Guosen Securities has issued a research report reiterating its "Outperform" rating for ROBOSENSE (ASX: 02498).
For the first quarter of 2026, the company reported revenue of RMB 459 million, representing a year-on-year increase of 39.9%. Revenue from product sales amounted to RMB 441 million, up 45.9% year-on-year, while revenue from services and other sources reached RMB 7.663 million, a significant increase of 91.2%. The company's net profit margin for the quarter improved by 16 percentage points compared to the same period last year.
Key Points from the Report
In the automotive sector, the company is benefiting from the rapid development of ADAS and advanced intelligent driving, resulting in a robust order book. On the product front, during its 2026 Tech Day, Robosense unveiled the "Genesis" architecture, a SPAD-SoC chip-level solution platform. This launch included the world's first monolithically integrated native 2160-line automotive-grade SPAD-SoC, the "Phoenix" chip, and the industry's first mass-producible 640×480 resolution full-solid-state large-array SPAD-SoC, the "Peacock" chip. A customized "Thousand-line" digital LiDAR based on the Phoenix chip made its debut installed on a vehicle at the Beijing Auto Show, achieving the milestone of "launching and installing simultaneously." The Peacock chip is scheduled for formal mass production within 2026.
Regarding its customer base, as of March 31, 2026, the company had secured design wins from 36 automakers and Tier-1 suppliers for 177 vehicle models. Its order backlog in the ADAS field now exceeds 9 million units. The company's full-solid-state blind spot LiDAR has been adopted by nearly all leading global L4 autonomous driving vehicle manufacturers, and its "EM4 main radar + E1 blind spot radar" digital combination is favored by over 90% of top industry players. By April 15, 2026, cumulative deliveries of the company's all-solid-state digital LiDAR E-platform products (including E1 and E1R) had surpassed 300,000 units. Robosense has also established exclusive partnerships with robotic lawn mower industry players Kuma Technology, Weilan Dalu, and Roborock.
Expansion into Robotics
In the robotics sector, leveraging its expertise in hardware, chips, and AI technologies, the company provides incremental components and solutions for robots. Relying on its self-developed SPAD-SoC and 2D VCSEL digital chip-driven advanced perception hardware products, Robosense has assisted partners including Unitree, Zhiyuan, Zhongqing, Galaxy General, and Yuejiang in bringing their humanoid robot products to market. The company's Active Camera solution has received batch orders from a leading European humanoid robot manufacturer.
The report concludes with a risk warning regarding potential increases in raw material prices and the intensifying price competition in the automotive industry.
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