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速腾聚创(02498.HK):发布机器人新品 开启车载+机器人平台发展新十年

Suteng Juchuang (02498.HK): Launching a new robot product to start a new decade of vehicle+robot platform development

Soochow ·  Jan 4

Key investment points

Event: The company held the “Hello Robot” 2025 AI robot global press conference to fully present the robotics platform company's strategy and implementation results for the first time.

Build a humanoid robot development platform to enable the industry to accelerate the spread of robots. The company built the humanoid robot body as the basis for development and application, and understood the requirements based on the complete body of the robot. The company released a series of new products: 1) Papert 2.0, a second-generation dexterous hand, with 20 degrees of freedom, 14 force sensors, and a maximum load of 5 kg. It can adjust grip according to the target and replicate fine manual movements.

The closed loop of perception information and hand movement improves versatility and accuracy; 2) Active Camera camera, which combines digital lidar signals and camera information at the hardware level, can accurately identify three-dimensional environmental distance information, overcome the effects of light and dark environmental interference, and solve the pain points of heavy and inefficient similar products; 3) Tactile force sensor FS-3D, suitable for end motion control of foot robots; 4) LA-8000 leg joint with articular joints, providing accurate and powerful (up to 13000N) leg strength output; 5) DC domain controller G1 can simultaneously achieve high integration, small size, large computing power, and low power consumption. Through the spillover of R&D results, the company provides incremental components and solutions to the industry, which is expected to accelerate the spread of robots and expand the ecological advantages of the company's industrial chain.

Launch new mobile solution products to enable intelligent mobility of automobiles and robots. The company released a series of new sensory detection products: 1) The world's first 1000-line ultra-long-range lidar EM4, which can detect an ultra-long distance of up to 1080 lines and a maximum distance of 600 meters. EM4 gives smart cars 1080P high-definition three-dimensional perception to help advanced intelligent driving and fully autonomous driving achieve better performance; 2) E1R equipped with the world's first digital SPAD-SoC chip and 2D VCSEL chip. It is based on a vehicle-level platform design, has a 120° x 90° ultra-wide field of view, and can be used in industrial, commercial, and physical intelligence Various types of mobile robots; 3) Airy, the world's first 192-line hemispherical digital lidar. Its size is only the size of a table tennis ball. It has a 360° x 90° ultra-wide hemispherical FOV, covering a 120m diameter range.

Overseas robot customer breakthrough+targeted release of mass production is expected to replicate the ADAS growth trajectory. The company received many key robotics customers at home and abroad in 2024Q3. The number of partners in the robotics field surpassed 2,600. Many new products have already been targeted for mass production by Head Robotics. The company expects robot lidar shipments to exceed six digits in 2025.

MX helps the penetration of smart driving in mid-range and low-end models, and ADAS still has plenty of momentum for growth. The company's MX products continue to expand their influence with extremely cost-effective product advantages. As of 2024M11, the company has reached cooperation with 28 automakers and tier-1 suppliers, increased the number of designated models to 92, and reached targeted mass-production cooperation with the world's largest travel platform and Little Pony Zhixing in the L4 field. We believe that the company has initially successfully implemented a strategy to reduce lidar costs for car manufacturers to accelerate volume. Looking backwards, demand for smart driving is penetrating into large base models. At the same time, the company has accumulated high-quality fixed-point projects in leading overseas OEMs, saving more momentum for development in 26 years and beyond.

Profit forecast and investment rating: Considering the company's automobile and robot efforts, we adjusted the company's expected revenue for 2024-2026 from 1.76/2.86/4.14 billion yuan to 1.79/2.89/4.19 billion yuan. The closing price on January 3, 2025 corresponds to PS 3.9/6.3/9.1 times, maintaining a “buy” rating.

Risk warning: NEV demand falls short of expectations, NEV market competition intensifies, lidar penetration rate falls short of expectations, industry competition intensifies

The translation is provided by third-party software.


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