We maintain "Buy", and increase TP to HK$46.40. RoboSense (the "Company"), posted strong revenue growth in 2025Q2 in the Robotics segment, and moderate growth in the ADAS segment. Therefore, we adjust our 2025-2027 revenue forecasts to RMB2,446 mn (-6.8%) / RMB3,756 mn (+2.4%) / RMB5,227 mn (+5.2%), respectively. We expect adjusted net profit expected to turn positive in 4Q25. Our TP is based on a SOTP 2026F EV/S valuation of 2.0x for the ADAS segment and 10.0x for the robotics segment. This results in a 8. ...

[Table_Title] Company Report: ROBOSENSE (02498 HK) Muyang Zhao 赵沐阳 公司报告： 速腾聚创 (02498 HK) muyang.zhao@gtjas.com.hk 机器人 [Table_Summary] 业务成为新增长引擎 (852) 25095375 25 August 2025 | [Table_Rank] Rating: | Buy | | --- | --- | | | Maintained | | 评级： | 买入 (维持) | | [Table_Price] 6-18m TP 目标价: | HK$46.40 | | Revised from 原目标价: | HK$42.17 | Share price 股价: HK$39.020 Equity Research Report Company Report 证 券 研 究 报 告 机 械 行 业 2] 速 腾 聚 创 ROBOSENSE (02498 HK) Stock performance 股价表现 [Table_QuotePic] (50.0) 0.0 50.0 100.0 150 ...

【深圳商报讯】（记者 涂竞玉）速腾聚创近日公布2025年第二季度及中期业绩报告。报告期内，车载 数字化激光雷达EM平台定点爆发，Robotaxi市场强势突破，机器人领域激光雷达销量同比超6倍增长。 公司盈利能力持续增强，业务发展驶入增长快车道。 上半年，速腾聚创在机器人市场已经完成多场景全球化商用验证，进入高速增长阶段。同期发布的两款 针对机器人领域的数字化革新产品E1R、Airy，凭借优秀的产品实力，在多领域实现突破。目前，速腾 聚创的机器人业务布局已覆盖工业仓储、无人配送等垂直领域，服务全球客户突破3200家。 此次业绩持续向上背后，是速腾聚创数字化芯片技术创新带来的首波红利释放。基于自研芯片技术积 淀，RoboSense速腾聚创已构建了以E平台、EM平台为主的数字化产品矩阵，并通过全流程自动化生产 的智能制造能力，全线覆盖Robotaxi、ADAS、服务机器人等多场景应用需求。 凭借数字化激光雷达的技术优势及规模量产交付，速腾聚创在车载业务、Robotaxi业务、机器人业务上 表现亮眼，同时通过Active Camera平台及AI-Ready生态，加速具身智能商用落地。 第二季度，速腾聚创总营收约4.6 ...

（原标题：速腾聚创发布最新财报：机器人销量劲增631.9% 数字化新品定点爆发） 8月21日，RoboSense速腾聚创（2498.HK）公布2025年第二季度及中期业绩报告。报告期内，公司业务发展驶入增长快车道，实现营收稳健增 长。凭借数字化激光雷达的技术优势及规模量产交付，公司在车载业务、Robotaxi业务、机器人业务上表现亮眼，同时通过Active Camera平台及 AI-Ready生态，加速具身智能商用落地。 营收毛利稳健增长 财报显示，公司二季度总营收约4.6亿元，同比增长24.4%，环比增长38.9%；产品整体毛利率从2024年第一季度的12.3%提升至27.7%，已连续六 个季度环比上升，其中机器人领域毛利率达41.5%。 在激光雷达业务方面，RoboSense速腾聚创已构建了以E平台、EM平台为主的数字化产品矩阵，并通过全流程自动化生产的智能制造能力，全线 覆盖Robotaxi、ADAS、服务机器人等多场景应用需求。其中，500线以上唯一可量产主激光雷达EM4，及192线数字化主激光雷达EMX都将于Q3 大规模量产交付，预计2026年EM平台将会快速上量，占领更大的市场份额。 公司已累计获 ...

