港股通 智驾平权开启，激光雷达开拓市场 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国香港 | 其他电子 | 近期，多个品牌召开智驾战略会，包括零跑、吉利"千里浩瀚"、广汽"星 灵智行"、奇瑞"猎鹰智驾"等，我们看到：（1）激光雷达搭载车型最低价 格已至 12.98 万元。（2）对标 L3 级别车型有望在今年陆续落地，极氪 9X 拟搭载 5 颗激光雷达，行业需求在快速增长。此外在机器人领域，速腾宣布 与 Coco Robotics、小马智行、白犀牛、酷哇等客户的合作，涉及割草机、 物流、Robotaxi、无人叉车等多个领域。我们看好公司深度受益智能汽车+ 机器人需求共振，带来收入高成长性，维持"买入"评级。 智驾平权推动激光雷达渗透率提升 速腾搭载的比亚迪、吉利（极氪、银河）、广汽、上汽等多个自主品牌有望 在 25 年开启激光雷达版本的规模渗透，包括：（1）比亚迪 20 万以上车型 采用天神之眼 A、B 方案，涵盖海洋、王朝、腾势、仰望等车型；（2）极氪 旗下大部分车型（除极氪 X 外）已经基本标配激光雷达、吉利旗下 ...

证券研究报告 | 公司深度报告 2025 年 03 月 12 日 速腾聚创（02498.HK） 国内激光雷达龙头，智驾平权与机器人双轮驱动高速成长 TMT 及中小盘/电子 速腾聚创是国内激光雷达及感知解决方案市场的领导厂商，围绕芯片驱动的激 光雷达硬件为基础，同时布局 AI 感知软件形成解决方案。公司激光雷达市场份 额全球领先，有望充分受益于 2025 年智驾平权趋势下激光雷达用量的高成长空 间；同时快速切入工业、商业、具身智能机器人赛道，以感知为核心，向操作、 控制多环节拓展，有望受益于机器人市场的高速增长打造第二成长曲线。首次 覆盖，给予"增持"评级。 增持（首次） 目标估值：NA 当前股价：42.95 港元 基础数据 | 总股本（百万股） | 483 | | --- | --- | | 香港股（百万股） | 483 | | 总市值（十亿港元） | 20.7 | | 香港股市值（十亿港元） | 20.7 | | 每股净资产（港元） | 7.0 | | ROE（TTM） | -123.1 | | 资产负债率 | 26.3% | | 主要股东 | 邱纯鑫,朱晓蕊,刘乐天 | | 主要股东持股比例 | 20.1 ...

Core Viewpoint - The company, Sutech Juchuang, has announced a placement agreement to issue up to 22 million new shares at a price of HKD 46.15 per share, aiming to raise approximately HKD 1.0153 billion, with a net amount of about HKD 988.87 million after expenses [1] Group 1: Placement Details - The placement will involve at least six independent institutional and corporate professional investors [1] - The total number of shares to be placed represents approximately 4.89% of the existing shares and about 4.66% of the expanded share capital post-placement [1] - The expected total proceeds from the placement are approximately HKD 1.0153 billion, with a net amount of about HKD 988.87 million after deducting commissions and estimated expenses [1] Group 2: Use of Proceeds - Approximately 70% of the net proceeds will be allocated to R&D for developing high-definition sensors and AI perception technology, enhancing robotic dexterity, and creating a hand-eye coordination system [1] - About 20% of the net proceeds will be used to build domestic and international production lines, improving automation and operational efficiency, along with strict quality control measures [1] - Approximately 10% of the net proceeds will be allocated to exploring potential strategic partnerships or alliances, particularly in the AI and robotics sectors [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve revenue of 1.67 billion, 2.64 billion, and 4.24 billion RMB in 2024, 2025, and 2026 respectively, with a projected net profit of -472 million, -275 million, and 68 million RMB for the same years [2] - The stock is currently valued at a price-to-sales (P/S) ratio of 13.6, 8.6, and 5.4 for the years 2024, 2025, and 2026 respectively [2] - The company has a strong market position in the ADAS lidar sector, holding approximately 33.4% of the domestic market share in 2024 [6] Summary by Sections Performance Review - The company reported a revenue of 1.12 billion RMB in 2023, with a growth rate of 111.22% compared to 2022 [5] - The net profit for 2023 was -4.34 billion RMB, with a significant reduction in losses expected in the following years [5] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 1.67 billion, 2.64 billion, and 4.24 billion RMB respectively, with corresponding net profits of -472 million, -275 million, and 68 million RMB [2][5] - The diluted earnings per share (EPS) is expected to improve from -1.02 RMB in 2024 to 0.15 RMB in 2026 [5] Market Position and Strategy - The company is expanding into the robotics sector, which is anticipated to be a larger market than the current automotive lidar market [6] - The report highlights the necessity of lidar technology for high-level autonomous driving, emphasizing its value in safety and functionality [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The company is expected to achieve revenues of 1.67 billion, 2.64 billion, and 4.24 billion RMB in 2024, 2025, and 2026 respectively, with net profits projected at -472 million, -275 million, and 68 million RMB [2][5] - The stock is currently valued at a price-to-sales (P/S) ratio of 13.6, 8.6, and 5.4 for the years 2024, 2025, and 2026 respectively [2][5] - The company has a strong market position in the ADAS lidar sector, holding approximately 33.4% of the domestic market share in 2024 [6] Summary by Sections Performance Review - The company reported a revenue of 1.12 billion RMB in 2023, with a growth rate of 111.22% compared to 2022 [5] - The net profit for 2023 was -4.34 billion RMB, showing a significant increase in losses compared to previous years [5] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 1.67 billion, 2.64 billion, and 4.24 billion RMB respectively, with corresponding net profits of -472 million, -275 million, and 68 million RMB [2][5] - The diluted earnings per share (EPS) are expected to improve from -1.02 RMB in 2024 to 0.15 RMB in 2026 [5] Market Position - The company is recognized as a leader in the ADAS lidar market, with a shipment of approximately 520,000 units in 2024 [6] - The report highlights the potential growth in the robotics lidar market, which is expected to surpass the automotive L2 market [6]

