strong partnerships and innovative product offerings [8][10].

作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，速腾聚创科技有限公司（以下简称"速腾聚创"，2498.HK）于11月29日发布了 截至2024年9月30日止九个月未经审核财务业绩公告。 财报显示， 今年 前三季度 ， 速腾聚创总收入约11.3亿元，同比增长91.5%， 已 超2023年全年 营收 规模。其中， 用于ADAS应用的激光雷达产品收入约9.4亿元， 同比 增长190.5% 。 今年前三季度，速腾聚创的毛利约1.7亿元，同比增长375.4%。其中，速腾聚创第三季度的毛利为 7,121万元，较2023年同期的2,296万元毛利增长约210.2%。 同时，速腾聚创的毛利率已从今年一季度的12.3%逐季提升至第三季度的17.5%。值得注意的是， 今年前三季度速腾聚创用于ADAS应用的激光雷达产品毛利率同比提高近32.5个百分点至12.2%， 并预计今年第四季度的整体毛利率将进一步改善。 速腾聚创已快速成长为一家机器人技术平台公司 。 本文为IPO早知道原创 在业务层面。今年前三季度，速腾聚创激光雷达总销量为381,900台，同比增长259.6%；其中，用 于ADAS应用的 ...