RoboSense：Ecocene架构强化长期主题

RoboSense|02498.HK UPDATE REPORT Grossmarginunderpressure; Eocenearchitecturestrengthens thelong-termthesis H F NGO, Brian, CFA STOCK RATING TARGET PRICE SENIOR ANALYST HK$42.90 BUY brianngo@westbullsec.com.hk RoboSense(02498.HK) reported 1Qrevenue of RMB458.8mn, up 39.9% YoY, with total LiDAR shipments reaching 330.3kunits.ADAS and robotics LiDAR shipments were 145k and 186k units, respectively, marking the first quarter in which robotics +8523896 2965 2701–2703,27/F, Infinitus Plaza, 199 Des Voeux Rd RoboSense(02498.HK) Blended ASP declined to RMB 1,335.5 in 1Q, mainly due to change in product mix, as digitalized LiDAR products such asEMX and E1R ramped up rapidly.Gross margin declined to 21.7%, which management attributed primarily to higher Stock Rating(Previous Rating)BUY(BUY)Target Price(Previous TP)HK$42.90(46.10) At its Tech Day, RoboSense unveiled the Eocenedigital architecture, together withthe Phoenix and Peacock flagship SPAD-SoCs.We believeEocene’sstrategic value lies not only in new product launches, but in transition toward a reusable, scalable In next-generation fusion perception, the industry is clearly moving toward RGBD and higher integration. RoboSense istaking a more gradual industrialization path,it firstlyenabledmodule-level fusion through AC2, which integrates dToF Looking at next-generation fusion perception, RGBD and higher integration are clearly the direction of travel for the industry.However, commercialization paths differ across players. Hesaihas moved directly toward a native single-chip full-color Given weaker-than-expected gross margin in 1Q, we lower our earnings forecasts and see higher uncertainty around full-year breakeven. However, we maintain our positive long-term view,supported by a solid backlogin LiDAR for ADAS, Peers comparison Risk factors ◼Greater-than-expected pricing pressurecould delay gross margin recovery◼Mass-production progress of next-generation chips may be slower than expected◼Peers may execute technology upgrades and product launches faster than expected 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,洞見研報. Ratingsof WestBullSecurities: 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 months Investors should assume thatWest Bull Securitiesis seeking or will seek investment banking or other related businesses with the Analyst certification:The viewsexpressed 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 ofWestBull SecuritiesLimited (‘WestBull Securities’) from sources that it believes to be reliable but norepresentation, warranty or guarantee is made or given byWest BullSecuritiesorany other person as to its accuracy orcompleteness. All opinions and estimates expressed in this report are (unless otherwise indicated) entirely those ofWest BullSecuritiesas of the date of this report only and are subject to change without notice. NeitherWest BullSecuritiesnor any other