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]
速腾聚创：召开2025全球AI机器人发布会，重磅推出机器人时代“全家桶”