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【券商聚焦】海通国际削速腾聚创(02498)目标价12.4% 指Q3出货增速稍弱 惟毛利率快速改善

[Brokerage Focus] Haitong International cuts SpeedTeng Technology (02498) target price by 12.4%, citing slightly weaker growth in Q3 shipments but rapid improvement in gross margin.

Golden Guard Financial News ·  Dec 2, 2024 07:58  · Ratings

Jingu Financial News | Haitong Int'l issued research reports, indicating that Suteng Juchuang (02498) achieved revenue of 1.135 billion yuan in the first three quarters, a year-on-year increase of 91.5%; gross profit of 0.17 billion yuan, a year-on-year increase of 375.4%, with a gross margin of 15.0%, a year-on-year increase of 8.93 percentage points; net loss attributable to shareholders of 0.351 billion yuan, a year-on-year reduction of 69%, with a net margin of -31%, a year-on-year increase of 169.49 percentage points. Among them, in 3Q24, revenue reached 0.408 billion yuan, with a year-on-year/homogeneous increase of 54.7%/11.4%; gross profit of 0.071 billion yuan, with a year-on-year/homogeneous increase of 210.2%/31.7%, a gross margin of 17.5%, a year-on-year/homogeneous increase of 8.75/2.69 percentage points; net loss attributable to shareholders of 0.082 billion yuan, with a year-on-year/homogeneous increase of 77.4%/-40.2%, and a net margin of -20.2%, a year-on-year/homogeneous increase of 117.7/17.37 percentage points.

The bank mentioned that the shipment growth rate in 3Q24 was slightly weaker, but the gross margin improved rapidly. The bank pointed out that although end-to-end technology significantly enhances the performance of the road with a pure visual solution, the bank believes that the long-term security value of lidar has not diminished. After cost exploration to a certain level, it still has the potential to become standard equipment. In addition, according to the disclosed by management, as of 3Q24, the company's robot sector has surpassed 2600 partners, and new product development is about to enter the mass production stage. The shipment volume in the robot sector in 2025 is expected to exceed 0.1 million units. Considering that the robot industry is still in the early stages of adoption, it is expected to drive the overall gross margin to exceed.

The bank expects the company's revenue for 2024-2026 to be 1.727/3.28/4.6 billion yuan, with EPS of -1.00/-0.52/0.00 yuan respectively (originally forecasted to be 2.145/3.7/5.8 billion yuan, with EPS of -1.05/-0.52/0.18 yuan respectively). Referring to comparable company valuations, the bank maintains a 3x PS for 2025, corresponding to a target price of 23.46 Hong Kong dollars (previously 26.78 Hong Kong dollars, corresponding to a 3x PS in 2025, a 12% decrease; HK$1 = Rmb0.9301). Maintain an "Outperform" rating.

The translation is provided by third-party software.


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