Investment Rating - The report maintains a "Recommended" rating for the company Sutech Juchuang (stock code: 2498.HK) [1] Core Insights - The company is transitioning towards becoming a robotics technology platform, having launched multiple new robotic products at the "Hello Robot" 2025 AI Robotics Global Launch Conference [4] - The introduction of new laser radar products at significantly lower prices is expected to enhance market penetration, with projected shipments of 100,000 units in 2025, representing a 3.1 times increase compared to 2024 [4] - The company is expanding its offerings in robotic components, providing integrated hardware and software solutions, which is anticipated to improve profitability [4] - The rapid adoption of advanced driving features by BYD is expected to drive demand for the company's automotive laser radar products, with significant growth potential in overseas markets [6] Financial Projections - The company is projected to achieve revenues of 1,606.4 million yuan in 2024, 2,194.96 million yuan in 2025, and 3,695.6 million yuan in 2026, with corresponding growth rates of 43%, 37%, and 68% respectively [7] - The net profit attributable to the parent company is expected to improve from -4,336.63 million yuan in 2023 to -329.14 million yuan in 2025, and to a positive 69.96 million yuan in 2026 [7] - Earnings per share (EPS) is forecasted to move from -44.67 yuan in 2023 to -0.71 yuan in 2025, and then to 0.15 yuan in 2026 [7]

Summary of the Conference Call Industry Overview - The intelligent robotics industry has evolved significantly over the past decade, with vehicles becoming intelligent robots due to advancements in components like LiDAR and electronic architectures [1][2] - LiDAR has emerged as a critical sensor for machine perception, positioning GlobalSense as a global leader in the LiDAR and perception solution market [1] Key Product Developments - Introduction of the EN4, the world's first 1000-pin long-range digital LiDAR, featuring 1080 beams and a maximum detection range of 600 meters, essential for ADAS and fully self-driving technology [1] - Launch of the E1R, equipped with the first digital SPAD SoC chip, suitable for various mobile robotics applications, and the ARRI, a hemispherical digital radar with 192 beams [2] - Announcement of the second-generation desktop hand, Pepper 2, designed to mimic human hand movements with 20 degrees of freedom and a maximum payload of 5 kg, enhancing robotic manipulation capabilities [4] Future Directions - The next decade will see more machines upgraded to mobile robots, capable of navigating complex environments and performing intricate tasks [3] - RoboSense aims to create embodied intelligent robots equipped with AGI, fostering a new society of human-machine symbiosis [5] - The company is focused on developing incremental components for robotics, which will lower barriers and accelerate the adoption of intelligent robotics [5] Technological Innovations - Introduction of the Active Camera, which integrates LiDAR digital signals with camera data, enhancing robotic vision capabilities [7][8] - Development of a low-cost, high-reliability force sensor (FS3D) and a high-power-density linear actuator (LA8000) for improved motion control in robots [9] - The RoboSense Super Sensor Platform supports diverse application requirements, simplifying complex tasks for robot developers [8] Market Position and Vision - RoboSense is positioned to lead the transformation of robotic vision technology and aims to become the world's leading robotic technology platform [9][10] - The company emphasizes the importance of a comprehensive understanding of the entire robotic system to deliver optimal solutions [6][10] - RoboSense is committed to empowering the robotics industry and believes that now is the perfect time for applications in intelligent robotics [11] Conclusion - The intelligent robotics industry is on the brink of explosive growth, with RoboSense at the forefront, ready to innovate and expand its offerings [10][11]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has raised its revenue expectations, forecasting operating revenues of 1.72 billion, 2.64 billion, and 4.24 billion RMB for 2024, 2025, and 2026 respectively, with a projected net profit of -435 million, -274 million, and 69 million RMB for the same years [2] - The current price corresponds to a PS valuation of 7.6, 5.0, and 3.1 times for the years 2024, 2025, and 2026 respectively [2] Revenue and Profit Forecast - The company’s operating revenue for 2022 was 530 million RMB, with a growth rate of 60.19% expected in 2023, and further growth rates of 111.22%, 53.92%, and 53.33% projected for 2024, 2025, and 2026 respectively [5] - The net profit for 2022 was -2.09 billion RMB, with forecasts of -4.34 billion RMB in 2023, -435 million RMB in 2024, -274 million RMB in 2025, and a positive 69 million RMB in 2026 [5] - The diluted earnings per share are projected to improve from -4.53 RMB in 2022 to 0.15 RMB in 2026 [5] Product Development and Market Position - The company held a global launch event for its AI robots, introducing several new Lidar products and a comprehensive robotics platform [6][7] - The new Lidar products include the EM4, E1R, and Airy, which are designed for high performance in various applications, including ADAS and robotics [6][9] - The Robo FSD mobile platform and the Papert 2.0 dexterous hand were also introduced, showcasing advanced capabilities for autonomous movement and manipulation [10][12] - The company aims to position itself as a leading supplier of incremental components and solutions for intelligent robotics, leveraging its expertise in Lidar technology [15]