（原标题：激光雷达"双雄"对垒 禾赛与速腾盯上机器人） 21世纪经济报道记者 石恩泽 深圳报道 新能源汽车、智能网联汽车的上游产业——激光雷达正处于以量换价时代，规模效应带来的成本降低、价格下降，使得行业格局正在悄然生变。 其中，作为全球激光雷达领域公认的"双雄"，禾赛科技（NASDAQ:HSAI）、速腾聚创（2498.HK）合计占据全球车载激光雷达市场超60%份额。 去年，速腾聚创曾以26%的主激光雷达总装机量市场份额，位居全球第一。然而，随着车载市场竞争日益白热化，今年上半年，禾赛科技凭借对 10万元级车型平台的成功渗透，以33%的市场份额，重新夺回了第一宝座。 不过，面对国内新能源车销量增速放缓的行业新常态，ADAS（高级驾驶辅助系统）往后将不再是唯一主战场。为此，禾赛与速腾不约而同将机 器人视为第二增长曲线。 近日，禾赛与速腾先后发布中报。激光雷达双雄的财报对垒，不仅暴露两巨头"跨界求生"的默契，更将ADAS与机器人业务间的因果链置于聚光 灯下。 禾赛以约2300元的低价在ADAS红海市场"血拼"，单季出货猛增276%，试图巩固车载基本盘时，速腾却在机器人蓝海发动低价新品，并签下了120 万颗"大单" ...

交银国际研究 公司更新 | 汽车 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 22 日 | | --- | --- | --- | --- | --- | | 港元 | 34.50 | 港元 41.89 | +21.4% | | | 速腾聚创 (2498 HK) | | | | | 2Q25 毛利率稳步提升，预计下半年机器人激光雷达迎交付高峰；维持买入 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -50% 0% 50% 100% 150% 200% 250% 300% 2498 HK 恒生指数 股份资料 | 52周高位 (港元) | 50.40 | | --- | --- | | 52周低位 (港元) | 11.02 | | 市值 (百万港元) | 16,208.79 | | 日均成交量 (百万) | 6.78 | | 年初至今变化 (%) | 12.38 | | 200天平均价 (港元) | 36.33 | | 资料来源 : FactSet | | 李柳晓, PhD, CFA joyce.li@bocomgroup.com (8 ...

Core Viewpoint - The company is positioned as a leading player in the laser radar market, focusing on becoming a global robotics technology platform, with significant growth potential in both automotive and robotics sectors [21][24]. Financial Performance - In Q1 2025, the company reported revenue of 3.28 billion, a year-on-year decrease of 12.4% and a quarter-on-quarter decrease of 30.7% [2][9]. - The net profit for Q1 2025 was -1.00 billion, an improvement from -1.31 billion in Q1 2024 and -1.30 billion in Q4 2024 [2][9]. - The gross margin for Q1 2025 was 23.49%, showing a year-on-year increase of 11.17 percentage points and a quarter-on-quarter increase of 1.35 percentage points [3][4][14]. Product Sales and Market Demand - Total sales volume of laser radar products in Q1 2025 was approximately 108,600 units, a year-on-year decrease of 9.8% [10]. - Sales of laser radar products for ADAS applications were approximately 96,700 units, down 16.8% year-on-year, while sales for robotics and other applications increased by 183.3% to 11,900 units [10]. - The company has established strong partnerships with over 30 global automakers and suppliers, securing more than 100 models for pre-installation and achieving mass production for 38 models [6][39]. Product Development and Innovation - The company launched the EM platform in 2025, introducing digital products that cater to various market needs, including the EM4 and EMX laser radars [26]. - New products for robotics, such as Airy and E1R, have been released to cover various applications in the robotics sector [26]. - The company is actively developing incremental components for robotics, including vision, touch, and joint systems, with products like the Active Camera and FS-3D force sensor [31][33]. Strategic Partnerships and Market Expansion - The company has formed strategic partnerships with leading companies in the Robotaxi sector, including collaborations with Didi and Pony.ai for mass production of autonomous vehicles [40][43]. - In the broader robotics market, the company secured a record order of 1.2 million solid-state laser radars for lawn mowing robots, indicating strong demand in the sector [44][45]. - The company is also focusing on the delivery of solutions for the delivery robot market, achieving over 90% market share among leading clients [48]. Research and Development - The company has established three R&D centers in China, focusing on optimizing manufacturing processes and enhancing supply chain planning [50]. - The company leads in patent filings in the laser radar and robotics perception systems sectors, showcasing its strong technological capabilities [52][53].

