【国泰君安证券(香港)】Release of EMX Suggests Comparative Improvement Against Hesai-250612（4页）.pdf

1、 See the last page for disclaimer Page 1 of 4 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 机机械械行行业业 Machinery Sector 速速腾腾聚聚创创 ROBOSENSE(02498 HK)Company Report:ROBOSENSE(02498 HK)Muyang Zhao 赵沐阳(852)2509 5375 公司报告：速腾聚创(02498 HK).hk 12 June 2025 Table_Summary R

2、elease of EMX Suggests Comparative Improvement Against Hesai We maintain Buy,but decrease TP to HK$42.17.Robosense(the“Company”)recently announced its EMX LiDAR series in April,and currently has design wins for 17 car models.Despite a revenue decrease this quarter,we expect there to be a significant

3、 rebound next quarter,driven by significantly more design wins in 2Q2024,and the seasonality of the lawn mower robot business.We adjust our 2025-2027 revenue forecasts to RMB2,642 mn/RMB5,259 mn/RMB8,301 mn,respectively.Our TP is based on a SOTP 2025F EV/S valuation of 2.5x for the ADAS segment and

4、15.0 x for the robotics segment.This results in a 6.1x/4.6x/3.0 x 2025-2027 EV/S Ratio.The Company posted a slight revenue decline for the quarter due to ADAS LiDAR sales declining by-25%YoY due to few 1Q2024 design wins,which was mostly offset by a LiDAR sales increase.We expect a significant reven

5、ue rebound next quarter due to there being 15 design wins in 2Q2024 compared with 2 design wins in 1Q2024.Total revenue for 1Q2025 was RMB345mn,down 4.3%YoY.ADAS LiDAR product revenue was RMB229 mn,down 25.3%YoY.Robotics LiDAR revenue was RMB73.4 mn,up 87.0%YoY.ADAS LiDAR product sales volume was 96

6、.7k,down 16.8%YoY.Robotics LiDAR product sales volume was 11.9k,up 183.3%YoY.ADAS LiDAR ASP was RMB2,367,down 10.1%YoY.Robotics LiDAR ASP was RMB6,168,down 34.0%YoY.Margins experienced significant improvement due to revenue mix changes and due to newer products having higher margins.Total gross marg