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【券商聚焦】东吴证券维持速腾聚创(02498)“买入”评级 指ADAS产品后续增长值得期待

Brokerage Focus: Soochow Securities maintains a "buy" rating on Speedy Group (02498), pointing out that the growth potential of ADAS products is worth looking forward to.

Jingu Financial News ·  Oct 14, 2024 04:18  · Ratings

Jingu Finance News | Soochow Securities issued research reports, stating that Speedon Technology (02498) released the shipment data for the first 9 months of 2024. The total shipments of lidar/ADAS lidar/robot and other types of lidar for 24Q1-Q3 were 0.382/0.366/0.016 million units respectively, with corresponding year-on-year growth rates of +364%/395%/129%. In 24Q3, the company's lidar product shipments were 0.1386 million units, with a year-on-year increase of +140% and a month-on-month increase of +13%. The bank stated that in 24Q3, the company's robot and other lidar shipments were 0.0072 million units, with a year-on-year increase of +38% and a month-on-month increase of +53%. The demand for robots in various application scenarios is gradually increasing. According to the company's guidance, the shipment volume of robots in 24Q4 is expected to approach the full-year 2023 level (about 16,000 units) or the first three quarters of this year (about 16,100 units). If we estimate the expected shipment volume of 16,000 units in Q4, the year-on-year growth rate is approximately +357% and the month-on-month growth rate is approximately +122%. The bank believes that the shipment of company's robot products is expected to significantly contribute to the company's revenue and gross margin.

The bank stated that in 24Q3, the company's ADAS lidar shipments were 0.1314 million units, with a year-on-year increase of +150% and a month-on-month increase of +11%. Since the beginning of this year, the company's various SOP models have gradually formed a high sales scale, driving continuous year-on-year growth in ADAS product shipments. The bank believes that the company has preliminarily succeeded in executing the strategy of reducing the cost of factory lidar to accelerate volume growth. Looking ahead, the trends of increased demand for lidar in large-volume models, such as BYD's "Dynasty" and "Ocean" series and Geely's "Galaxy" series, indicate a penetration trend towards the demand side. The company's MX product not only further lowers the cost threshold for lidar penetration but also is expected to further increase product gross margin through the application of self-developed SoC measures. The future growth of the company's ADAS products is still promising.

The bank maintains the company's revenue forecasts for 2024-2026 at 2.22/3.56/5.1 billion RMB, and the forecast for net income attributable to equity holders at -0.53/-0.19/0.13 billion RMB. As of the closing price on October 10, 2024, the corresponding PS ratios are 3.5/2.2/1.5 times, and the bank maintains a "buy" rating.

The translation is provided by third-party software.


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