美国拉斯维加斯，2026年1月6日--RoboSense速腾聚创在2026年国际消费电子展(CES)上迎来其连续第十年 参展的重要里程碑，并以AI机器人的全球首秀，展示了在具身智能领域的突破性成果。 展台现场，RoboSense速腾聚创全球首秀的机器人"配送小哥"，全流程自主完成了从礼品打包、运送、拆 包到箱子回收的长程任务，流畅实现了近20个复杂操作步骤。这一演示依托于RoboSense速腾聚创自研 的"手眼协同"方案，全栈整合了全球首个VTLA-3D模型、机器人之眼Active Camera及多自由度灵巧手等 核心技术。 同时展出的还有，第二代全固态激光雷达E1 Gen2、全球首款3D安全激光雷达Safety Airy、超迷你数字化 激光雷达Airy Lite、车载数字化激光雷达EM4、EMX等产品，以及RoboSense速腾聚创全栈自研芯片等核 心技术。 本届CES上，RoboSense速腾聚创不仅官宣了与智能割草机器人领域的全球领先品牌未岚大陆(Segway Navimow)达成合作，并联合展出了Navimow i2 LiDAR割草机器人新品，还联合新石器、Coco Robotic等 战略伙伴展出无人 ...

本届CES上，RoboSense速腾聚创不仅官宣了与智能割草机器人领域的全球领先品牌未岚大陆（Segway Navimow）达成合作，并联合展出了Navimow i2 LiDAR割草机器人新品，还联合新石器、Coco Robotic 等战略伙伴展出无人配送车，并与吉利(00175)联合展示了旗舰大六座SUV领克900，着重彰显了 RoboSense速腾聚创的技术方案在多场景下的商业化应用。通过展出机器人、AI模型、核心硬件、芯片 技术及应用领域的布局，从底层技术到下游应用，完整描绘出RoboSense速腾聚创在人工智能时代机器 人生态业务的蓝图。 机器人"打包拆箱送礼品"，具身智能新突破 在RoboSense速腾聚创展台，全球首秀的机器人"配送小哥"成为全场焦点。它在无任何人工干预的情况 下，自主完成了从礼品打包、上架、运送、拆盒、递送礼品、以及折叠回收盒子的长程操作，并为现场 观众送上了新年礼物。 实现这一演示的核心，是RoboSense速腾聚创自研的VTLA-3D操作大模型。它在业内率先引入力触觉模 态与3D点云信息，将视觉、力触觉与语言信息，与Active Camera生成的高精度3D彩色点云进行融合， ...

Core Insights - The article discusses the transition of AI from the digital realm to physical entities, emphasizing the importance of endowing machines with human-like perception and execution capabilities as a core industry challenge [1] - The 2026 International Consumer Electronics Show (CES) highlights the global technological race entering the era of "embodied intelligence" [1] Group 1: RoboSense's Innovations - RoboSense showcased its groundbreaking AI robot "Delivery Guy" at CES 2026, capable of autonomously performing nearly 20 complex operational steps without human intervention, including gift packing, shelving, delivery, and box recycling [1][4] - The robot's capabilities are underpinned by RoboSense's proprietary "hand-eye coordination" technology, which integrates the industry-first VTLA-3D operational model, combining force tactile modalities with 3D point cloud information [4][5] - The system employs a task-planning AI that decomposes complex tasks into atomic sub-tasks, facilitating a "fast-slow dual system" that balances high-level task planning with low-level precise control [5] Group 2: Hardware and Product Development - The Active Camera series sensors serve as the "robot's eyes," with AC2 focusing on close-range operations and AC1 on long-range navigation and obstacle avoidance, complemented by a multi-degree-of-freedom dexterous hand [5] - RoboSense's embodied intelligence solution has established an end-to-end technology closed loop, applicable across logistics, industrial, and service sectors [5][7] - The company introduced several new iterations, including the second-generation solid-state LiDAR E1 Gen2 and the world's first 3D safety LiDAR Safety Airy, addressing a wide range of market needs from consumer robots to smart driving [7] Group 3: Market Trends and Collaborations - According to a Yole report, global shipments of automotive LiDARs surpassed 850,000 units in 2024, projected to reach 12 million units by 2030, aligning with RoboSense's technology roadmap [8] - RoboSense announced a partnership with leading garden robot manufacturer Segway Navimow to integrate digital solid-state LiDAR into the Navimow i2 LiDAR mowing robot [8] - In the unmanned delivery sector, the new stone L4-level unmanned logistics vehicle equipped with digital high-precision LiDAR Fairy has achieved large-scale production and delivery, while the Coco Robotics delivery vehicle with solid-state digital LiDAR E1R has been widely deployed in North America [9]

