Investment Rating - The report gives a "Buy" rating for the company with a target price of HK$48.26 [52][68]. Core Insights - The company is positioned as a leader in the global LiDAR and perception solutions market, benefiting from the growing demand for LiDAR technology driven by advancements in autonomous driving and ADAS [53][64]. - The company has established a strong customer base, having secured 63 mass production models from 22 automotive manufacturers and tier-one suppliers as of February 29, 2024 [89]. - The report anticipates significant growth in LiDAR shipments, projecting 950,790 units in 2024, 1,431,663 units in 2025, and 2,027,610 units in 2026, representing year-on-year growth rates of 266.3%, 50.6%, and 41.6% respectively [67]. Summary by Sections Investment Overview - The report highlights the rapid transition of the automotive industry towards electrification and automation, with LiDAR technology being a critical component for advanced industrial products like cars and robots [88][94]. Competitive Advantages - The company has a robust production capacity supported by its expertise in product validation, design, and manufacturing, which enhances its scalability in production and logistics [90]. - The integration of self-developed hardware and AI perception software into LiDAR solutions provides a significant competitive edge, allowing the company to cater to diverse customer needs [66][65]. Financial Analysis - Revenue projections for 2024, 2025, and 2026 are estimated at RMB 29.05 billion, RMB 45.14 billion, and RMB 74.70 billion, respectively, with year-on-year growth rates of 159.4%, 55.4%, and 65.4% [67][54]. - The company is expected to achieve a NON-GAAP net profit of -RMB 2.9 billion in 2024, -RMB 0.29 billion in 2025, and RMB 4.1 billion in 2026, indicating a significant turnaround in profitability [67][54]. Market Outlook - The global LiDAR market is projected to reach approximately RMB 1.3 trillion by 2030, with an average annual growth rate of 78.8% from 2022 to 2030, driven by the increasing adoption of autonomous vehicles [44][64].
速腾聚创：无人驾驶方案的领头羊，受益于ADAS市场扩张