双引擎增长交付

UPDATE REPORT RoboSense|02498.HK Delivery of dual-engine growthSTOCK RATING H F NGO, Brian, CFA TARGET PRICE SENIOR ANALYSTbrianngo@westbullsec.com.hk+8523896 29652701–2703,27/F, Infinitus Plaza,199 Des Voeux RdCentral, Sheung Wan, HK BUY HK$46.10 RoboSense (02498.HK)delivered revenue ofRMB750.7mnin Q4 2025, up 46.1% YoY.The Group also reported itsfirst-ever quarterly profit, markingcleara operating inflection and indicating that the benefits of digitalized productplatform, self-developed chip cost reduction, and revenue mix optimization are translatinginto reported earnings. RoboSense(02498.HK) Potential2x growth in the shipmentof LiDARfor robotics:LiDARfor robotics was the most important source ofupside inQ4 2025 and has evolved from an incremental business line into a meaningful profit contributor.Theshipment of LiDAR for roboticssurged to 221.2kunits, mainly driven by rapid volume ramp-up of newlower-pricedproducts such as E1R, particularly in lawnmowerapplications.Looking into 2026,product upgrades, new productlines and newcustomeradditions should make robotic lawn mowers the most visible shipment driver. Meanwhile,robotaxi andunmanneddelivery vehiclesshould represent thekey medium-term incremental markets:the formershould benefit from the scaled deployment of Gen-7 robotaxi platforms and the rising number of LiDAR unitsinstalled per vehicle, while the latter should be supported by the next-generation unmanned delivery vehiclesbeing developed by industry leaders such as JD, Meituan and Cainiao. We believe robotics will remain the Group’smost important growth engine in 2026, and the investment focus should shift from the explosivegrowth seen in2025 toward the visibility of broader application expansion and sustained scale-up in 2026. Stock Rating(Previous Rating)BUY(BUY)Target Price(Previous TP)HK$46.10(48.50)Current PriceHK$ 34.6052-Week RangeHK$ 25.40–46.50Market cap. (HKD, bn)HK$ 16.3 Sustained growthin the shipments ofLiDAR for ADAS:The Group began deliveries of its new digital LiDARproducts, EMX and EM4, in late 2025, and we expect volume shipments to ramp up meaningfully in 2026, graduallyreplacing legacy SKUs. Demand from key customers should remain solid following the launch of new autonomousdriving platforms last year, while deeper penetration within existing OEM supply chains should provide anadditional growth driver in 2026. We believe the shipments of LiDAR for ADAS will accelerate rapidly, particularlyas the loss of certain customers left a relatively low base in 1H 2025, thereby making it easier for the businesstodeliver stronger YoY growth in1H 2026. Delivery of dual-engine growth:Robosense (02498.HK)successfullyachieved breakeven in Q4 2025, andthe delivery of its dual-engine growth story should become the key investment focus going forward. TheGroup has completed the build-out of annual production capacity for 4mn LiDAR units to support thenext phase of large-scale production. In our view, the key catalysts for 2026 will come from three areas: i)sustained growth inLiDAR for ADAS, ii) continued scaling in LiDAR for robotics, and iii) resilient marginsdespite a competitive pricing backdrop.While ASP may continue to trend down on the back of economiesof scale, we expect gross margin forLiDAR for ADASto remain at a relatively high level of 20%–25%,while gross margin forLiDAR for roboticsmay ease further as bulk orders continue to ramp. We thereforerevise down our revenue forecasts to reflect lower ASP assumptions, while maintaining our gross marginestimates to capture the resilience of theADASsegment.Consequently,we reaffirmthe“BUY”whileadjusting our target price to HKD46.10 per share. Peers comparison Risk factors ◼The advantagesofproduct differentiationcannot be sustained◼Keen competitionbrought by peers and alternative solutions◼Sharp decrease in the ASP due to the pressure brought by the customers◼Slower-than-expected deploymentofrobotaxi◼Slower-than-expected deploymentinoverseas business 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,iFinD,發現報告. 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. Analystcertification: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