费用端：OpEx 小幅优化，费用率持续优化，控费能力卓越。 Q2 OpEx(仅三费)2.30 亿元，YoY-3.0%。其中，Q2 销售/管理/ 研发费用率分别为6.3%/8.3%/36.0%， 同 比-1.5pp/-3.7pp/-9.0pp。 盈利预测、估值与评级 我们调整公司25~27 年营业收入分别为22.2/34.3/50.0 亿元，归母净利润分别为-2.76/0.29/4.11 亿元。公 司股票现价对应PS 估值为6.9/4.5/3.1 倍，维持"买入"评级。 机构：国金证券 研究员：孟灿 业绩简评 2025 年8 月21 日，公司发布25 年中报业绩。 收入&利润端：如期回归增长轨道，毛利率环比提升。1）收入端：Q2 营收4.55 亿元，YoY+24.4%，环 比Q1 增速已大幅转正，略超我们的预期。2）出货量：Q2 总计出货15.8 万颗激光雷达，YoY+28.6%。 其中ADAS 12.4 万颗，YoY+4.6%；Robotics 3.4 万颗，YoY+631.9%。3）利润端：Q2 亏损0.50亿元，同 比减亏63.6%，经调整净亏损0.24 亿元，同比减亏79.9%（1H25 经调整与未经调 ...

（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 ...

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 article highlights the significant improvement in the financial performance of SUTENG JUCHUANG, with a focus on the growth of its robot business and the strategic adjustments in its ADAS (Advanced Driver Assistance Systems) segment, indicating a robust transition towards higher profitability and technological advancement [2][3][9]. Financial Performance - In the first half of 2025, the company's total revenue reached RMB 783 million, representing a year-on-year growth of 7.7%. The second quarter revenue was RMB 455 million, showing a year-on-year increase of 24.4% and a quarter-on-quarter growth of 38.9% [2][9]. - The overall gross margin improved significantly, rising from 13.6% in the same period last year to 25.9% in the first half of 2025, with the second quarter gross margin reaching 27.7%, marking the sixth consecutive quarter of growth [3][9]. Business Segments - The robot business emerged as a key growth driver, with laser radar sales for robots and other applications reaching 34,400 units in the second quarter, a staggering year-on-year increase of 631.9%. This segment generated RMB 220.7 million in revenue in the first half of 2025, up 184.8%, with a gross margin of 45.0% [5][11]. - Conversely, the ADAS segment saw a decline in laser radar sales, totaling 220,500 units, down 6.0% year-on-year, with revenue of RMB 500.3 million, a decrease of 17.9%. However, the gross margin for this segment improved from 11.2% to 17.4% due to cost optimization and the adoption of self-developed SOC chips [7][12]. Strategic Execution - The divergence in performance between the robot and ADAS businesses illustrates the company's strategic execution capabilities. The robot business has become a high-growth, high-profit independent engine, providing necessary cash flow and profit to support the product upgrades in the ADAS segment [13]. - The company is actively replacing lower-margin legacy businesses with higher-quality, higher-margin new businesses, demonstrating a mature strategic approach [13]. Technological Advancements - The company is undergoing a fundamental transformation from analog to digital technology, with a focus on self-developed SOC chips that integrate core functions of laser radar systems, enhancing performance and reducing costs [14][24]. - The E platform, featuring the first all-solid-state digital laser radar, and the EM platform for long-distance detection are key components of the company's technological strategy, aimed at addressing various market needs [15][16]. Market Position - SUTENG JUCHUANG claims a 90% market share in the Robotaxi sector, with its products being the preferred choice for leading clients in the industry, including major players in autonomous driving [19][21]. - The company has established partnerships with over 3,200 clients across various verticals, including lawn mowing robots and delivery services, indicating a broad market presence and growth potential [22]. Future Outlook - The company maintains its guidance for laser radar shipments in the robot segment to reach six figures in 2025, expressing confidence in exceeding expectations [23]. - The launch of the AC (ActiveCamera) platform signifies the company's ambition to evolve beyond being a hardware supplier to becoming a foundational technology platform for the robotics era [24][26].

Core Viewpoint - RoboSense (速腾聚创) is experiencing significant growth in both its ADAS and robotics businesses, driven by the successful implementation of digital lidar technology and advancements in chip development [3][13][15]. Financial Performance - In Q2 2025, RoboSense reported total revenue of approximately 460 million yuan, representing a year-on-year increase of 24.4% and a quarter-on-quarter increase of 38.9% [3]. - The overall gross margin improved from 12.3% in Q1 2024 to 27.7% in Q2 2025, marking six consecutive quarters of growth [3]. - The robotics segment achieved a gross margin of 41.5%, with product sales reaching 34,400 units, a year-on-year increase of 631.9% and a quarter-on-quarter increase of 189.1% [6]. Business Segments ADAS Business - RoboSense's EM platform has secured contracts with eight OEMs for 45 vehicle models, including 32 models for a leading global EV manufacturer [9]. - The company has achieved a total of 133 contracts for mass production vehicles, including projects with eight overseas and joint venture brands [9]. - RoboSense has reached a milestone of producing its one-millionth vehicle-mounted lidar, maintaining its leadership in the global market [11]. Robotics Business - The robotics business has expanded to over 3,200 global customers, with significant growth expected in the coming months [17][24]. - The E1 lidar has become the preferred solution for Robotaxi applications, with successful mass production validation with eight leading global clients [18]. - The company anticipates a surge in demand for its robotics products, particularly in the lawn mowing sector, with a production peak expected in Q4 2025 and Q1 2026 [24]. Technological Advancements - RoboSense has pioneered the digital lidar industry with its E platform, which includes the E1 lidar, the first mass-produced solid-state lidar [13]. - The EM platform, designed for long-range lidar, is set to begin mass production with the EM4 model in Q3 2025 [14]. - The company emphasizes that the future competition in lidar technology will focus on chip-level capabilities, with its self-developed SPAD-SoC chip expected to drive continuous product iterations and market leadership [15]. Market Position - RoboSense has established partnerships with over 90% of leading L4 companies globally, expanding its operational network in key markets [22]. - The company is also making strides in the consumer-grade robotics market, with significant orders in the lawn mowing and delivery sectors [22][23].

