GTHT Securities released a research report maintaining an "Overweight" rating on ROBOSENSE (02498) and raising the target price to HK$43.36. The company has actively explored applications in robotics, Robotaxi, and Robovan markets, achieving impressive order progress. Its robotics business performed exceptionally well in Q3, alongside strong market expansion of EMX products and advancements in the Robo+ sector. Key insights from GTHT include:
Under the EM platform, ROBOSENSE has successfully secured design wins for passenger vehicle LiDAR, with an expanding client base. According to the Q3 report, the company recently secured two major design wins—one from a leading new energy vehicle manufacturer and another from a globally renowned SUV and pickup truck maker. Additionally, it obtained an exclusive three-year design win for a new pure-electric model from a joint venture between Japan’s largest automaker and a Chinese brand.
The Robotaxi business is expected to see a trend of multiple LiDAR units per vehicle. Recently, ROBOSENSE and Didi announced a partnership for next-generation autonomous vehicles, where ROBOSENSE will provide an EM4+E1 solution for full-range perception, combining long-range precision detection with blind-spot elimination. This marks the first adoption of a 10-LiDAR-per-vehicle configuration, aiming to develop a next-gen autonomous driving benchmark model capable of all-weather operation. Other industry leaders, including Pony.ai, WeRide, and a top-tier L4 company in Silicon Valley, have also partnered with ROBOSENSE.
In Q3, ROBOSENSE delivered 35,500 LiDAR units for robotics applications, a significant year-on-year increase. In unmanned delivery, it has become the preferred perception solution for multiple developers, including JD.com, Meituan, Neolix, Jiushi, WeRide, Cainiao, and Coco. The EMX+E1R product combination serves as a solution for urban logistics. The company recently launched two new products—Fairy and AC2. Fairy is a high-precision mid-to-long-range digital LiDAR already deployed in Neolix’s X3 unmanned vehicle, while AC2 integrates dTOF, RGB stereo vision, and IMU into a single sensor, facilitating expansion from automotive into robotics and consumer markets.
Risk factors include a sharp rise in raw material prices and a downturn in global passenger vehicle demand.
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