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东吴证券:维持速腾聚创(02498)“买入”评级 三季度业绩超出市场预期

Soochow: Maintains "buy" rating for Sotei Juchuang (02498), with third-quarter performance exceeding market expectations.

Zhitong Finance ·  Dec 2, 2024 01:53  · Ratings

Suteng Juchuang's performance exceeded market expectations.

According to Zhitong Finance APP, Soochow Securities released a research report maintaining a "buy" rating for Suteng Juchuang (02498). The company published its Q3 2024 report, achieving revenue of 1.13 billion yuan in the first three quarters of 2024, up 91.5% year-on-year; net income attributable to shareholders increased by 69.0% year-on-year. In Q3 2024, the company achieved revenue of 0.41 billion yuan, up 54.7% year-on-year and 11.4% quarter-on-quarter; net income attributable to shareholders increased by 77.4% year-on-year and 40.2% quarter-on-quarter. The company's performance exceeded market expectations.

The main viewpoints of soochow securities are as follows:

ADAS shipments continue to grow significantly, and gross margin improves quarterly.

In Q3 2024, the company's ADAS products achieved revenue of 0.33 billion yuan, up 87.1% year-on-year and 8.7% quarter-on-quarter; shipments were 0.131 million units, up 150% year-on-year and 11% quarter-on-quarter. Multiple SOP models drove shipments, with more models like BYD Yangwang entering mass production in Q4 2024, and the company's shipment volume is expected to further increase. According to Gaishi Automotive, the company's market share in the first three quarters of 2024 reached 35.0%, firmly holding the first position in the industry. Benefiting from the growth in shipment volumes and decreasing raw material procurement costs, the gross margin of the company's ADAS products increased from 10.6% in Q1 2024 to 14.1% in Q3 2024, with a comprehensive gross margin of 17.5% in Q3 2024, and the company guided that the overall gross margin will continue to rise in Q4.

MX assists in the penetration of intelligent driving in mid to low-end models, and ADAS still has significant growth potential.

The company's MX products continue to expand influence with highly cost-effective product advantages, having already established partnerships with 7 OEMs in the L2+ field. As of November 2024, the company has achieved cooperation with 28 OEMs and tier-one suppliers, increasing the number of specific models to 92. In the L4 field, cooperation with the world's largest mobility platform and Pony.ai has been established for mass production, benefiting from the trend of transitioning from mechanical lidar to semi-solid solutions. The institution believes the company has preliminarily succeeded in executing strategies to reduce lidar costs for automotive manufacturers to accelerate volume production. Looking forward, the logic explained in the report published in mid-October on the company's Q1-Q3 shipment data is becoming increasingly clear—models such as BYD Han, Seal, Geely Galaxy E8, and GAC AION RT are equipped with lidar, highlighting the trend of intelligent driving demands penetrating into high-volume models. Meanwhile, the company has accumulated quality projects with leading overseas OEMs, building more momentum for development in 2026 and beyond.

The overseas customers of siasun robot&automation have exceeded expectations, and the mass production release is expected to replicate the growth trajectory of ADAS.

In the third quarter of 2024, revenue from lidar for siasun robot&automation reached 0.06 billion yuan, a quarter-on-quarter increase of 44.5%; shipments totaled 0.007 million units, a year-on-year increase of 38% and a quarter-on-quarter increase of 53%. The company has secured multiple key overseas customers in the robotics sector for Q3 2024, increasing partnerships in the robotics field from 2400 to 2600. Several new products have received mass production appointments from leading robotics companies and are expected to be delivered within 18 months; the company anticipates that shipments in the robotics field will exceed six figures in 2025. The firm believes that the shipments of the company's robotics products will contribute significantly to both revenue and gross margin.

The translation is provided by third-party software.


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