Core Insights - RoboSense (2498.HK) reported a solid financial performance for Q1 2025, with significant growth in its robotics-related business, including product sales and revenue [1][2] Financial Performance - The company achieved total revenue of approximately 330 million yuan, down from 361 million yuan in the same period last year; however, gross profit surged to 77.01 million yuan, reflecting a year-on-year increase of 73.1% [2] - The overall gross margin reached 23.5%, an increase of 11.2 percentage points year-on-year, while net loss narrowed significantly to 98.79 million yuan, improving by 24.4% [2] Robotics Business Growth - The robotics segment experienced 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 reaching 73.403 million yuan, up 87.0% year-on-year [2] - The company has established partnerships with over 2,800 global robotics clients across various applications, including industrial warehousing and delivery robots [3] Strategic Collaborations - RoboSense entered a strategic partnership with Mammotion, agreeing to collaborate on 1.2 million units over three years, setting a new industry order record [3] - The company has secured long-term orders with major clients in the autonomous delivery market, capturing over 90% of the top clients in this sector [3] Market Position and Projections - According to YOLE Group, RoboSense holds the leading market share in the global automotive laser radar market for passenger vehicles in 2024, with over 50% of the models at the 2025 Shanghai Auto Show featuring its products [4] - Goldman Sachs projects a 41% growth rate in RoboSense's Robotaxi business sales by 2026, with the global passenger vehicle laser radar market expected to reach approximately 7 billion yuan by 2025 [5] Product Development and Innovation - The company launched a new category of robotic vision products, Active Camera, and has established partnerships with over 20 companies to advance embodied intelligence applications [6] - RoboSense's product matrix includes mechanical, semi-solid, and solid-state technologies, covering a wide range of applications from entry-level to high-end products [7]

Core Viewpoint - RoboSense (速腾聚创) is experiencing explosive growth in its robotics business, driven by high-margin products and strategic advancements in digital lidar technology, positioning itself as a leader in the global lidar market [2][5][9]. Financial Performance - In Q1 2025, RoboSense reported revenue of 328 million RMB, with ADAS lidar revenue at 229 million RMB and robotics lidar revenue at 73 million RMB, marking an 87% year-on-year increase [2]. - The company's gross margin improved by 11.2 percentage points to 23.5%, while net loss narrowed by 24.4% to 98.79 million RMB [5]. Market Position and Orders - As of March 2025, RoboSense secured over 100 mass production orders from 30 automotive manufacturers and suppliers, with 38 models achieving SOP for 12 clients [7]. - The company holds a leading position in the global automotive lidar market, with a 50% share of lidar-equipped models showcased at the Shanghai Auto Show [9]. Product Development and Innovation - RoboSense launched two new solid-state digital lidar products, E1R and Airy, designed specifically for robotics applications, enhancing reliability and coverage [13]. - The company has established partnerships with over 90% of core Robotaxi and Robotruck enterprises globally, with projected sales growth of 41% in the Robotaxi sector by 2026 [11]. Industry Trends and Future Outlook - The global market for robotic lawnmowers is expected to exceed $1.5 billion in 2024, with a compound annual growth rate of 21% projected through 2029 [17]. - RoboSense's self-developed SPAD-SoC chip technology significantly reduces costs by over 70%, solidifying its competitive edge in the lidar market [21][22].

Group 1 - The core viewpoint of the report indicates that SUTENG JUCHUANG (02498) is expected to achieve a revenue growth of 47.2% year-on-year in 2024, reaching 1.65 billion RMB, with 93.0% of the revenue coming from sales of LiDAR used in ADAS, robotics, and other applications [1] - The gross margin for the group is projected to significantly improve to 17.2% in 2024, reflecting a positive trend in profitability [1] - The sales volume of LiDAR for ADAS in Q4 2024 is expected to be 153,900 units, with a gradual shift from MIP to MX as the main revenue source [1] Group 2 - The group achieved sales of 8,300 units of LiDAR for robotics in Q4 2024, maintaining an optimistic outlook for LiDAR shipments [2] - The introduction of E1R, a LiDAR based on E1 for robotics, is expected to drive growth, alongside contributions from A1ry and AC1 [2] - The increasing adoption of robotics in industrial and commercial applications presents significant market opportunities for LiDAR [2] Group 3 - The company's strong R&D capabilities enable it to adapt to market trends and provide competitive solutions, with plans to offer moderately customizable solutions to meet specific customer needs [3] - The ADAS LiDAR market remains highly concentrated and oligopolistic, allowing OEMs to maintain balance and mitigate risks associated with supply chain concentration [3] - The firm is believed to maintain its leadership position in the LiDAR field [3]