国泰海通证券发布研报称，维持速腾聚创(02498)"增持"评级，目标价上调至43.36港元，公司积极探索 泛机器人及Robotaxi、Robovan市场应用且订单进展亮眼，第三季度泛机器人业务表现优异，以及EMX 产品强势的市场拓展与Robo+领域的拓展。 Robotaxi业务有望看到单车多颗激光雷达应用趋势 近期公司与滴滴宣布达成新一代车型定点合作，速腾聚创将为滴滴提供EM4+E1的组合方案，实现远距 精准识别+近距盲区消除的全向感知，首次采用单车10颗激光雷达方案，共同打造具备全天候可持续运 营能力的新一代自动驾驶标杆车型。此外，小马智行、文远知行、北美硅谷头部L4公司等业界知名车 企已与速腾达成合作。泛机器人第三季度交付激光雷达3.55万颗，同比大幅增长。在无人配送领域，速 腾聚创已成为多家无人配送研发商首选感知方案，包括京东、美团、新石器、九识、文远、菜鸟、 Coco等。EMX+E1R的产品组合成为城配的解决方案。公司于近期推出新品Fairy和AC2：Fairy是高精度 中长距数字化激光雷达Fairy，已应用于新石器无人车X3;AC2为集成dTOF、RGB双目、IMU为一体的传 感器，将推动公司从汽车 ...

Core Viewpoint - The article highlights the strong performance and growth potential of SUTENG JUCHUANG, particularly in the laser radar market, driven by significant sales increases in various sectors, including robotics and autonomous driving [3][4]. Financial Performance - In Q3 2025, SUTENG JUCHUANG reported total revenue of approximately 407 million yuan, with overseas market revenue increasing by over 100% year-on-year [3]. - Gross profit reached approximately 97 million yuan, reflecting a year-on-year growth of about 36.8%, indicating continuous improvement in profitability [3]. Product Sales and Market Growth - The total sales of laser radars in Q3 amounted to 185,600 units, with the robotics sector experiencing explosive growth, with sales increasing by 393.1% year-on-year to approximately 35,500 units [3]. - Revenue from the robotics sector grew significantly by 157.8% year-on-year to approximately 142 million yuan, accounting for about 35% of total revenue [3]. Key Strategic Focus - The CEO emphasized two main focuses for Q3: "production guidance" for mass production of digital laser radars and "expanding victories" by securing more customer orders [4]. - The company launched five new digital products in 2025, which received high market recognition and resulted in substantial actual orders [4]. Customer Acquisition and Partnerships - SUTENG JUCHUANG has secured contracts with 32 automotive manufacturers and Tier 1 suppliers for 144 vehicle models, with 47 models achieving SOP as of September 30 [7]. - Recently, the company gained two major clients in the digital laser radar sector: Leap Motor and Great Wall Motors [5]. Technological Advancements - The company has developed a unique mass-producible digital laser radar matrix based on SPAD-SoC and VCSEL digital architecture, achieving stringent automotive electronic standards [9]. - The CEO noted that the ultimate competition in laser radar lies in the chip level, with a focus on digital signal generation for improved performance [11]. International Market Expansion - SUTENG JUCHUANG has received multiple contracts from major global automotive brands, including SAIC Audi and FAW Toyota, totaling over one million units [12]. - The company anticipates that overseas business will enter a growth phase starting in the second half of 2026, driven by high-performance product demand [14]. Robotics and AI Applications - In the robotics sector, SUTENG JUCHUANG has upgraded its product offerings, achieving mass production readiness for digital laser radars tailored for lawn mowing and delivery robots [21][23]. - The company is actively exploring various possibilities in physical AI, including key components and integrated hardware-software solutions [26].

