Core Viewpoint - RoboSense's AC2, a groundbreaking sensor system, will be showcased at CES 2026, marking a significant advancement in robotics technology [1] Group 1: Company Developments - RoboSense's AC2 is the industry's first super sensor system that integrates solid-state dToF LiDAR, dual RGB cameras, and IMU, aimed at enhancing robots' capabilities in complex environments [1] - The stock of Suoteng Juchuang (02498) rose by 4.12% to HKD 38.96, with a trading volume of HKD 401 million [1] Group 2: Market Opportunities - The company has secured orders from 32 automotive manufacturers and Tier 1 suppliers for 144 vehicle models, benefiting from the rapid development of ADAS and advanced driving assistance systems [1] - The AC series is expected to open long-term growth opportunities, with strong demand for RoboSense's LiDAR products and their commercialization potential [1]

Core Insights - RoboSense's AC2 will be showcased at CES 2026, marking a significant advancement in the global robotics market [1] - AC2 is the industry's first super sensor system that integrates solid-state dToF LiDAR, dual RGB cameras, and IMU, aimed at enhancing robots' capabilities in complex environments [3] Group 1: Product Features - AC2 provides 3D spatial perception and 6 degrees of freedom motion information with a detection range of 8 meters and a measurement accuracy of ±5mm [5] - The sensor features a large field of view (FOV) of 120°×90°, improving upon traditional 3D cameras by over 70% [5] - AC2's design includes a durable glass cover and compact dimensions of L102×H32×D45 mm, allowing easy integration into various robotic applications [7] Group 2: Performance and Reliability - The sensor maintains stable performance in varying lighting conditions, including extreme brightness of up to 100klux, while effectively suppressing interference from reflective materials [7] - AC2 is rated IP65 for dust and water resistance and operates efficiently in a temperature range of -10℃ to 55℃, making it suitable for diverse operational environments [7] Group 3: AI Integration and Ecosystem - RoboSense's AI-Ready ecosystem for AC2 includes open-source algorithms for posture estimation and human skeleton recognition, along with comprehensive resources for developers [11] - The AC2 aims to create a complete perception product suite for robotics, addressing both mobility and operational needs in the industry [12]

Core Insights - RoboSense is set to showcase its AC2, the first integrated super sensor system for robots, at CES 2026, aimed at enhancing robot operations in complex environments [2] Group 1: Product Features - AC2 integrates solid-state dToF LiDAR, dual RGB cameras, and IMU, providing 3D spatial perception and 6 degrees of freedom motion information with a detection range of 8 meters and a measurement accuracy of ±5mm [4] - The sensor features a large field of view (FOV) of 120°×90°, improving upon traditional 3D cameras by over 70%, and achieves synchronization precision of less than 1ms [4] - AC2 is designed to fit into compact spaces with dimensions of L102×H32×D45 mm and a human-like eye baseline of 65mm, enhancing imaging to align with human brain processing [6] Group 2: Performance and Reliability - The AC2 maintains stable performance in various lighting conditions, including extreme brightness of 100klux, and effectively mitigates interference from high-reflectivity materials [6] - It has an IP65 rating for dust and water resistance and operates efficiently in a temperature range of -10℃ to 55℃, making it suitable for diverse operational environments [6] Group 3: AI Integration and Ecosystem - RoboSense's AI-Ready ecosystem for AC2 includes open-source algorithms for posture estimation and human skeleton recognition, along with a comprehensive suite of tools and resources for developers [9] - The AC2 aims to form a complete robot perception product lineup, addressing both movement and operational needs, while fostering innovation in the robotics industry [11]

