Brief review of the event
On January 3, 2025, the company held the “Hello Robot” 2025 AI robot global press conference to launch a series of new lidar products, general robot components and development platforms, and launch the “Family Bucket” for the robot era.
Lidar: 3 new products, extreme ADAS performance, high adaptability to robot scenarios.
1) EM4: The world's first “thousand-line” ultra-long-range digital lidar, 1080 lines equivalent to 1080P high-definition three-dimensional sensing, 600 meter distance measurement capability. 2) E1R: The world's first robotic all-solid-state digital lidar, SPAD +2D-Vcsel technology solution, 120°×90° FOV, covering a 120m diameter range. 3) Airy:
192 lines, hemispherical digital lidar (the size of a table tennis ball), 360°×90°FOV, 172w point frequency, ±1cm measurement error.
Robotic “lower body” Robo FSD mobile platform, “upper body” dexterous hand.
1) Robo FSD mobile robot platform: Adopts an end-to-end architecture to support the autonomous driving requirements of various mobile robots at high or low speeds. 2) Papert 2.0 second-generation dexterous hand: 20 degrees of freedom, 14 force sensors, maximum load 5 kg, performance configuration is at the first level of the market.
4 general robot components+1 development platform. 1) Vision - ActiveCamera Robotic Eye: Combines digital lidar signals and camera information.
2) Tactile-FS-3D force sensor: suitable for terminal motion control of foot robots, greatly improving the accuracy of biped robot motion control. 3) Joint-LA-8000 high-power motor: 13000N peak thrust, which can support heavy lifting, running, jumping, etc. 4) Brain - DC-G1 domain controller: supports real-time sensing models, multi-modal large-scale models, embedded intelligent operation models, and motion control algorithms. At the same time, the company released the Robosense super sensor platform, which integrates sensor hardware, computational core and AI algorithms, making it easy for developers to call the SDK to enrich the ecosystem.
At present, the market is fully aware of the inflection point of Lidar's volume in L2 ADAS, but we believe that the generalized robotics market is a business several times larger than L2. The company is currently positioned as a supplier of incremental components and solutions for intelligent robots. It develops general robot movement and operation solutions based on complete machines, which is expected to benefit deeply.
Profit forecasting, valuation and ratings
The company's revenue forecast was raised. The estimated revenue for 24-26 was 1.72/2.64/4.24 billion yuan, respectively, and net profit to mother was -0.435/ -0.274/0.069 billion yuan.
The company's current price is 7.6/5.0/3.1 times the PS valuation, maintaining a “buy” rating.
Risk Alerts
The risk that the penetration rate of advanced smart driving in China will fall short of expectations; the risk that the international situation will affect overseas sales; the risk that the return on investment in the robotics business falls short of expectations.
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