Caitong Securities issued a research report stating that ROBOSENSE (02498) is a high-quality domestic LiDAR manufacturer with a diverse product portfolio covering two core scenarios: automotive and robotics. As its innovative business gradually contributes revenue, the company's future performance is expected to maintain rapid growth. This initiation of coverage comes with a "Buy" rating.
The company boasts a rich variety of LiDAR products and is accelerating the development of its "innovative business." Founded in 2014, the company has now established LiDAR product platforms—R, M, E, and EM—which are applied across multiple scenarios including ADAS and robotics. Recently, the company has also been accelerating its "innovative business," with main products including the robotic eye AC1/2 and dexterous hands related to embodied intelligence.
The autonomous driving industry continues to advance, and the company's ADAS LiDARs have secured collaborations with multiple domestic and international automakers. With the state strengthening the management of assisted driving in 2025, the penetration rate of L2 and above increased by 12.3 percentage points year-on-year in the first half of 2025, driving a simultaneous rise in LiDAR shipments. The company's ADAS LiDAR clientele includes several automakers from home and abroad. Between 2021 and 2024, the company's ADAS LiDAR deliveries surged from 4,000 units to 520,000 units, with 371,000 units delivered in the first three quarters of 2025.
In 2025, the sales volume and revenue for robotics and other LiDARs experienced high year-on-year growth. The company's robotics and other LiDARs can be deployed across various scenarios, such as embodied intelligence, unmanned delivery, lawn-mowing robots, Robotaxi, and cleaning robots, with clients including Unitree, Zhiyuan, Neolix, White Rhino, and Pony.ai. The delivery volume for the company's robotics and other LiDARs in the first three quarters of 2025 skyrocketed by 408.07% year-on-year to 81,800 units, with related revenue increasing by 173.58% year-on-year to 363 million yuan.
Investment recommendation: The institution forecasts that the company will achieve operating revenues of 3.570 billion yuan and 4.218 billion yuan for 2026-2027, with net profits attributable to shareholders of 91 million yuan and 420 million yuan, respectively. This corresponds to PS ratios of 4.73x and 4.01x. Initiating coverage with a "Buy" rating.
Risk warnings include potential slower-than-expected progress in the autonomous driving and robotics industries, significant fluctuations in raw material costs, and intensifying market competition.
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