Founder: ROBOSENSE (02498) AC2 new product launch imminent; maintains "recommended" rating.

Founder released a research report stating that from October 19th to 25th, 2025, the International Conference on Intelligent Siasun Robot & Automation Systems (IROS 2025) will be held at the Hangzhou International Expo Center. During this IROS event, ROBOSENSE (02498) will officially release the latest product in the Active Camera series - the AC2. The company's automotive business will benefit greatly from smart driving technology, and the growth of the Siasun Robot & Automation sector will accelerate. In the future, incremental components such as Active Camera and dexterous hand products will gradually become available, driving growth in the automotive and Siasun Robot & Automation businesses. The report predicts the company's revenue for 2025-2027 to be 25.0/34.2/45.8 billion RMB and maintains a "recommended" rating. The report states that the AC2 is an integrated super sensor system that combines dToF technology, dual RGB technology, and IMU motion information compensation. This product continues the development philosophy of ROBOSENSE, providing comprehensive services from hardware to software and complete development ecology, offering one-stop solutions for various 3D application scenarios. Compared to the AC1 series, the AC2 series has significantly reduced volume, with intuitive dimensions similar to currently widely used binocular vision sensors, providing millimeter-level ranging accuracy and high robustness RGBD data. It can be embedded in various visual sensor application areas such as the head of a robotic dog, the end of a robotic arm, and the head of a humanoid Siasun Robot & Automation. ROBOSENSE's self-developed SPAD-SoC chip was initiated in 2018, and in 2020, the company established a chip research and development team. In 2022, the company introduced the SPAD-SoC and gradually applied it to solid-state radar such as the E1, continuously iterating on the chip to achieve better detection performance and power consumption. Compared to the AC1 product, the AC2 product has upgraded in terms of the SPAD chip, combining AI-ready algorithm software stack and a complete set of solutions to form a "chip solution-ecology-product" loop, capable of creating and launching suitable products for customers in different scenarios. The report points out that AC series products are applicable in multiple fields such as automotive/Siasun Robot & Automation/consumer electronics, and the second growth curve of incremental parts for Siasun Robot & Automation is expected to accelerate. Currently, Huawei's in-cabin laser Limera product has been applied in models such as Wenshijie M7/SAIC Baojun, and the underlying technology of the company's AC products is the same as Huawei's in-cabin laser radar products. The technology can be reused in automotive and even Siasun Robot & Automation, consumer electronics, and other fields. The company is fully integrated into the three major ecosystems of NVIDIA DRIVE/Jetson/Omniverse, creating a visual gateway with high compatibility in cooperation. In addition, the company is also laying out a variety of dexterous hand-related components for Siasun Robot & Automation, with the potential for gradual increase in output in the future.