盈亏平衡点&盈利途径

UPDATE REPORT RoboSense | 02498.HK Breakeven milestone & path to profitability H F NGO, Brian, CFA STOCK RATING SENIOR ANALYST BUY brianngo@westbullsec.com.hk RoboSense (02498.HK) reported strong Q4 2025 operating metrics. LiDAR shipments for ADAS were 238,400 units(+54.8% YoY), while LiDAR shipments for robotics surged to 221,200 units (+2,565.1% YoY). The substantial step- RoboSense (02498.HK) Acceleration in the sales of LiDAR for robotics:The key driver of Q4 upside was the robotics segment, where lawnmower robots were the primary contributor. Growth in this segment should be sustained by i) product upgradesandnew product lines across the lawn mowers,and ii)incremental customer additions.Beyond lawn Stock Rating(Previous Rating)Target Price(Previous TP)Current Price The demand for EMX and EM4 may exceed our expectations:The Group commenced delivering its new digitalLiDAR products, EMX (192 beams) and EM4 (>500 beams), in late 2025. These products are expected to be the Technological advancement in CES:The Group demonstrated a Delivery Assistant robot capable of executingnearly 20 complex operational steps in a long-range delivery workflow, including gift packaging, transportation, Breakeven milestone & path to profitability:There is a high possibility that Robosense (02498.HK) achievedat least operating breakeven in Q4 2025. Reflecting stronger-than-expected demand, forecasts for salesvolumes are revised upward, while revenue assumptions are adjusted to reflect both higher shipments Peers comparison Risk factors The advantages of product differentiation cannot be sustainedKeen competition brought by peers and alternative solutionsSlower-than-expected deployment of robotaxi 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, Hibor and同花順. Ratings of West Bull Securities: STRONG BUY: absolute upside of >50% over the next 12 monthsBUY:absolute upside of >10% over the next 12 monthsHOLD: absolute return of -10% to +10% over the next 12 months Investors should assume that West Bull Securities is seeking or will seek investment banking or other related businesses with the 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 specific 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 of West Bull Securities Limited (‘West Bull Securities’) from sources that it believes to be reliable but norepresentation, warranty or guarantee is made or given by West Bull Securities or any other person as to its accuracy orcompleteness. All opinions and estimates expressed in this report are (unless otherwise indicated) entirely those of West BullSecurities as of the date of this report only and are subject to change without notice. Neither West Bull Securities nor any otherperson, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise