Succession in Focus

研报英文原文证据摘录

Succession in Focus

etrics are based on Morgan Stanley ModelWare

Amnon Shashua’s planned transition, as well as margin pressure in the back half of **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

the year. Shashua intends to remain involved as Chairman, focusing on technology, e = Morgan Stanley Research estimates

Quarterly EPS ($)

strategy, innovation and long-term opportunities, while the focus of the successor 2026e 2026e 2027e 2027e

CEO will be to scale the company’s next phase of growth. In our view, Shashua’s Quarter 2025 Prior Current Prior Current

Q1 0.08 - 0.12a - -

continued involvement mitigates some transition risk, though appointing a Q2 0.13 - 0.04 - -

credible operating successor will be important to rebuilding investor confidence. Q3 0.09 - 0.03 - -

Q4 0.06 - 0.03 - -

Higher-value ADAS expands content. We continue to view Surround ADAS as a e = Morgan Stanley Research estimates, a = Actual Company reported data

meaningful medium-term content opportunity, with management expecting it to

begin driving ASP growth in 2028 (at an average ASP of ~$100–150). The Stellantis

Cloud-Enhanced ADAS award (STLA covered by Javier Martinez de Olcoz Cerdan)

adds a near-term tailwind beginning in 2027 through a primarily software-based

REM upgrade to an existing EyeQ6 Lite program. The solution delivers a meaningful

performance upgrade with limited OEM investment and a shorter development

cycle than Surround ADAS. We estimate the program represents ~4–5 million

lifetime units at an ASP of roughly $100 per unit. Gross profit per unit is expected

to be broadly comparable to Surround ADAS and more than double base ADAS. We

would look for incremental Cloud-Enhanced and Surround ADAS upgrades as an