Western Securities Co.,Ltd. has published a research report reiterating its 'Buy' rating on ROBOSENSE (02498). The report highlights the company's position as a leading LiDAR manufacturer, with its ADAS business covering core clients such as BYD Company Limited. Its market share is expected to rebound as the adoption rate of LiDAR by its customers increases.
Furthermore, as capacity utilization recovers, the proportion of higher-margin products like robotics increases, and the coverage of in-house developed chips expands, the company's gross margin is anticipated to improve sequentially. Revenue for 2026-2028 is projected at 3.3, 4.7, and 6.0 billion yuan, respectively, with net profit attributable to shareholders forecast at 110, 360, and 580 million yuan.
Key Report Details
The company reported Q1 2026 revenue of 460 million yuan, a year-on-year increase of 40%. Total LiDAR shipments for the quarter reached 330,000 units, tripling year-on-year, with an average selling price (ASP) of 1,336 yuan. The ADAS business has a substantial order backlog exceeding 9 million units.
In Q1, ADAS LiDAR sales reached 145,000 units, up 50% year-on-year. By the end of the quarter, the company had secured mass production designations for 177 vehicle models from 36 automakers and Tier-1 suppliers, with 69 models already in SOP. The order backlog in the ADAS field exceeds 9 million units.
Robotics LiDAR shipments were 186,000 units, a staggering increase of 1459% year-on-year. 1) The company holds approximately a 70% share in the robotic lawn mower segment, with key clients including Ninebot and Kumax. A recent strategic cooperation agreement was signed with Roborock, with expected 2026 shipments exceeding 600,000 units. 2) In the unmanned delivery field, cooperation with companies like Neolix, Bai Xiniu, and Jiuzhi Intelligence is deepening. 3) In the robotaxi sector, the company's combined 'EM4+E1' solution already covers nearly all leading robotaxi firms. WeRide's new Robotaxi GXR equipped with this solution is scheduled for official launch in Q3 this year.
Advancing Full-Stack In-House SPAD-SoC Chip Architecture
The company launched its 'Genesis' digital architecture and two flagship in-house developed SPAD-SoC chips: the 'Phoenix' series, a single-chip natively integrated 2160-line automotive-grade chip, and the 'Peacock' series, an ultra-large area array chip. LiDARs customized based on the 'Phoenix' chip are already being installed on vehicles, and the 'Peacock' chip is expected to enter mass production within 2026. Chip costs are likely to decrease as the proportion of in-house development rises.
Potential Risks
The report notes risks including intensifying competition, fluctuations in raw material prices, and potential slower-than-expected progress in robotics and robotaxi businesses.
Comments