Workflow
Active Camera 2.0
icon
Search documents
速腾聚创(2498.HK):Q2毛利率继续提升 EMX有望快速放量
Ge Long Hui· 2025-08-25 03:11
Core Viewpoint - The company, SUTENG JUCHUANG, reported a revenue of 783 million yuan for the first half of the year, marking a year-on-year growth of 7.72% with significant improvements in Q2 performance [1] Group 1: Financial Performance - In Q2, the company achieved a revenue of 460 million yuan, with a year-on-year growth rate of 24.4%, indicating a recovery from previous customer transitions [1] - The gross margin for Q2 reached 27.7%, the highest in three years, with the ADAS segment gross margin at 19.4% [1] - The company expects to achieve breakeven in Q4, driven by increased demand for lidar in intelligent driving and robotics [1] Group 2: ADAS Business - The EMX product has secured more market orders, with expectations for large-scale deliveries by the end of Q3 [2] - The company delivered 124,000 lidar units in Q2, a slight increase from 118,000 units in the same period last year, with reduced negative impacts from customer transitions [2] - The EM platform has gained traction, with 30 OEMs and Tier 1 suppliers securing 119 model designations [2] Group 3: Robotics Business - The company experienced a peak in robot lidar shipments, delivering 34,400 units in Q2 compared to 5,000 units in the same period last year, driven by price reductions and increased applications [3] - The company has received orders from eight major Robotaxi and Robobus clients, including leading firms in the industry [3] - The AC series of active cameras has received positive market feedback, with plans for a launch in the second half of 2025 [3] Group 4: Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 2.4 billion, 3.73 billion, and 5.14 billion yuan respectively, reflecting a slight adjustment due to customer transitions [3] - The company anticipates continued improvement in gross margins, with net profit estimates for 2025, 2026, and 2027 adjusted to -150 million, 190 million, and 510 million yuan respectively [3] - A target price of 48.17 HKD is set based on a comparable company average of 8.9X 2025 PS, maintaining a "buy" rating [3]
【海外TMT】速腾聚创2Q25盈利趋势向好,机器人战略转型加速推进——智能驾驶系列报告:激光雷达行业动态跟踪(六)(付天姿)
光大证券研究· 2025-08-24 23:05
Core Viewpoint - The company has shown significant growth in revenue and profit in Q2 2025, primarily driven by its robotics business and self-developed technologies [4][5]. Revenue and Profit Summary - In Q2 2025, the company achieved total revenue of 455 million yuan, representing a year-on-year growth of 24% and a quarter-on-quarter growth of 39% [4]. - The gross profit for Q2 2025 was 130 million yuan, with a year-on-year increase of 133% and a quarter-on-quarter increase of 64%, resulting in a gross margin of 27.7% [4]. Robotics Business Development - The sales revenue from robotics and other products reached approximately 147 million yuan in Q2 2025, a substantial increase of 285.2% year-on-year [5]. - The gross margin for the robotics segment was 41.5%, up 18.3 percentage points year-on-year, benefiting from reduced raw material costs due to increased production scale [5]. - The company has expanded its robotics business into various verticals, serving over 3,200 global clients, with notable success in the lawn care robot sector [5]. Self-Developed Chip and Digital Product Innovation - The company has led the digitalization process in the lidar sector, launching the E series digital platform in 2021, with large-scale production of E1 expected in 1H 2025 [6]. - The company anticipates that the shipment of E series lidar products will reach six figures by 2025, supporting L3/L4 autonomous driving [6]. ADAS Business Performance - In Q2 2025, ADAS business revenue was 270 million yuan, showing a year-on-year decline of 10.5% but a quarter-on-quarter increase of 18.6% [7]. - The gross margin for ADAS was 19.4%, with improvements driven by reduced raw material costs and the integration of lower-cost lidar products with self-developed SOC chips [7]. - The company has secured mass production orders for 119 vehicle models from 30 automotive manufacturers and suppliers, with the number of mass production models increasing to 133 by August 2025 [7].
智能驾驶系列报告:激光雷达行业动态跟踪(六):速腾聚创2Q25亏损显著收窄,机器人战略转型加速推进
EBSCN· 2025-08-24 08:46
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by over 15% in the next 6-12 months [7]. Core Insights - The company has significantly narrowed its losses in Q2 2025, with total revenue reaching 455 million RMB, a year-on-year and quarter-on-quarter increase of 24% and 39% respectively, primarily driven by rapid growth in its robotics segment [1]. - The robotics business has become the core growth engine for the company, with sales revenue of approximately 147 million RMB in Q2 2025, reflecting a substantial year-on-year increase of 285.2% [2]. - The company is advancing its self-developed chip and digital product innovations, with expectations for rapid volume growth in its E series and EM platform laser radar products [3]. - The ADAS business has shown a quarter-on-quarter revenue increase, with a notable rise in product sales and improved gross margins [4]. - The company is expected to continue strengthening its technology and customer collaborations in the robotics field, which may lead to a leading position in delivery pace within the industry [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a gross profit of 130 million RMB, a year-on-year increase of 133% and a gross margin of 27.7%, marking six consecutive quarters of quarter-on-quarter growth [1]. Robotics Business - The sales revenue from robotics and other products reached approximately 147 million RMB in Q2 2025, with a gross margin of 41.5%, benefiting from reduced material procurement costs due to increased production scale [2]. Laser Radar Development - The company launched the E series digital platform in 2021 and expects to achieve mass production of the E1 model in the first half of 2025, with projected shipments reaching six figures by 2025 [3]. ADAS Business Growth - The ADAS business generated 270 million RMB in revenue in Q2 2025, with a gross margin of 19.4%, supported by lower material costs and the integration of self-developed SOC processing chips [4].