Core Points - Kinepolis has signed an agreement to acquire Emagine Entertainment, a US movie theatre chain, with the acquisition expected to be completed by the end of 2025 [1][4] - The acquisition will add 14 cinemas, 177 screens, and 18,000 seats to Kinepolis' portfolio, enhancing its presence in the US market [1][3] - Emagine Entertainment attracts approximately 6 million visitors annually and generates nearly USD 129 million in revenue [1] - The transaction is valued at USD 105 million, with an additional earn-out of up to USD 15 million based on US Box Office growth in 2025 [4] - Emagine's EBITDAL for 2024 is projected at USD 19.6 million, with a last twelve months (LTM) EBITDAL of USD 20.3 million as of September [4] - Kinepolis will finance the acquisition through an incremental facility of EUR 100 million under its existing credit facility [4] - Emagine theatres will continue to operate under their existing brand name, ensuring continuity for customers and considering the needs of employees and stakeholders [5] Company Overview - Kinepolis Group NV was formed in 1997 and is listed on the stock exchange since 1998, offering an innovative cinema concept [6] - The company operates 63 cinemas across Europe and has expanded its footprint to include 35 cinemas in Canada and 10 in the US, totaling 108 cinemas worldwide with 1,137 screens and over 200,000 seats [7][8]

Core Insights - NVIDIA Corporation (NASDAQ:NVDA) is recognized as one of the best semiconductor stocks with significant upside potential [1] - The collaboration between NVIDIA and RoboSense enhances the development of autonomous driving systems by providing high-definition 3D perception data [1][2] - RoboSense's CEO highlighted that the integration of their LiDAR technology with NVIDIA's platform will accelerate the commercialization of intelligent vehicles, such as Robotaxis [2] Company Developments - The NVIDIA DRIVE AGX platform is now compatible with RoboSense's E1, EMX, and EM4 digital LiDARs, which are crucial for autonomous driving technology [1][2] - RoboSense is noted for manufacturing a unique >500-beam digital main LiDAR (EM4) and a fully solid-state blind-spot LiDAR (E1) [2] Market Impact - The EM4+E1 solution offers long-range precision and eliminates blind spots, making it a preferred choice for Robotaxi developers [3] - RoboSense's 520-beam LiDAR is being integrated into next-generation Advanced Driver Assistance Systems (ADAS) by automakers like Zeekr and IM, indicating strong market demand [3]

Group 1 - The Ministry of Industry and Information Technology and seven other departments in China have issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)", which includes the promotion of intelligent connected vehicles and conditional approval for the production of L3 autonomous driving models [1] - The L3 level of autonomous driving signifies a shift in responsibility from the driver to the vehicle manufacturer, requiring companies to develop highly redundant perception systems to manage risks [1] - High-line count digital lidar has become a necessary safety component for the implementation of L3 autonomous driving, with companies like Suoteng Juchuang (02498) positioned to benefit significantly [1] Group 2 - Suoteng Juchuang's high-line count digital lidar products have already achieved mass production and are being used in new models such as the Zhiji LS6 and the Zeekr 9X [1] - The company is currently the only manufacturer capable of mass-producing 520-line digital lidar, maintaining a leading position in this field [1] - Several new models equipped with Suoteng Juchuang's high-line count digital lidar are expected to be launched in the second half of this year, with companies like Didi and Pony.ai adopting their products [2] - The new EM platform from Suoteng Juchuang has entered mass production, with the EMX targeting the L2 level assisted driving market and the EM4 being the only mass-producible lidar supporting 520 to 2160 lines for high-level autonomous driving scenarios [2] - The clarification of L3 autonomous driving policy thresholds and the continuous maturation of technology are expected to create broader growth opportunities in the lidar market [2]

