Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HK$42.54, up from a previous target of HK$23.46, reflecting an 81% increase [2][6][15]. Core Insights - The company's revenue for Q1 2025 was Rmb328 million, representing a decline of 9.2% year-on-year and 36.2% quarter-on-quarter. However, profitability improved with a gross profit of Rmb77 million and a gross profit margin of 23.5%, which is an increase of 11.17 percentage points year-on-year [3][13]. - The decline in revenue was primarily due to a drop in shipments of automotive ADAS LiDAR, attributed to a customer solution switch. Conversely, the overall margin improvement was driven by the high-margin Robotics segment [3][14]. - The company expects the EM series to reverse the growth slowdown in the automotive ADAS LiDAR segment, while the Robotics segment is poised for a significant volume ramp-up, creating a second growth curve [4][14]. Financial Performance Summary - Revenue projections for 2025-2027 are Rmb2.366 billion, Rmb3.138 billion, and Rmb5.195 billion, respectively, with corresponding EPS estimates of -0.42, 0.18, and 1.36 [6][15]. - The gross profit margin is expected to improve significantly, reaching 27.1% in 2025 and stabilizing around 31.3% by 2027 [8][11]. - The company anticipates a substantial increase in shipments of both ADAS and Robotics LiDAR products, with total revenue expected to grow significantly in the coming years [8][11].

上市一年后，速腾聚创虽仍未走出亏损，但找到了自己的第二增长曲线。 近日，速腾聚创(2498.HK)发布2025年一季度财报。从财务表现来看，今年一季度速腾聚创总营收3.28 亿元，同比下滑9.2%；净亏损9878.6万元，同比收窄24.4%。 分业务收入来看，速腾聚创的两条业务线呈现"冰火两重天"。原本占比营收过半的ADAS（智能辅助驾 驶系统）应用的激光雷达产品线，今年一季度营收同比下滑25.2%至2.29亿元，对应的销量上也下降了 16.8%至9.67万台，从而拖累整体营收。 从目前趋势看，速腾的提前布局已经初见回报。速腾聚创在财报会上表示，按照交付节奏，割草机器人 的订单预计今年第三季度开始逐步放量，到第四季度和明年第一季度会是交付的集中高峰期，因此速腾 对今年Q3-Q4的营收持乐观估计，并称接下来两年在割草机订单规模和增势上都已非常明确。 值得一提的是，机器人业务不仅在量上值得期待，还为速腾在增利上做出了贡献。由于速腾将车规级激 光雷达技术（如全固态数字化方案）迁移至机器人领域，此举让机器人产品线的毛利达到较高水平，带 动公司一季度整体毛利增长73.1%，综合毛利率增长11.2个百分点至23.5%。 ...

Core Viewpoint - The company reported a decline in total revenue for Q1 2025, attributed to a shift in technology by key clients, but expects significant revenue growth in Q2 due to increased demand from other customers and a booming robotics business [1][2][4]. Financial Performance - Total revenue for Q1 2025 was approximately 330 million RMB, down from 361 million RMB in the same period last year, representing a year-on-year decrease of 9.18% [2][3]. - Gross profit reached 77.01 million RMB, a substantial increase of 73.1% year-on-year, with an overall gross margin of 23.5%, up 11.2 percentage points from the previous year [1][3]. - The net loss narrowed significantly to 98.79 million RMB, improving by 24.4% year-on-year, indicating enhanced operational efficiency [1][3]. Client Impact - The revenue decline was primarily due to two major clients shifting their strategies, with one moving to a pure vision solution for L2+ autonomous driving and the other adopting self-developed LiDAR technology [2][4]. - These two clients accounted for nearly 60% of the revenue in Q1 of the previous year, but the company did not experience a drastic revenue drop due to its diversified client base [3][4]. Robotics Business Growth - The robotics segment saw explosive growth, with laser radar product sales reaching approximately 11,900 units, a year-on-year increase of 183.3%, and revenue from this segment at 73.4 million RMB, up 87.0% year-on-year [5][7]. - The company has established partnerships with over 2,800 robotics clients across various applications, including industrial warehousing and delivery robots [7]. Strategic Partnerships - The company announced a strategic collaboration with Mammotion, aiming to deliver 1.2 million units of lawn mowing robots over three years, highlighting its strong position in the robotics market [7].

Core Viewpoint - RoboSense achieved significant revenue growth in 2024, driven by the increasing penetration of smart driving and the booming robotics industry, with total revenue reaching approximately 1.65 billion yuan, a year-on-year increase of 47.2% [2][5][6] Financial Summary - Total revenue for 2024 was approximately 1.65 billion yuan, representing a year-on-year growth of 47.2% [6] - Total sales of LiDAR units reached approximately 544,200, a year-on-year increase of about 109.6% [6][10] - Overall gross margin for the year was approximately 17.2%, an increase of 8.8 percentage points from the previous year, with Q4 gross margin reaching about 22.1% [6][7] - Adjusted net loss narrowed to approximately 396 million yuan, a decrease of about 8.9% compared to the previous year [6][7] - Total R&D investment was approximately 620 million yuan, with about 250 million yuan allocated to innovative business R&D [6][7] Business Highlights - The company achieved a significant increase in sales revenue from LiDAR products for ADAS applications, amounting to approximately 1.34 billion yuan, a year-on-year increase of about 71.8% [5][6] - In the ADAS sector, the company holds the largest market share globally, with a 33.5% share, and has established partnerships with over 10 major automotive manufacturers [11][13] - The company has secured multiple partnerships in the Robotaxi and Robotruck sectors, with several agreements for mass production already signed [16] - The company has established strategic collaborations with over 10 humanoid robot companies, enhancing its position in the emerging robotics market [18][21] Technological Advancements - The company leads the industry in patent filings, with 641 patents related to LiDAR technology, significantly ahead of competitors [24][25] - The company has made breakthroughs in digital LiDAR technology, achieving mass production of a series of digital LiDAR products with significant improvements in resolution and accuracy [24][26] Future Outlook - The company plans to leverage its technological advantages in LiDAR and continue investing in innovative R&D to become a leading global robotics technology platform [26]