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速腾聚创25Q1业绩点评:ADAS营收承压,泛机器人业务拉动盈利改善,看好新产品放量
海通国际· 2025-06-03 13:30
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].
小鹏技术转向,速腾聚创一季度营收受影响!机器人业务爆发
Nan Fang Du Shi Bao· 2025-05-31 11:28
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].
RoboSense 速腾聚创2024全年财报:营收新高毛利突破,AI机器人研发高投入加速第二曲线
Ge Long Hui· 2025-03-31 14:02
财务概要 【中国香港,2025年3月31日】速腾聚创科技有限公司(「速腾聚创」或「公司」;股份代号:2498.HK)宣布公司及其附属公司(合称「集 团」)2024年全年经审计的财务业绩。 • 全年营收约16.5亿元,同比增长47.2% • 激光雷达销量约544, 200台,同比增长约109.6% • 全年毛利率17.2%,较上一年提升了8.8个百分点,其中第四季度达到约22.1% • 经调整净亏损收窄至约3.96亿元,较上一年下降约8.9% • 研发总投入约为6.2亿元,其中AI机器人等创新业务研发投入约2.5亿元 随着业务规模扩大,集团通过规模效应和精益运营,经营效率显著提升。2024年,集团毛利为2.8亿元,整体毛利率增至17.2%,较2023年提升 了8.8个百分点,且毛利率逐季环比攀升,从一季度的12.3%提升至四季度的22.1%。其中,用于ADAS应用的激光雷达产品毛利率显著提高, 由2023年度的毛损率5.9%大幅改善至2024年度的毛利率13.4%。 盈亏方面,集团整体亏损明显收窄,2024年经调整净亏损约为3.96亿元,较上一年下降了约8.9%。 为确保未来增长,集团持续加大研发投入。2024 ...