Group 1 - The Ministry of Industry and Information Technology and eight other departments have issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)", which aims to promote the approval and road testing of intelligent connected vehicles and conditionally approve the production access of L3 autonomous driving models, marking a new phase in China's autonomous driving development [1] - The core of L3 autonomous driving is the transfer of responsibility from the driver to the vehicle manufacturer when the system is operating within its responsibility domain, requiring manufacturers to build ultra-redundant perception systems, which imposes unprecedented demands on perception capabilities [1] - High-line-count digital lidar has become an essential safety component for the implementation of L3 autonomous driving, with companies like Suoteng Juchuang (02498) expected to benefit significantly as they are leading manufacturers in this field [1] Group 2 - Multiple models equipped with Suoteng Juchuang's high-line-count digital lidar are set to be launched in the second half of this year, with companies like Didi, Xiaoma Zhixing, and WeRide adopting their lidar products for new-generation Robotaxi services [2] - Suoteng Juchuang's new generation of vehicle-mounted digital lidar platform, the EM platform, has entered large-scale production, with EMX targeting the L2 auxiliary driving market and EM4 being the only mass-produced lidar supporting 520 to 2160 lines for high-level autonomous driving scenarios [2] - With the clarification of L3 autonomous driving policy thresholds and the continuous maturation of technology, the lidar market is expected to experience broader growth opportunities [2]

Core Insights - RoboSense has announced that its E1, EMX, and EM4 digital LiDARs are compatible with the NVIDIA DRIVE AGX platform, enhancing the development and testing cycles for autonomous driving technologies [1][2] - The integration of RoboSense's LiDARs with NVIDIA's platform aims to accelerate the commercialization of Robotaxi and intelligent vehicles, marking a significant shift in the automotive industry towards more advanced autonomous driving systems [2][3] Company Overview - RoboSense, founded in 2014, is an AI-driven robotics technology company based in Shenzhen, China, with a mission to become a global leader in robotics technology platforms [6] - The company has established a strong presence in the automotive sector, being the only one to mass-produce a digital main LiDAR with over 500 beams and a fully solid-state blind-spot LiDAR [3] Product Details - The EM4 LiDAR, which will enter mass production in Q3 2025, utilizes an integrated SPAD-SoC and VCSEL chip to deliver superior performance for intelligent vehicles and Robotaxi applications [3] - RoboSense's dual-LiDAR solution (EM4+E1) provides both long-range perception and near-field blind-spot elimination, making it a preferred choice among leading automotive players [3][5] Industry Trends - The automotive industry is transitioning from Level 2 (L2) to Level 3/4 (L3/L4) autonomous driving, necessitating higher performance sensors and AI computing platforms with greater processing capabilities [2] - The collaboration between RoboSense and NVIDIA is indicative of a broader trend towards deep integration of advanced sensors and AI technologies in the development of autonomous driving systems [2][4] Market Adoption - Multiple automakers are adopting RoboSense's EM4 or EM4+E1 LiDAR for next-generation advanced driver-assistance systems (ADAS) and autonomous vehicle products, with several new models already launched [5] - Notable examples include the Zeekr 9X and the new-generation IM LS6, both of which integrate RoboSense's 520-beam LiDAR in their ADAS solutions [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HK$46.40, revised from the previous target price of HK$42.17 [3][8]. Core Insights - The company's revenue from robotics and other LiDAR products has shown strong growth, while revenue from ADAS applications has seen moderate growth. The revenue forecasts for 2025-2027 have been adjusted to RMB 24.46 billion (-6.8%), RMB 37.56 billion (+2.4%), and RMB 52.27 billion (+5.2%) respectively [8][10]. - The company expects adjusted net profit to turn positive in Q4 2025, with the valuation method now based on 2026 multiples to better capture growth in the rapidly developing robotics sector [8][10]. - The robotics and other business revenue has tripled year-on-year, driven by breakthroughs in various markets including lawn mowing robots, unmanned delivery, and humanoid robots [8][10]. Financial Performance Summary - For the year ending December 31, 2023, the company reported total revenue of RMB 1,120 million, with a net loss of RMB 4,337 million. The EPS was reported at RMB -44.670 [7][13]. - The revenue for 2024 is projected to be RMB 1,649 million, with a reduced net loss of RMB 482 million and an EPS of RMB -1.109 [7][10]. - By 2025, revenue is expected to increase to RMB 2,446 million, with a further reduced net loss of RMB 160 million and an EPS of RMB -0.394 [7][10]. - The gross margin is projected to improve from 8.4% in 2023 to 26.7% in 2025, indicating a positive trend in profitability [14][15]. Market Position and Competitiveness - The company has established partnerships with leading manufacturers in the lawn mower market, achieving order volumes in the seven figures. Collaborations in the unmanned delivery sector include major platforms such as Meituan and COCO Robotics [8][10]. - The average selling price for ADAS LiDAR products has decreased by 14.4% year-on-year, while the gross margin for this segment has increased by 4.4 percentage points to 19.4% [8][10]. - The company is positioned to benefit from the growing demand in the robotics sector, supported by its strong partnerships and innovative product offerings [8][10].

