Core Viewpoint - The company reported a revenue of 407 million yuan for Q3 2025, showing a year-on-year decline of 1.6% and a quarter-on-quarter decline of 10.6%, while adjusted net loss narrowed to 64.57 million yuan from 69.41 million yuan in the same period last year [1][2]. Revenue Performance - ADAS product revenue decreased by 25.7% to 245 million yuan, while robot product revenue increased by 157.8% to 142 million yuan [1]. - Total sales of LiDAR units reached 185,600, marking a year-on-year increase of 34.0% and a quarter-on-quarter increase of 17.3% [1]. Profitability - The gross margin for ADAS LiDAR products improved to 18.1%, up 4.0 percentage points year-on-year, indicating effective cost reduction through self-developed SOC chips [2]. - R&D expenses rose by 18.5% to 180 million yuan, driven by increased investment in new product development [2]. Market Expansion - The company has secured 32 automotive clients with 144 model designations as of Q3 2025, including new partnerships with major Japanese and North American clients [2]. - The company is optimistic about revenue contributions from overseas collaborations starting in 2026 [2]. Robotics Business - The robotics segment is becoming a growth driver, with new digital products like E1R and Airy entering mass production [3]. - The company is enhancing its presence in the robotics field through integrated technologies and has been recognized for its innovative solutions [3]. Profit Forecast and Investment Rating - The company maintains its profit forecasts for 2025-2027, expecting net profits of -228 million, 58 million, and 379 million yuan respectively [3]. - The company is viewed positively for its long-term growth potential, maintaining a "buy" rating [3].

证券研究报告·海外公司点评·软件服务(HS) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,120 | 1,649 | 2,171 | 3,407 | 4,343 | | 同比(%) | 111.22 | 47.20 | 31.63 | 56.96 | 27.49 | | 归母净利润（百万元） | (4,336.63) | (481.83) | (228.12) | 58.07 | 378.66 | | 同比(%) | (107.63) | 88.89 | 52.66 | 125.46 | 552.07 | | EPS-最新摊薄（元/股） | (8.95) | (0.99) | (0.47) | 0.12 | 0.78 | | P/S（现价&最新摊薄） | 12.48 | 8.48 | 6.44 | 4.10 | 3.22 | [Table_Tag] [投资要点 Table_Summary] 2025 年 11 月 28 ...