国盛证券（002670）发布研报称，看好速腾聚创(02498)激光雷达产品的订单需求和商业化潜力，预计 2025-2027年的总收入达23/35/44亿，同比增长37%/56%/24%;non-GAAP归母净利润为-1.72/1.63/3.66亿 元。基于6x2026e P/S，该行给予速腾聚创约211.4亿人民币目标市值，对应约50港币目标价，重申"买 入"评级。 在割草机器人领域，公司推出E1R和Airy两款产品，满足了割草场景中复杂的边界识别需求。在城市配 送领域，公司依托EMX、E1R与Fairy三款核心产品，已与全球90%的头部客户建立合作关系。Robotaxi 方面，速腾聚创与滴滴达成新一代Robotaxi车型定点合作，将采用单车10颗数字化激光雷达方案。北美 客户将于2025年底扩大车队规模，加速EM4与E1的量产落地。 AC系列打开长期增长空间 10月IROS大会上，公司推出的Active Camera2是业内首款将dTOF、RGB双目与IMU深度集成的一体化 传感器系统，能为机器人操作提供底层硬件级融合的3D空间感知与6自由度运动信息，被Yole Group选 为人形机器人融合感知方案的唯一 ...

智通财经APP获悉，国盛证券发布研报称，看好速腾聚创(02498)激光雷达产品的订单需求和商业化潜 力，预计2025-2027年的总收入达23/35/44亿，同比增长37%/56%/24%;non-GAAP归母净利润 为-1.72/1.63/3.66亿元。基于6x2026e P/S，该行给予速腾聚创约211.4亿人民币目标市值，对应约50港币 目标价，重申"买入"评级。 在割草机器人领域，公司推出E1R和Airy两款产品，满足了割草场景中复杂的边界识别需求。在城市配 送领域，公司依托EMX、E1R与Fairy三款核心产品，已与全球90%的头部客户建立合作关系。Robotaxi 方面，速腾聚创与滴滴达成新一代Robotaxi车型定点合作，将采用单车10颗数字化激光雷达方案。北美 客户将于2025年底扩大车队规模，加速EM4与E1的量产落地。 国盛证券主要观点如下： 速腾聚创披露2025Q3业绩情况 速腾聚创2025Q3出货18.6万颗激光雷达，同比增长34.0%。其中，ADAS激光雷达出货量约15.0万颗， 同比增长14.3%;机器人激光雷达出货约3.6万颗，同比增长393.1%。速腾聚创2025Q3收入达4. ...

Core Viewpoint - The stock price of Sutonju Chuang (02498) has risen by 5.81%, reaching HKD 37.16, with a trading volume of HKD 266 million, driven by strong demand in the ADAS and advanced driving assistance systems market [1][2] Product Development - By 2025, Sutonju Chuang's self-developed SPAD-SoC and 2DVCSEL chips have passed AEC-Q series automotive certification, establishing the only mass-producible digital laser radar matrix in the industry, including models EM4, EMX, and E1, which have been delivered at scale [1][2] Customer Acquisition - The company has secured contracts with 13 automotive manufacturers for 56 vehicle models on its EM platform, leveraging its leading digital LiDAR product advantages [1][2] - Over 90% of global key players in the Robotaxi and Robotruck sectors have established partnerships with the company, including well-known firms such as Didi, Pony.ai, WeRide, and leading L4 autonomous driving companies in Silicon Valley [1][2] - To date, Sutonju Chuang has obtained contracts for 23 vehicle models from 12 overseas and joint venture brands, covering key markets in the Asia-Pacific, Europe, and North America [1][2] - The company has cumulatively secured contracts for 144 vehicle models from 32 automotive manufacturers and Tier 1 suppliers [1][2]

Core Insights - The company reported a revenue of 407 million yuan in Q3 2025, a year-on-year decrease of 0.2% and a quarter-on-quarter decrease of 10.6% [1] - The net profit for Q3 2025 was -101 million yuan, compared to -51 million yuan in Q2 2025 and -82 million yuan in Q3 2024 [1] - The sales revenue from ADAS-related LiDAR products was 245 million yuan, a year-on-year decrease of 25.7% and a quarter-on-quarter decrease of 9.8% [1] - The revenue from robotics and other products was 142 million yuan, showing a year-on-year increase of 157.8% but a quarter-on-quarter decrease of 3.3% [1] - Total sales volume of LiDAR products reached 185,600 units, a year-on-year increase of 34.0% and a quarter-on-quarter increase of 17.3% [1] - The gross margin improved by 6.5 percentage points year-on-year to 23.9%, while the net margin was -24.6%, a year-on-year decrease of 4.5 percentage points [1] Product Development and Market Position - The company has a strong order backlog benefiting from the rapid development of ADAS and high-level autonomous driving [2] - In 2025, the company’s self-developed SPAD-SoC and 2D VCSEL chips received AEC-Q series automotive certification, establishing a unique mass-producible digital LiDAR matrix [2] - The company has secured contracts with 13 automotive manufacturers for 56 vehicle models, and over 90% of global Robotaxi and Robotruck companies have partnered with the company [2] - The company has achieved contracts with 12 overseas and joint venture brands for 23 vehicle models, covering key markets in Asia-Pacific, Europe, and North America [2] - The company has a total of 32 automotive manufacturers and Tier 1 suppliers with contracts for 144 vehicle models [2] Technological Advancements - The company introduced the "Active Camera2" at the IROS conference in October 2025, which is the first industry product to integrate dTOF, RGB stereo, and IMU for enhanced robotic perception [3] - The AC2 system provides 3D spatial awareness and six degrees of freedom motion information for robotic operations [3] Financial Forecast Adjustments - The revenue forecast for 2025-2027 has been adjusted to 2.069 billion, 3.109 billion, and 4.313 billion yuan, down from previous estimates of 2.489 billion, 3.617 billion, and 5.275 billion yuan [3] - The net profit forecast for 2025-2027 has been revised to -250 million, 60 million, and 460 million yuan, up from previous estimates of -280 million, 60 million, and 460 million yuan [3] - The company maintains an outperform rating despite the adjustments due to anticipated fluctuations in downstream demand [3]

