Investment Rating - The report maintains an "Outperform" rating for RoboSense [1][17][18] Core Insights - The company achieved cumulative revenue of Rmb1.135 billion in the first three quarters of 2024, representing a year-on-year increase of 91.5%. Gross profit reached Rmb170 million, up 375.4% year-on-year, with a gross profit margin of 15.0%, an increase of 8.93 percentage points year-on-year [1][17] - The report highlights optimism regarding incremental revenue from the MX product, which is expected to enhance revenue expectations for the next year. The company has made smooth progress in its overseas business, expanding mid-to-long-term growth potential [1][17] - The robotics segment has unveiled new achievements, leveraging fresh opportunities to establish a second growth curve [1][17] Financial Performance Summary - For 3Q24, the company reported revenue of Rmb408 million, a 54.7% increase year-on-year and an 11.4% increase quarter-on-quarter. Gross profit was Rmb71 million, up 210.2% year-on-year and 31.7% quarter-on-quarter, with a gross profit margin of 17.5%, an increase of 8.75 percentage points year-on-year and 2.69 percentage points quarter-on-quarter [1][17] - The net loss attributable to shareholders for 3Q24 was Rmb82 million, improving by 77.4% year-on-year and 40.2% quarter-on-quarter, with a net profit margin of -20.2%, up by 117.7 percentage points year-on-year and 17.37 percentage points quarter-on-quarter [1][17] - The company estimates revenues for 2024-2026 to be Rmb1.727 billion, Rmb3.280 billion, and Rmb4.600 billion, respectively, with EPS projected at Rmb-1.00, Rmb-0.52, and Rmb0.00 [1][17] Market Position and Valuation - Based on comparable company valuations, the report assigns a price-to-sales (PS) ratio of 3x for 2025, leading to a target price of HK26.78 [1][17] - The report notes that the company has successfully established partnerships with seven overseas car manufacturers, which is expected to provide new revenue growth momentum by 2026 [1][17]
速腾聚创：2024年三季报点评：毛利率快速改善，看好25年MX千元机表现