Yamato: Reaffirm "buy" rating for RoboSense (02498), target price raised to 60 Hong Kong dollars.

Yamato issued a research report, reiterating its "buy" rating on ROBOSENSE (02498), and based on the market-sales ratio, raised the 12-month target price from 56 Hong Kong dollars to 60 Hong Kong dollars, and raised the revenue forecast for the current and next year by 8% to 12%; the forecast for the shipment volume of non-ADAS LiDAR this year was adjusted from 450,000 units to 746,600 units, and the forecast for 2027 was adjusted from 650,000 units to 1.2 million units, to reflect its solid business progress with Robotaxi operators and unmanned delivery vehicle operators. The report states that the company, relying on its SPAD-based 520-line digital LiDAR (EM4) and the industry's first mass-produced solid-state blind spot LiDAR (E1), is in an increasingly favorable position in the commercial expansion of L4-level autonomous driving technology. In addition, its 520-line LiDAR is becoming increasingly popular among Robotaxi operators and has received orders for over 200,000 unmanned delivery vehicles.