Core Viewpoint - The company has successfully delivered new digital lidar products and reported a third-quarter revenue of 407 million yuan, with a net profit loss of 101 million yuan, but shows potential for improvement in gross margin and profitability in the upcoming quarters [1] Group 1: ADAS Business - The ADAS digital product matrix has entered a delivery phase, with a significant increase in the number of designated models, laying the foundation for scale delivery [2] - The company has received designations from 13 automakers for 56 vehicle models, with the EMX platform achieving 49 designations since its launch [2] - The EM4 radar, recognized as an industry leader, has been installed in several models and is expected to become a core configuration under L3 regulations [2] Group 2: Robotaxi Business - The EM4+E1 digital combination scheme is accelerating penetration into the L4 market, with a recent designation for a new generation Robotaxi model from Didi [2] - The product features a high-redundancy perception scheme, indicating its entry into high-reliability application scenarios [2] - The demand for lidar products is expected to strengthen as the autonomous driving industry commercializes, positioning the Robotaxi business as a key growth driver [2] Group 3: Robotics Business - The robotics business is entering a rapid growth phase, with digital radar and AC platform products achieving breakthroughs in multiple scenarios [3] - The company’s products are being applied in leading autonomous driving manufacturers' models, with increasing demand in lawn mowing robots and unmanned agricultural machinery [3] - The introduction of the AC2 product enhances six-dimensional motion perception and three-dimensional spatial information support for robotics applications [3] Group 4: Financial Forecast and Valuation - The company maintains revenue forecasts of 2.4 billion, 3.73 billion, and 5.14 billion yuan for 2025, 2026, and 2027 respectively, with net profit forecasts of -150 million, 190 million, and 510 million yuan [3] - The target price is set at 51.48 HKD, reflecting a premium based on comparable companies and the anticipated rapid growth in digital lidar deliveries [4]

Core Viewpoint - The company SUTENG JUCHUANG has released its Q3 2025 report, showing promising developments in the pan-robotics and Robotaxi markets, leading to an upgrade in EPS forecasts and a target price increase, maintaining a "Buy" rating [1][2] Financial Performance - In Q3 2025, the company achieved revenue of 410 million yuan, remaining flat year-on-year but down 10.6% quarter-on-quarter [1] - The net profit attributable to the parent company was -100 million yuan, compared to -80 million yuan in the same period last year and -50 million yuan in Q2 2025 [1] - The net profit margin was -24.57%, a decrease of 4.46 percentage points year-on-year and 13.63 percentage points quarter-on-quarter [1] Business Developments - The company has successfully expanded its customer base for passenger car laser radar, securing significant contracts with a major new energy vehicle manufacturer and a leading global SUV and pickup truck manufacturer [1] - A new three-year exclusive contract was obtained for a pure electric model from Japan's largest automaker and a Chinese joint venture brand [2] - The Robotaxi business is expected to see a trend of multiple laser radars per vehicle, with a new collaboration with Didi to provide a combination solution for enhanced perception capabilities [2] Product Innovations - In Q3, the company delivered 35,500 laser radars for pan-robotics, marking a significant year-on-year increase [2] - The company has become the preferred perception solution for several unmanned delivery developers, including JD.com and Meituan [2] - New products launched include the Fairy high-precision mid-to-long-range digital laser radar and the AC2 sensor, which integrates multiple technologies to expand into robotics and consumer markets [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company is actively exploring applications in the general robotics and Robotaxi/Robovan markets, with impressive order progress [2]. - The third quarter performance in the general robotics business was outstanding, leading to an upward revision of EPS forecasts for 2025-2027 to -0.28, 0.13, and 0.83 RMB respectively [9]. - The target price has been raised to HKD 43.36, based on a 6x PS for 2026, reflecting the company's growth potential despite current profit margins not being stable [9]. Financial Summary - Total revenue projections for the company are as follows (in million RMB): - 2024A: 1,649 - 2025E: 2,104 - 2026E: 3,236 - 2027E: 4,914 - Growth rates are 47%, 28%, 54%, and 52% respectively [4]. - Gross profit and net profit forecasts are: - Gross profit for 2024A: 284 million RMB, with a projected increase to 1,374 million RMB by 2027E. - Net profit is expected to turn positive by 2026E, reaching 404 million RMB by 2027E [4]. - The company reported a net loss of 1.0 billion RMB in Q3 2025, with a net profit margin of -24.57% [9]. Market Position and Developments - The company has successfully secured significant contracts with major automotive manufacturers, including a leading new energy vehicle company and a global SUV and pickup manufacturer [9]. - The Robotaxi business is expected to see a trend of multiple laser radar applications per vehicle, with a recent partnership with Didi for a new model featuring ten laser radars [9]. - The company delivered 35,500 laser radars in Q3, marking a substantial year-on-year increase, and has become a preferred perception solution for several autonomous delivery developers [9].

