The financial situation has improved significantly, and gross margin has increased significantly
In 2024, Q1 achieved revenue of 360 million yuan, an increase of 149.1% year on year, of which ADAS product revenue was 310 million yuan, an increase of 327% year on year. The company's gross margin increased by 12.3%, an increase of 16.4 percentage points over the previous year, and the gross margin of ADAS products reached 10.6%, a significant increase of 69.1% over the previous year. The adjusted net loss was approximately $80 million, a year-on-year decrease of 11.5%.
Product sales are growing rapidly, and the market share is at the top of the domestic list
In 2024, Q1's total sales volume of lidar products was about 120,400 units, up 457.4% year on year, close to half of 2023 sales. The sales volume of lidar products used in the ADAS field was about 116,200 units, an increase of 542.0% year on year. In the first quarter of '24, the installed volume of the company's lidar products exceeded 116,000 units, and the market share topped the list with 51.6%.
Targeted coverage of mainstream car companies, and mass production delivery capacity is gradually improving
As of May 17, '24, the company has obtained targeted orders for mass production of 71 Tier 1 models from 22 automakers. This year, the company has targeted new models with Zhiji Auto and Xiaopeng Motor. By the end of the first quarter, 25 models from 12 customers had been mass-produced and delivered on a large scale.
Domestic technology iteration is accelerating, product strength is leading
The company released a new generation of medium- and long-range lidar MX during the Beijing Auto Show, replacing the mainstream product M1P. Through the reduction and streamlining of the structure and self-developed chips, the cost was greatly optimized. At the same time, there was no backlog in the life cycle of other products, reducing the price of models equipped with lidar to less than 200,000, which is expected to achieve the capacity of models equipped with lidar. When the MX product was released, it received 3 fixed targets, and large-scale mass production will begin in the first half of '25.
Demand for long-range measurement is gradually increasing, and overseas markets are being actively deployed
The company's new product, the ultra-long-range lidar M3, uses a platform-based and modular design to upgrade performance and reduce costs from generation to generation without changing specifications, greatly shortening the development cycle of model upgrade projects. Long-range lidar plays an important role in ensuring safety in overseas unrestricted road conditions. The company has established branches in North America and Europe to accelerate the implementation of intelligent driving overseas.