业绩简评 盈利预测、估值与评级 我们调整公司 25~27 年营业收入分别为 22.2/34.3/50.0 亿 元，归母净利润分别为-2.76/0.29/4.11 亿元。公司股票现价对 应 PS 估值为 6.9/4.5/3.1 倍，维持"买入"评级。 风险提示 智驾技术路线改变风险；智驾渗透率提升不及预期风险；激 光雷达降本速度不及预期风险；国际局势影响海外销售风险。 0 500 1,000 1,500 2,000 2,500 3,000 11.00 18.00 25.00 32.00 39.00 46.00 53.00 240822 241122 250222 250522 港币(元) 成交金额(百万元) 成交金额 速腾聚创 恒生指数 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 1,120 | 1,649 | 2,222 | 3,430 | 4,998 | | 营业收入增长率 | 111.22% | 47. ...

Core Insights - The laser radar application market is experiencing significant changes in the first half of 2025, driven by stricter safety regulations and increasing demand in both automotive and robotics sectors [1][19] - Major players in the laser radar market, including Suoteng Juchuang, Hesai Technology, and Tudatong, are adopting different strategies to navigate the evolving landscape [18] Suoteng Juchuang - Suoteng Juchuang is focusing on high-performance and high-line count products to counteract price competition from lower-line count offerings [1][5] - The company has launched multiple new products, including the EMX and EM4, targeting high-end autonomous driving markets with advanced specifications [5][6] - As of mid-2025, the EM series has been selected by five global automakers for 17 vehicle models, indicating strong market penetration [6] - In the non-automotive sector, Suoteng's Q1 robot laser radar sales reached 11,900 units, with significant orders from major clients [6][19] - The company is also expanding into embodied intelligence products, which could provide additional growth opportunities [6] Hesai Technology - Hesai Technology plans to halve laser radar prices in 2025 to capture the low-cost vehicle segment, leading to a rebound in installation volumes [8][10] - The company has introduced the "Thousand-Li Eye" perception solution and several new laser radar products aimed at various levels of autonomous driving [9] - The ATX series has been adopted by 11 major domestic and international automakers, with over 50,000 units delivered in Q1 2025 [10] - In the robotics market, Hesai's JT series products are gaining traction, particularly in the lawn mowing robot segment [11] - However, Hesai has not shown signs of transitioning towards embodied intelligence solutions, focusing instead on hardware supply [11][13] Tudatong - Tudatong is pursuing a reverse merger to go public, seeking growth through product diversification and market expansion [14][16] - The company is shifting its product matrix from high-performance to a broader range of offerings, including the Lingque series for the unmanned delivery market [16] - Tudatong aims to reduce reliance on a single client (NIO) and is developing next-generation solid-state laser radar products [16] - The company is adopting a low-price, multi-category strategy to overcome challenges related to cash flow and competitive technology [16] Industry Trends - The laser radar technology is transitioning from traditional analog architectures to digital architectures, leading to increased competition and differentiation among market players [17] - The demand for laser radar is expanding in both automotive and robotics markets, with significant growth potential in embodied intelligence applications [19]

Group 1: Macro Strategy Insights - The report indicates that exchange rates and non-tariff barriers may become more critical tools in trade conflicts, potentially replacing tariffs as the primary means of trade engagement [1][9][10] - Domestic foreign trade enterprises believe that due to fundamental conflicts, the Sino-US trade negotiations may experience significant ups and downs, necessitating ongoing risk management for exports to the US [1][9] - If tariffs fail to achieve their intended competitive goals, the US government may resort to non-tariff barriers and currency manipulation, drawing parallels to historical trade competition phases [1][9] Group 2: Currency and Economic Indicators - The report suggests that the RMB exchange rate may gradually decline to the range of 7.17-7.18, with expectations of a dual-directional fluctuation between 7.15 and 7.22 [11][12] - The ECI index indicates a slight recovery in supply and demand, but the manufacturing PMI remains in a contraction zone, reflecting weak overall economic momentum [13] - The report highlights that the US trade deficit has narrowed significantly, with April imports showing a historic decline of 19.8%, indicating a slowdown in the "import rush" effect driven by tariff policies [16][17] Group 3: Fixed Income and Structured Financing - The report notes that the valuation of city investment ABS is less correlated with duration compared to credit bonds, suggesting that shorter-duration ABS may offer better risk-return profiles [3][4] - The weighted average coupon rate of city investment ABS is approximately 3.25%, which is lower than the overall market for credit bonds, indicating a favorable financing environment for structured products [18] - The report emphasizes the importance of the quality of underlying assets and the issuing entity's qualifications in determining the valuation of city investment ABS [4][18] Group 4: Company-Specific Insights - Pinduoduo's Q1 2025 performance fell short of expectations, leading to a downward adjustment in profit forecasts for 2025-2027, reflecting a strategic focus on ecosystem investment for sustainable growth [6] - Gilead Sciences' ASC40 acne treatment achieved all primary and secondary endpoints in Phase III trials, demonstrating superior efficacy compared to FDA-approved alternatives [7] - The report on SOTON Robotics indicates a significant drop in revenue for Q1 2025, but an increase in gross margin, suggesting potential for recovery through new product launches and market expansion [8]

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].