Core Viewpoint - The report from Guotai Junan Securities maintains an "overweight" rating for SUTENG JUCHUANG (02498), raising the target price to HKD 43.36, highlighting the company's active exploration in the pan-robotics and Robotaxi, Robovan market applications, with impressive order progress and strong performance in the third quarter [1] Group 1 - The EM platform has successfully expanded the customer base for passenger car lidar applications, with recent significant contracts from a major new energy vehicle company and a leading global SUV and pickup manufacturer [1] - The company has secured a three-year exclusive contract for a new pure electric model from Japan's largest automaker and a Chinese joint venture brand [1] Group 2 - The Robotaxi business is expected to see a trend of multiple lidar applications per vehicle, with a recent partnership with Didi to provide an EM4+E1 solution featuring ten lidar units for all-weather operational capabilities [2] - The company has delivered 35,500 lidar units in the third quarter for the pan-robotics sector, marking a significant year-on-year increase [2] - SUTENG JUCHUANG has become the preferred perception solution for several unmanned delivery developers, including JD.com, Meituan, and others [2] - New products such as Fairy and AC2 have been launched, with Fairy being a high-precision mid-to-long-range lidar and AC2 integrating multiple sensing technologies, expanding the company's market into robotics and consumer sectors [2]

Core Viewpoint - The report from Guotai Junan Securities maintains an "overweight" rating for SUTENG JUCHUANG (02498), raising the target price to HKD 43.36, highlighting the company's active exploration in the pan-robotics and Robotaxi, Robovan market applications, with impressive order progress and strong performance in the third quarter [1]. Group 1 - The EM platform has successfully facilitated the acquisition of laser radar for passenger vehicles, with a continuous expansion of customer coverage. The company recently secured two significant contracts, including one with a major new energy vehicle manufacturer and another with a leading global SUV and pickup truck manufacturer for new model contracts. Additionally, the company obtained a three-year exclusive contract for a new pure electric model from Japan's largest automaker and a Chinese joint venture brand [2]. Group 2 - The Robotaxi business is expected to see a trend of multiple laser radars per vehicle. The company announced a new generation model contract with Didi, providing an EM4+E1 combination solution for all-around perception with ten laser radars per vehicle, aimed at creating a new benchmark model for autonomous driving with all-weather operational capabilities. Collaborations have also been established with well-known companies in the industry, including Pony.ai, WeRide, and leading L4 companies in Silicon Valley [3]. Group 3 - In the third quarter, the company delivered 35,500 laser radars for the pan-robotics sector, showing a significant year-on-year increase. In the unmanned delivery field, SUTENG JUCHUANG has become the preferred perception solution for several unmanned delivery developers, including JD.com, Meituan, New Stoneware, Nine Senses, WeRide, Cainiao, and Coco. The EMX+E1R product combination has become a solution for urban distribution. Recently, the company launched new products, Fairy and AC2, with Fairy being a high-precision mid-to-long-range digital laser radar already applied in New Stoneware's unmanned vehicle X3, and AC2 integrating dTOF, RGB stereo, and IMU into one sensor, facilitating the company's entry into the robotics and consumer markets [3].

