Haitong: First gives ROBOSENSE (02498) a "outperform" rating with a target price of HKD 46.2.

Haitong released a research report stating that it is covering ROBOSENSE for the first time (02498), giving it an "outperform the market" rating, with expected revenues of 17.3/32.8/46.0 billion yuan for the years 2024-2026, and a target price of 46.2 Hong Kong dollars. ROBOSENSE (RoboSense) was founded in 2014, headquartered in Shenzhen, and is a leading domestic laser radar technology company, with products covering laser radar hardware, HyperVision fusion perception software, and integrated solutions. Haitong's main points are as follows: Adhere to self-developed chip strategy. Focusing on self-developed chip laser radar technology, developing chip-driven laser radar platforms to achieve rapid and efficient hardware product iteration. In the early stages of application exploration, the company used discrete devices and launched the R platform product to meet the market's demand for superior performance. In order to further reduce costs and improve quality, the company is more focused on independently developing proprietary chips, successfully developing the M platform and E platform. The competition for automotive lidar is not only about performance, cost control will still be the core of industry competition in the medium to short term, self-developed chips can not only strengthen technological barriers, but also provide ample ammunition for long-term price competition, providing more ample space for profit growth. Software and hardware integration, self-developed software to enhance product performance. RoboSense's artificial intelligence perception software HyperVision converts raw sensor data collected by laser radar and cameras into high-quality perception information that can be directly used by autonomous vehicles and Siasun Robot & Automation. The rapid development of the automotive ADAS lidar business speeds up building scale effects. As of June 2024, the company has successfully obtained production orders for 80 models of 22 automotive OEMs and tier-one suppliers, and SOPs have been achieved for 29 models of 12 customers, including 17 new models in the first half of 2024. Models that started production in the first half of 2024 include popular models such as the new Jikai 001, 009, SAIC Zhi-Ji L6, L7, etc. The company believes that RoboSense's extensive "circle of friends" will provide a solid foundation for its production, helping to create scale effects. Lidar is expected to enter the 100,000-200,000 vehicle configuration range. The inclusion of lidar in vehicles such as the Zeekr C10 under 200,000 yuan is a significant event. In addition, support for advanced intelligent functions under 200,000 yuan has become a differentiating selling point. Lidar, as the "safety airbag" of intelligent driving, is expected to increase in configuration rate in the 100,000-200,000 yuan range.