| RESEARCH 10 Feb, 2026 RoboSense | 02498.HK Breakeven milestone & path to profitability Acceleration in the sales of LiDAR for robotics: The key driver of Q4 upside was the robotics segment, where lawn mower robots were the primary contributor. Growth in this segment should be sustained by i) product upgrades and new product lines across the lawn mowers, and ii) incremental customer additions. Beyond lawn mowers, Gen-7 robotaxi becomes a driver. The Group has deepened cooperation with leading autonomous mo ...

Core Insights - RoboSense showcased its groundbreaking AI robot "Delivery Guy" at CES 2026, marking its tenth consecutive year at the event, demonstrating significant advancements in embodied intelligence [1][4][6] - The robot autonomously completed a series of complex tasks, including gift packaging, delivery, and box recycling, utilizing RoboSense's proprietary "Hand-Eye Coordination" solution [1][6][7] Product Innovations - The exhibition featured several new products, including the second-generation solid-state LiDAR E1 Gen2, the world's first 3D safety LiDAR Safety Airy, and the ultra-mini digital LiDAR Airy Lite, among others [3][11] - RoboSense's self-developed chips were also highlighted, showcasing the company's commitment to advancing its technology stack [3][12] Strategic Partnerships - RoboSense announced collaborations with leading brands in various sectors, including a partnership with Segway Navimow for a new LiDAR lawn mowing robot and joint displays with New Stone and Coco Robotics for autonomous delivery vehicles [3][10] - The company also partnered with Geely to showcase the flagship SUV Lynk & Co 900, emphasizing the commercial application of its technology across multiple scenarios [3][10] Technological Advancements - The "Delivery Guy" robot utilized the VTLA-3D operational model, integrating tactile feedback with 3D point cloud data to enhance environmental perception and operational success rates [6][7] - The robot's system includes an Active Camera series for precise perception and a multi-degree-of-freedom dexterous hand to address visual blind spots, demonstrating advanced capabilities in long-range and high-precision tasks [7][8] Future Vision - RoboSense aims to solidify its position as a core technology ecosystem builder in the AI robotics field, focusing on self-developed innovations and commercial applications to drive the evolution of the automotive and robotics industries [16]

Core Insights - RoboSense has achieved a significant milestone by showcasing its AI robot at CES 2026, marking its tenth consecutive year of participation [1] - The company demonstrated its advanced "delivery robot," capable of autonomously completing a series of complex tasks, highlighting breakthroughs in embodied intelligence [3][4] - RoboSense's technology integrates various core components, including the VTLA-3D model and Active Camera, to enhance the robot's operational capabilities [3][4] Product Showcase - The company presented several innovative products, including the second-generation solid-state LiDAR E1 Gen2 and the world's first 3D safety LiDAR Safety Airy, emphasizing advancements in safety and performance [2][7] - RoboSense also unveiled the Airy Lite, a compact digital LiDAR, and showcased its vehicle-mounted digital LiDAR solutions EM4 and EMX, targeting different levels of autonomous driving [7] Strategic Partnerships - At CES, RoboSense announced a collaboration with Segway Navimow to launch the Navimow i2 LiDAR mowing robot, integrating its technology with a leading consumer robotics platform [2][5] - The company partnered with New Stone Technology to exhibit an L4-level unmanned logistics vehicle, demonstrating its technology's scalability and commercial viability [6] Technological Advancements - RoboSense's embodied intelligence solution combines tactile feedback and 3D point cloud information, significantly improving the robot's ability to perform intricate tasks [3][4] - The company has developed a complete perception and execution system, featuring the Active Camera series and a dexterous hand, enhancing operational precision [4] Chip Development - RoboSense has made strides in chip development, achieving full-stack self-research and mass production of core chips since 2017, including the SPAD-SoC and 2D VCSEL chips [8][9] - The company is recognized for its industry-first achievements in automotive-grade LiDAR technology, providing a robust foundation for AI robotics [9] Future Vision - RoboSense aims to continue its innovation-driven approach, focusing on commercializing its technologies across various sectors to facilitate the intelligent transformation of industries [11] - The company is positioned as a core technology ecosystem builder in the AI robotics field, reflecting its evolution from a technology leader to an ecosystem architect [10]