Core Viewpoint - The company, SUTENG JUCHUANG, reported a revenue of 783 million yuan for the first half of the year, marking a year-on-year growth of 7.72% with significant improvements in Q2 performance [1] Group 1: Financial Performance - In Q2, the company achieved a revenue of 460 million yuan, with a year-on-year growth rate of 24.4%, indicating a recovery from previous customer transitions [1] - The gross margin for Q2 reached 27.7%, the highest in three years, with the ADAS segment gross margin at 19.4% [1] - The company expects to achieve breakeven in Q4, driven by increased demand for lidar in intelligent driving and robotics [1] Group 2: ADAS Business - The EMX product has secured more market orders, with expectations for large-scale deliveries by the end of Q3 [2] - The company delivered 124,000 lidar units in Q2, a slight increase from 118,000 units in the same period last year, with reduced negative impacts from customer transitions [2] - The EM platform has gained traction, with 30 OEMs and Tier 1 suppliers securing 119 model designations [2] Group 3: Robotics Business - The company experienced a peak in robot lidar shipments, delivering 34,400 units in Q2 compared to 5,000 units in the same period last year, driven by price reductions and increased applications [3] - The company has received orders from eight major Robotaxi and Robobus clients, including leading firms in the industry [3] - The AC series of active cameras has received positive market feedback, with plans for a launch in the second half of 2025 [3] Group 4: Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 2.4 billion, 3.73 billion, and 5.14 billion yuan respectively, reflecting a slight adjustment due to customer transitions [3] - The company anticipates continued improvement in gross margins, with net profit estimates for 2025, 2026, and 2027 adjusted to -150 million, 190 million, and 510 million yuan respectively [3] - A target price of 48.17 HKD is set based on a comparable company average of 8.9X 2025 PS, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.17 HKD [5][3]. Core Insights - The company reported a revenue of 783 million RMB for the first half of 2025, representing a year-on-year growth of 7.72%. The second quarter revenue reached 460 million RMB, with a year-on-year growth rate of 24.4% [1][3]. - The gross margin for Q2 reached 27.7%, the highest in the past three years, with the ADAS segment achieving a gross margin of 19.4% [1][3]. - The new EMX product is expected to enter mass production in Q3, which is anticipated to drive further growth in laser radar demand, particularly in the intelligent driving and robotics sectors [1][3]. Summary by Sections ADAS Business - In Q2 2025, the company shipped 124,000 laser radars, a slight increase from 118,000 units in the same period last year. The negative impact from clients like Xiaopeng and Wanjie has significantly reduced compared to Q1 [1][3]. - The company has secured orders from 30 OEMs and 119 vehicle models, with the EM platform showing strong competitiveness [1][3]. Robotics Business - The company achieved a shipment of 34,400 robotic laser radars in Q2 2025, a substantial increase from 5,000 units in the same period last year. The price reduction of robotic laser radars has led to increased applications across various fields [2][3]. - The AC series of active cameras has received positive market feedback, with plans for a launch in the second half of 2025 [2][3]. Profit Forecast and Valuation - The revenue forecast for 2025, 2026, and 2027 is set at 2.4 billion, 3.73 billion, and 5.14 billion RMB respectively. The net profit attributable to the parent company is projected to be -150 million, 190 million, and 510 million RMB for the same years [3][8]. - The report slightly adjusts the gross margin expectations upwards, anticipating continued improvement due to the increasing share of higher-margin robotics business [3][8].