来自激光雷达对机器人的贡献可能更显著

RoboSense|02498.HK UPDATE REPORT Contributions from the LiDAR for robotics may be more significant H F NGO, Brian, CFA SENIOR ANALYSTbrianngo@westbullsec.com.hk+8523896 29652701–2703,27/F, Infinitus Plaza, 199 Des Voeux RdCentral, Sheung Wan, HK BUY HK$48.50 RoboSense (02498.HK) recorded revenue of RMB 783.2mnfor 1H 2025, representing a YoY increase of7.7%. This growth was primarily underpinned by the robotics LiDAR business, which surged 184.8%YoY,offsetting a 17.9% decline in sales of LiDAR for ADAS applications. Gross margin expanded to 25.9%,narrowing the net loss margin to 19.0%, reflecting ongoing improvements in scale and in-housetechnology adoption. Stock Rating(Previous Rating)BUY(BUY)Target Price(Previous TP)HK$48.50(43.50)Current PriceHK$40.7452-Week RangeHK$ 15.50–53.50Market cap. (HKD, bn)HK$ 19.3 Greatermarket potential for theLiDAR for ADASin Q4:Thesalesof LiDAR for ADASdeclined 18.8%YoY,with shipments decreasing to 220,500 units.This contraction primarily stemmed fromreduced orders fromtwo major customers, of which one was adopting Tier 1 supplier LiDAR and anotherhadceased to adoptLiDAR applications.The mass production of EMX,a cost-effectiveoffering, and EM4, adigital LiDARthatmeetsL3/L4 requirements, commenced inlateQ3 2025,solidifyingRoboSense’s(02498.HK)leadership indigital LiDAR. TheSOC integration technology simplifies the signal flow chain and reduces powerconsumption, providing the EM series with enhanced market prospects, and we may seegreater salesopportunitiesin Q4.Despite ASP dropping toRMB 2,192.5in Q2 and further downward pressurebroughtby an increase in the sales of EMX,there was a single-digit shipment rebound and margin improvementin Q2dueto economies of scale and further deployment of self-developed SOCs.Gross margin isprojected to continue expanding, with potential reaching 20%-25%. Stronggrowthmomentum inLiDAR sales for robotics:RoboSense (02498.HK) delivered 46,300 units ofrobotics LiDAR, representing robust six-fold growthcompared to lastyear.This growth was driven bystrong demand for lawn mower robots, especially the E1R model.The Group also secured asizeableorderfor 1.2mnunits of automotive-grade fully solid-state LiDAR, laying a foundation for future revenueexpansion. While demand inthedelivery and industrial sectors exists, lawn mower applications remain thecore driver. The Group has set ambitious robotics LiDAR shipment targets for both FY 2025 and FY 2026.Additionally, the Groupwill announce the AC2soon. A modified version with anintegration ofdata fromcameras, LiDAR and IMUscould enhance alignment with increasingly complex downstream requirements. Contributions from theLiDAR for robotics may be more significant:Thesales performance of LiDAR forADAS is expected to remain weak this year; therefore, we have revised our sales volume forecast down toapproximately 600,000 units. However, a sharp rebound is anticipated next year, driven by contributionsfrom the EM series. Additionally, thanks to significant orders, sales of LiDAR for robotics are expected tosee notable growth in Q4. We have adjusted our forecasts by lowering estimates for FY 2025 whileincreasing expectations for FY 2026 and FY 2027. The contribution from LiDAR for robotics is projected tobe substantial, potentially leading the Group to a profitable fiscal year in 2026. Consequently, we reaffirmour "BUY" rating with a target price of HKD 48.50 per share. Peers comparison Risk factors ◼The demand for EM series is lower than expected◼Keen competitionbrought by peers and alternative solutions◼Slowmonetization progress for theLiDAR for otherrobotic applications Financial Statement West Bull Securities is a dedicated small/mid cap stock brokerage house. Find our research on: Alphasense, FactSet, Capital IQ,Refinitiv, Wind, Choice, Hiborand同花順. Ratingsof WestBull Securities: STRONGBUY:absoluteupside of >50% over the next 12 monthsBUY:absoluteupside of >10% over the next12monthsHOLD: absolute return of-10% to +10% over the next 12 monthsSELL: absolute downside of>10% over the next 12 monthsSTRONGSELL: absolute downside of >50% over the next 12 months Investors should assume thatWest Bull Securitiesis seeking or will seek investment banking or other related businesses with thecompanies in this report. Analyst certification:The views expressed in this report accurately reflect the analyst’s personal views of the subject securities andthat the analyst has not received and will not receive direct or indirect compensation in exchange for expressing specificrecommendations or views in this report. Disclaimer: This research report is not an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The securities referredto in this report may not be eligible for sale in some jurisdictions. The information contained in this report has been compiled bythe Research Department ofWestBull SecuritiesLimited (‘WestBull Securities’) from sources that it believes to be reliable