Guosheng Securities: Reiterates Suteng Juchuang (02498) “Buy” Rating Target Price of HK$50

The Zhitong Finance App learned that Guosheng Securities released a research report saying that it is optimistic about the order demand and commercialization potential of Sagiteng Juchuang (02498) lidar products. The total revenue for 2025-2027 is expected to reach 23/35/4.4 billion yuan, an increase of 37%/56%/24% over the previous year; non-GAAP net profit to mother is -1.72/1.63/366 billion yuan. Based on 6x2026e P/S, the bank gave Sagitengju a target market value of about RMB 21.14 billion, corresponding to a target price of about HK$50, and reaffirmed the “buy” rating.

Guosheng Securities's main views are as follows:

Suteng Juchuang reveals 2025Q3 results

Sagiteng Juchuang shipped 186,000 lidars in 2025Q3, an increase of 34.0% year-on-year. Among them, ADAS lidar shipments were about 150,000 units, up 14.3% year on year; robot lidar shipments were about 36,000 units, up 393.1% year on year. Suteng Juchuang's revenue in 2025Q3 reached 410 million yuan; of which products/solutions/services and other revenue each reached 3.9/0.1/08 billion yuan. The company's product gross margin this quarter was about 23.9%; of these, the gross margin in the vehicle/robotics sector was about 18.1%/37.2%, respectively.

ADAS lidar: EMX/EM4 has been targeted by multiple models, and domestic and foreign markets are advancing simultaneously

1) In the domestic market, the EM platform launched in 2025 has received fixed orders from 13 car companies for a total of 56 models. Among them, EMX has been selected for 49 models and is expected to enter mass production in 2026. The EM4 has been installed in various Krypton 9X and Zhiji models, and is becoming the core configuration for L3 level autonomous driving. Recently, the company also added new model targets from leading NEV companies and two major customers from SUV and pickup truck manufacturers, further enriching the customer structure and model coverage.

2) In overseas markets, the company's cooperation with car companies in core regions such as Asia Pacific, Europe and North America continues to advance. The project is expected to gradually confirm revenue within the next 1-3 years, driving a steady increase in the share of overseas revenue.

Robotics and other lidars: the product matrix continues to improve

In the field of mowing robots, the company launched two products, E1R and Airy, which meet complex boundary recognition requirements in mowing scenarios. In the field of urban distribution, the company has established cooperative relationships with 90% of the world's leading customers, relying on the three core products of EMX, E1R and Fairy. On the Robotaxi side, Suteng Juchuang and Didi have reached a targeted cooperation for next-generation Robotaxi models, which will use a 10-cell digital lidar solution for bicycles. North American customers will expand their fleets by the end of 2025 to accelerate mass production of EM4 and E1.

AC series opens up room for long-term growth

At the IROS conference in October, the company launched Active Camera2, which is the industry's first integrated sensor system that deeply integrates dTOF, RGB binocular, and IMU. It can provide 3D spatial perception and 6-degree of freedom motion information at the underlying hardware level for robot operation, and was selected by Yole Group as the only representative example of a humanoid robot fusion sensing scheme.

Risk warning: intelligent driving sensor route iteration risk, core customer self-development risk, risk of downstream customer price reduction claims exceeding expectations, risk of measurement errors, etc.