According to the Wisdom Financial APP, Soochow Joint Development (02498) rose more than 5% in the morning session, up 5.26% to HK$16.8 as of press time, with a turnover of 22.1951 million Hong Kong dollars.

On the news front, Soochow Joint Development announced that the board of directors has decided to further repurchase shares on the Stock Exchange from time to time in the open market, with a total amount not exceeding 0.3 billion yuan, that is, the second phase of share repurchase. In addition, the company recently announced that in the third quarter, Soochow Joint Development's lidar total sales volume is approximately 0.1386 million units, a year-on-year increase of 134.9%. Among them, the sales volume of automotive lidar is approximately 0.1314 million units, a year-on-year increase of 147.0%. Achieving continuous growth in sales volume on a quarterly and monthly basis, maintaining a steady growth trend and leading the global market.

Soochow Securities pointed out that since the beginning of this year, the company's multiple SOP models have gradually formed a relatively high sales scale, driving continuous year-on-year high growth in ADAS product shipments. The bank believes that the company has successfully implemented the strategy of reducing the cost of automotive lidar for factories to accelerate shipments. Looking ahead, the trend of demand penetration into large-volume models is highlighted by BYD's 'Dynasty' and 'Ocean' series as well as Geely's 'Silver Galaxy' series using lidar assembly. The company's introduction of the MX product not only further reduces the cost threshold for lidar penetration but also is expected to further increase the product gross margin by applying self-developed SoC and other measures, making the subsequent growth of the company's ADAS products still promising. In addition, the mass production of Siasun Robot&Automation has started, and is expected to become a new driver of performance contribution.