Guosheng Securities Inc. has released a research report reiterating its positive outlook on ROBOSENSE (ASX: 02498). The firm maintains a "Buy" rating and sets a target price of HK$49.
The report expresses optimism for the company's long-term prospects, citing benefits from the concentrated delivery of new automotive models in the second half of the year, increased market demand in the robotics sector, cost optimization from in-house developed chips, and improved capacity utilization. The company continues to focus on innovation in AI algorithms and hardware technology to strengthen its leading position in the ADAS and robotics industries.
Due to changes in the product mix and the launch of new products, Guosheng Securities Inc. has adjusted its revenue forecasts for ROBOSENSE for 2026-2028 to 3.04, 4.08, and 5.29 billion yuan, respectively. The non-GAAP net profit attributable to shareholders is forecast at 0.1, 3.0, and 4.3 billion yuan for the same periods. The HK$49 target price is based on a 5x multiple of the estimated 2027 price-to-sales ratio.
Key Points from the Report
ROBOSENSE disclosed its Q1 2026 performance, with LiDAR shipments reaching 330,300 units, a year-on-year increase of 204.1%. ADAS LiDAR shipments were approximately 144,800 units, up 49.7% year-on-year, while LiDAR shipments for robotics and other fields surged to about 185,500 units, representing a massive 1,458.8% increase. Robotics LiDAR shipments exceeded ADAS shipments for the quarter, accounting for 56.2% of the total. With increased penetration among core automotive clients and expansion to new clients, full-year automotive LiDAR sales are expected to accelerate in the second half.
As of March 31, 2026, ROBOSENSE had secured designations for 177 vehicle models from 36 automakers and Tier-1 suppliers, with 69 models from 17 of these partners having entered serial production. The ADAS order backlog exceeds 9 million units.
Robotics and Other LiDAR: Entering Mass Production Phase
According to GGII's "Global Robotics 3D LiDAR Shipment Ranking for Q1 2026," ROBOSENSE maintained its position as the global leader in robotics LiDAR shipments. The company holds leading global market shares in several segments and ranks among the top suppliers for domestic intelligent robots, lawn mowing robots, and commercial cleaning equipment. The company is advancing next-generation product intelligence upgrades with Ecovacs Robotics and elevating its collaboration with Unitree Robotics to a strategic level. Its Active Camera solution has received batch orders from a leading European humanoid robot manufacturer, marking a transition from the validation phase to full-scale mass production for its robotics platform.
In-House SPAD-SoC Chips: Building a Technological Moat
In April 2026, the company launched its digital architecture platform "Genesis" and two self-developed chips. The "Phoenix" chip features a single-chip, single-optical-path native integrated design, supports 2,160 lines, and has passed AEC-Q100 automotive-grade certification. A 4-megapixel high-definition LiDAR solution based on the Phoenix chip has already been designated by a leading automaker, with mass production and vehicle integration expected within 2026. The "Peacock" chip is described as having the industry's highest resolution and highest mass-producible specification for large-area arrays, meeting VGA-level 3D imaging standards. Products equipped with the Peacock chip have been delivered in small batches, with mass production anticipated in Q3 2026.
The company's self-developed chip architecture is leading the industry's transition to purely digital LiDAR. A full-stack technology upgrade is expected to enhance the company's long-term product value and market positioning in the era of physical AI. Simultaneously, the shift of the product line to fully self-developed solutions is anticipated to drive continuous optimization of the cost structure and a gradual improvement in gross margins.
The report concludes with risk warnings, including potential iterations in autonomous driving sensor technology, risks associated with core clients developing in-house solutions, potential for greater-than-expected price reduction demands from downstream customers, and risks related to forecast inaccuracies.
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