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][72] Core Insights - The company aims to become a global leader in robotic technology platforms, leveraging its advancements in AI and laser radar technology [25][72] - The company has seen a significant increase in laser radar sales, with a 34% year-on-year growth in total sales volume for Q3 2025 [1][9] - The company has a robust order book, benefiting from the rapid development of Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving [2][72] Financial Performance - In Q3 2025, the company reported revenue of 407 million yuan, a slight decrease of 0.2% year-on-year and a 10.6% decrease quarter-on-quarter [1][8] - The net profit for Q3 2025 was -101 million yuan, compared to -51 million yuan in Q2 2025 and -82 million yuan in Q3 2024 [1][8] - The gross margin for Q3 2025 improved by 6.5 percentage points year-on-year, reaching 23.9% [1][16] Product Development - The company has developed a unique digital laser radar matrix, including products like EM4, EMX, and E1, which have passed automotive standards certification [2][35] - The company launched the "Active Camera 2," a pioneering sensor system that integrates multiple technologies for enhanced robotic perception [3][54] - The company is actively expanding its product offerings in the robotics sector, focusing on components that enhance robotic capabilities [39][43] Market Position - The company has secured partnerships with over 90% of key players in the Robotaxi and Robotruck sectors, indicating strong market penetration [2][65] - The company has received orders from 32 automotive manufacturers for a total of 144 vehicle models, showcasing its competitive position in the market [58][60] - The company is positioned to benefit from the growing demand for digital laser radar in various applications, including autonomous vehicles and robotics [72][65]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$41.40, representing a potential upside of 27% from the current price of HK$32.58 [1][7][10]. Core Insights - The company is expected to achieve profitability in Q4 2025, with significant sales growth anticipated in the following year. The revenue for Q3 2025 was reported at RMB 407 million, with a decline of 10.6% quarter-on-quarter [5][8]. - The EM platform has gained market recognition, and the potential for Robotaxi is substantial, with expectations of increased demand for lidar units [6][10]. - The report projects a significant increase in radar sales, with estimates of 2.3 million units in 2026 and 3.1 million units in 2027, driven by the growth in the robotics sector [7][9]. Financial Summary - Revenue projections for the company are as follows: RMB 2,204 million in 2025, RMB 3,126 million in 2026, and RMB 4,038 million in 2027, reflecting a year-on-year growth of 33.6% in 2025 and 41.8% in 2026 [8][9]. - The adjusted net profit is expected to improve significantly, with estimates of RMB -83 million in 2025, RMB 230 million in 2026, and RMB 533 million in 2027 [9][10]. - The company anticipates a gross margin of 27.3% in 2025, increasing to 30.2% in 2026 and 31.2% in 2027 [9][10].

Core Viewpoint - The report from CICC expresses optimism about Suton Ju Chuang (02498) benefiting from rapid growth in downstream demand due to its digital product advantages, maintaining an outperform rating and a target price of HKD 47.00, which corresponds to 10.9x and 7.1x P/S for 2025/2026, indicating a 43% upside from the current stock price [1] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of CNY 407 million, aligning with CICC's previous expectations [2] - The gross margin improved year-on-year, increasing by 6.5 percentage points to 23.9% in Q3 2025 [2] - The robotics sector showed remarkable performance, with laser radar sales in this field growing by 393.1% year-on-year and revenue increasing by 157.8% [2] - The company aims to achieve profitability in Q4 2025 [2] Group 2: ADAS Business - The EM platform's digital products have gained customer recognition, with 13 automakers securing 56 model designations [3] - The EMX platform, targeting L2+, has received 49 model designations and is expected to enter mass production in 2026, potentially becoming a key support for the ADAS business [3] - The EM4 platform has been adopted in several models, including Zeekr 9X and Zhiji LS6/LS9, and is anticipated to be a core configuration for L3 vehicles [3] - The company has secured multiple model designations from 12 overseas and joint venture brands, including major European and North American electric vehicle manufacturers, with order volumes exceeding 500,000 units [3] Group 3: Robotics and Other Businesses - The company has partnered with Didi to equip its next-generation Robotaxi with 10 units of its automotive-grade digital laser radar [4] - The company is entering the lawn mowing robot market with E1R and Airy, having established partnerships with several top 5 industry clients, with large-scale production set to begin in Q4 2025 [4] - In urban delivery, the company collaborates with 90% of leading global clients, and the newly launched Fairy has been commercialized on the New Stone Unmanned Vehicle X3 [4] - In October, the company introduced Active Camera 2, enhancing its embodied intelligence layout [4]