Investment Rating - The report assigns an "Outperform" rating to RoboSense, indicating an expected relative return exceeding 10% over the next 12-18 months [20]. Core Insights - RoboSense held the "Hello Robot" 2025 AI Robotics Global Launch Event on January 3, 2025, unveiling three new digital LiDAR models (EM4, E1R, and AIRY) and several incremental robotic components [1][8]. - The new digital LiDAR products significantly enhance automotive and robotic sensing capabilities, showcasing RoboSense's technological expertise and development capabilities [2][9]. - The strategic expansion from automotive LiDAR to robotics opens diversified opportunities, enhancing product adaptability and market coverage while supporting the future development of intelligent robots and unmanned systems [4][11]. Summary by Sections Event Overview - RoboSense launched three new digital LiDAR models and multiple robotic components at the 2025 AI Robotics Global Launch Event [1][8]. Digital LiDAR Products - EM4: The world's first 1,000-line ultra-long-range LiDAR with a 600-meter detection range and 1080-line resolution [2][9]. - E1R: The world's first solid-state digital LiDAR, compact with a 130°×90° field of view, suitable for various mobile robot applications [2][9]. - AIRY: A 192-line compact digital LiDAR designed for robotics, offering a 360°×90° field of view [2][9]. Incremental Robotic Components - Active Camera: A fusion sensing device that enhances robotic vision precision and versatility [3][10]. - Papert 2.0: A second-generation dexterous hand with 20 degrees of freedom and a maximum load capacity of 5 kilograms [3][10]. - DC-G1 Domain Controller: A highly integrated and energy-efficient controller supporting various real-time sensing models [3][10]. - LA-8000 Joint Motor: A high-power-density motor suitable for humanoid robot leg joints [3][10]. - FS-3D Force Tactile Sensor: Designed for end-motion control in legged robots [3][10]. Strategic Expansion - RoboSense's expansion into the robotics domain reflects a decade of expertise in automotive LiDAR, broadening its technological layout and application boundaries [4][11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has launched new robot products, marking the beginning of its development in the vehicle and robot platform for the new decade [8] - The company aims to accelerate the popularization of robots by creating a humanoid robot development platform and has introduced several new products [8] - The company has achieved breakthroughs in overseas robot customers and is expected to replicate the growth trajectory seen in its Advanced Driver Assistance Systems (ADAS) segment [8] - The company has adjusted its revenue forecasts for 2024-2026, reflecting its dual focus on automotive and robotics [8] Financial Projections - Total revenue is projected to grow from 1,120.15 million in 2023 to 4,186.68 million by 2026, with a year-on-year growth rate of 111.22% in 2023 and 44.82% in 2026 [1][9] - The net profit is expected to improve from a loss of 4,336.63 million in 2023 to a profit of 52.54 million by 2026, indicating a significant turnaround [1][9] - Earnings per share are forecasted to increase from 2.43 in 2024 to 9.08 in 2026 [1][9] Product Development - The company has introduced several innovative products, including the second-generation dexterous hand Papert 2.0 and the world's first long-range laser radar EM4, enhancing its capabilities in both automotive and robotics sectors [8] - The new products are designed to improve the performance of intelligent driving and robotics, addressing existing market pain points [8] Market Position - The company has expanded its partnerships in the robotics field, increasing its collaboration with key customers from 2,400 to 2,600 [8] - The company has established a strong presence in the ADAS market, with 28 automotive manufacturers and suppliers collaborating on 92 designated models [8]