Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company reported a revenue of 1.13 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 91.5%, with a net profit attributable to shareholders of -350 million yuan, up 69.0% year-on-year [1] - The ADAS product line continues to show strong growth, with Q3 2024 revenue reaching 330 million yuan, a year-on-year increase of 87.1% and a quarter-on-quarter increase of 8.7% [1] - The company has successfully expanded its MX product line, achieving partnerships with 28 automakers and increasing the number of targeted models to 92 [1] - The robotics segment has seen significant progress, with Q3 2024 revenue of 60 million yuan, a year-on-year decrease of 6.1% but a quarter-on-quarter increase of 44.5% [1] Financial Forecasts - The company’s revenue forecasts for 2024-2026 have been adjusted to 1.76 billion, 2.86 billion, and 4.14 billion yuan respectively, with corresponding net profit forecasts of -530 million, -250 million, and 400 million yuan [2] - The projected P/S ratios for 2024-2026 are 4.5, 2.8, and 1.9 respectively [2] Market Position - The company achieved a market share of 35.0% in the ADAS sector for the first three quarters of 2024, maintaining its position as the industry leader [1] - The ASP for ADAS products decreased by 24.2% year-on-year to 2500 yuan, indicating competitive pricing strategies [1] Key Financial Metrics - The company reported a gross margin of 17.5% in Q3 2024, with expectations for further improvement in Q4 [1] - The projected EPS for 2024-2026 is -1.18, -0.55, and 0.10 yuan respectively [2][13]
速腾聚创：24Q1-Q3业绩点评：ADAS增长动能强劲，机器人进展迅猛