1、 BUYBUY Last Traded PriceLast Traded Price (2 Jun 20252 Jun 2025):HKD32.25 (HSIHSI :23,158)Price Target Price Target 1212-mthmth:HKD45.00(40%upside)(Prev HKD60.00)Analysts Rachel Miu rachel_ Elizabelle PANG View our full data-driven analysis and more at DBS Insights Direct Whats New 1Q25 earnings mi

2、ssed by 9%on weak shipments and ADAS 1Q25 earnings missed by 9%on weak shipments and ADAS market share loss,but gross margins beat expectationsmarket share loss,but gross margins beat expectations Growth to resume from 2Q25,Growth to resume from 2Q25,led led byby mass production,mass production,OEM

3、launches and OEM launches and landland-mark robotics partnership mark robotics partnership Lowered Lowered FY25FFY25F/26F/26F earnings by earnings by 1 1%eacheach,reflecting,reflecting a morea more cautiouscautious ADAS outlook,ADAS outlook,offset by offset by roboticsrobotics -the next big the next

4、 big thing to watchthing to watch Maintain BUY with Maintain BUY with revisedrevised TP of HKDTP of HKD4545 on lower multipleon lower multiple;Accumulate on 2H25 recovery and roboticAccumulate on 2H25 recovery and robotics s-drivendriven catalystscatalysts Source of all data on this page:Company,Blo

5、omberg,DBS Robotics the next big bang Investment Thesis:Global lidar leaderGlobal lidar leader with market share of 29%with market share of 29%.Robosenses competitive advantages include(i)cost leadership,(ii)strategic partnerships with leading original equipment manufacturers(OEMs)/robotaxi/robotics

6、 players(e.g.,BYD,Pony.ai,Coco Robotics,Mammotion Technologies),and(iii)in-house chip and software development to provide comprehensive customer solutions.To-date,Robosense has secured design wins for 100 vehicle models and has 2,800 customers in robotics and other sectors.Mixed 1Q25Mixed 1Q25;Shift