Core Viewpoint - Recent significant shareholding increases by Vanguard and BlackRock in SUTENG demonstrate confidence in the potential of China's intelligent driving and robotics industry, highlighting SUTENG's core competitiveness in digital lidar technology and its commercial applications [2][8]. Shareholding Changes - Vanguard increased its stake in SUTENG by 14.0378 million shares, reaching a holding ratio of 2.97%, becoming the fourth-largest shareholder [3]. - BlackRock has continuously increased its holdings over four quarters, now owning 4.2657 million shares, making it the sixth-largest shareholder [3]. Industry Trends - Digital lidar is emerging as the future direction in intelligent perception, with SUTENG leading this technological transformation through chip-based architecture that enhances performance, cost, and reliability [4]. - SUTENG has achieved full-chain self-research in lidar technology, receiving AEC-Q100 automotive-grade certification, and has delivered 1 million vehicle-mounted lidar units, becoming the first company to reach this milestone globally [4]. Robotaxi Market - SUTENG's unique technological barriers are validated by its success in the Robotaxi market, where it has partnered with over 90% of L4 autonomous driving companies [5]. - The company’s solid-state digital lidar E1 and EM4 are preferred configurations for leading Robotaxi firms, with plans for mass production by the end of 2025 [5]. Robotics Sector - SUTENG is evolving from a lidar hardware supplier to a comprehensive robotics perception solution provider, launching the Active Camera series to meet the growing demand for high-precision, multi-modal perception in robotics [6]. - The company has established partnerships with over 3,200 clients in various verticals, achieving a significant increase in lidar sales for robotics, with a year-on-year growth of 631.9% [7]. Financial Outlook - Long-term investments from Vanguard and BlackRock reflect confidence in SUTENG's growth trajectory, with projections indicating substantial increases in revenue from both automotive and robotics sectors [7]. - Forecasts suggest SUTENG's revenue will reach 2.5 billion yuan, 3.42 billion yuan, and 4.58 billion yuan in 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 51%, 37%, and 34% [7]. Market Growth Potential - As digital lidar penetration in automotive intelligence increases and the robotics industry commercializes, SUTENG is positioned to benefit from rapid growth in both markets, supported by long-term capital investments [8].

Core Viewpoint - Recent significant shareholding increases by Vanguard and BlackRock in SUTENG demonstrate confidence in the potential of China's smart driving and robotics industry, highlighting SUTENG's core competitiveness in digital lidar technology and its commercial applications [2][8]. Shareholding Changes - Vanguard increased its stake in SUTENG by 14.0378 million shares, reaching a holding ratio of 2.97%, becoming the fourth largest shareholder [3]. - BlackRock has continuously increased its holdings over four quarters, now owning 4.2657 million shares, making it the sixth largest shareholder [3]. Industry Trends - Digital lidar is emerging as the future direction in intelligent perception, with SUTENG leading this technological transformation globally [4]. - SUTENG has achieved full-chain self-research in lidar technology, receiving AEC-Q100 automotive-grade certification, and has delivered 1 million vehicle lidar units, becoming the first company to reach this milestone [4]. Robotaxi Market - SUTENG's unique technological barriers are validated by breakthroughs in the Robotaxi market, with partnerships established with over 90% of L4 autonomous driving companies [5]. - The company’s E1 and EM4 lidar systems are preferred configurations for leading Robotaxi firms, with plans for mass production by the end of 2025 [5]. Robotics Sector - SUTENG is evolving from a lidar hardware supplier to a comprehensive robotics perception solution provider, launching the AC2 sensor system with advanced capabilities [6]. - The company has established partnerships with over 3,200 clients in various verticals, achieving significant sales growth in the robotics sector [7]. Financial Outlook - Vanguard and BlackRock's long-term investments reflect confidence in SUTENG's growth trajectory, with projections indicating substantial increases in revenue from both automotive and robotics sectors [7]. - Forecasts suggest SUTENG's revenues will reach 2.5 billion, 3.42 billion, and 4.58 billion yuan from 2025 to 2027, representing year-on-year growth rates of 51%, 37%, and 34% respectively [7]. Market Growth Potential - As digital lidar penetration in automotive intelligence increases and the robotics industry commercializes, SUTENG is positioned to benefit from rapid growth in both markets [8].