Western Securities: Initiates "Buy" rating for RoboSense (02498), leading company in LiDAR technology entering global market.

Western releases a research report stating that they have initiated coverage on ROBOSENSE (02498) with a "buy" rating. The company is expected to achieve rapid growth in shipment volume driven by the rapid development of various businesses such as L2/L4/Siasun Robot&Automation. The main points from Western are as follows: - The market believes that there is still no consensus on the choice between LiDAR and pure vision, and that the development space for LiDAR is limited. - LiDAR is considered necessary for L2+ solutions as a safety component, as it can provide more accurate distance and speed information compared to just millimeter-wave radar. In the long term, the high-end model with a price tag of over 100,000 RMB is expected to come equipped with LiDAR as standard, leading to an increase in the number of LiDAR units per vehicle and their average selling price. Considering scenarios such as Siasun Robot&Automation, unmanned logistics, and unmanned warehousing, Western believes that the market size for LiDAR is likely to grow faster than market expectations. - The company's leading LiDAR technology iteration, along with its chipization and solidification products, establishes a core barrier. - The company was the first to achieve mass production of solid-state LiDAR for vehicles, using its self-developed M-Core SoC chip. This technological advantage supports the large-scale deployment of LiDAR for ADAS and Robotaxi scenarios. Siasun Robot&Automation and Robo+ businesses have made breakthroughs in multiple areas, paving the way for long-term growth. - In terms of Siasun Robot&Automation, the company has self-developed dexterous hands and ACCamera. In terms of Robo+, the company has entered into a full-line product collaboration in unmanned delivery with Xinshi Qi and provides E1 solid-state LiDAR for multiple L4-level vehicle models in the Robotaxi field, while also expanding into industrial warehousing scenarios. Key Logic #3: Accelerated globalization layout, continuous improvement in profitability, highlighting operational resilience. - The company has accumulated a number of joint ventures with overseas brands, and is expected to accelerate breakthroughs in overseas markets in the future. The company achieved net profits in the 25th quarter, demonstrating strong cost control capabilities along with high investments, paving the way for gradual profit restoration. Risk Warning: - Risks of intensified competition in the smart driving field, rapid changes in LiDAR technology, internal management risks, and high customer concentration risks.