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]

Core Viewpoint - Guosheng Securities expresses optimism about SUTENG JUCHUANG's (02498) laser radar product order demand and commercialization potential, projecting total revenue of 2.3/3.5/4.4 billion from 2025 to 2027, with year-on-year growth rates of 37%/56%/24% [1] Group 1: Financial Performance - SUTENG JUCHUANG reported Q3 2025 shipment of 186,000 laser radars, a year-on-year increase of 34.0%, with ADAS laser radar shipments at approximately 150,000 units, up 14.3%, and robot laser radar shipments at about 36,000 units, up 393.1% [1] - The company's Q3 2025 revenue reached 410 million, with product/solution/service and other revenues at 390/10/8 million respectively, and a gross margin of approximately 23.9% [1] Group 2: ADAS Laser Radar Developments - In the domestic market, the EM platform set to launch in 2025 has secured orders from 13 automakers for a total of 56 models, with EMX receiving orders for 49 models expected to enter mass production in 2026 [2] - The EM4 model has been integrated into several vehicles from leading new energy automakers and is becoming a core component for L3 autonomous driving, with new model orders from major clients enhancing the customer and model diversity [2] Group 3: Robotics and Other Laser Radar Products - In the robotic lawnmower sector, the company introduced E1R and Airy products to address complex boundary recognition needs [3] - In urban delivery, the company has established partnerships with 90% of leading global clients using core products EMX, E1R, and Fairy, while also collaborating with Didi on a new generation of Robotaxi models [3] Group 4: Long-term Growth Potential - The company unveiled the Active Camera2 at the IROS conference, which is the industry's first integrated sensor system combining dTOF, RGB stereo, and IMU for enhanced 3D spatial perception and motion information, recognized by Yole Group as a representative case for humanoid robot perception solutions [4]

Core Viewpoint - Guosheng Securities is optimistic about the order demand and commercialization potential of SUTENG JUCHUANG's (02498) LiDAR products, forecasting total revenue of 2.3 billion, 3.5 billion, and 4.4 billion RMB for 2025-2027, representing year-on-year growth of 37%, 56%, and 24% respectively, with a non-GAAP net profit of -172 million, 163 million, and 366 million RMB [1] Group 1: Financial Performance - In Q3 2025, SUTENG JUCHUANG shipped 186,000 LiDAR units, a year-on-year increase of 34% [2] - The revenue for Q3 2025 reached 410 million RMB, with product, solution, and service revenues contributing 390 million, 10 million, and 8 million RMB respectively [2] - The gross margin for the company's products was approximately 23.9%, with automotive and robotics sectors having gross margins of about 18.1% and 37.2% respectively [2] Group 2: ADAS LiDAR Developments - In the domestic market, the EM platform set to launch in 2025 has secured orders from 13 automakers for a total of 56 models, with EMX receiving orders for 49 models expected to enter mass production in 2026 [3] - The EM4 model has been adopted in several vehicles from leading new energy car manufacturers and is becoming a core component for L3 autonomous driving [3] - Internationally, collaborations with automakers in Asia-Pacific, Europe, and North America are progressing, with revenue expected to be confirmed in the next 1-3 years, enhancing the overseas revenue share [3] Group 3: Robotics and Other LiDAR Products - The company has launched two new products, E1R and Airy, in the lawn mowing robot sector to address complex boundary recognition needs [4] - In urban delivery, the company has established partnerships with 90% of leading global clients using core products EMX, E1R, and Fairy [4] - For Robotaxi, SUTENG JUCHUANG has partnered with Didi for a new generation of Robotaxi models, utilizing a solution with 10 digital LiDAR units per vehicle [4] Group 4: Long-term Growth Potential - At the IROS conference in October, the company introduced Active Camera2, the industry's first integrated sensor system combining dTOF, RGB stereo, and IMU, recognized by Yole Group as a representative case for humanoid robot perception solutions [5]

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].