RoboSense Technology: Expanding perception solutions beyond vehicles; reiterate Buy

研报英文原文证据摘录

RoboSense Technology: Expanding perception solutions beyond vehicles; reiterate Buy

Global Research

30 July 2026ab

RoboSense Technology Equities

ChinaExpanding perception solutions beyond vehicles;

reiterate Buy Auto Parts

12-month rating Buy

12m price target HK$32.50Upside from customer diversification and robotics growth underappreciated

Prior : HK$45.00

With the share price down c45% from its September 2025 peak, we believe the market

has fully priced in the risks stemming from BYD’s large share of the company’s ADAS Price (29 Jul 2026) HK$22.52

LiDAR customer mix and the potential for further declines in LiDAR pricing. However, RIC: 2498.HK BBG: 2498 HK

investors have yet to fully recognize the upside potential from the company’s expanding

ADAS LiDAR customer base and broad-based growth in its robotics LiDAR business. We Trading data and key metrics

expect RoboSense to turn profitable in 2026 and deliver a 34% net profit CAGR over 52-wk range HK$43.54-20.60

2027-30E. Key re-rating catalysts include: 1) new ADAS LiDAR order wins; 2) sequential Market cap. HK$10.9b/US$1.39b

margin improvement as new products ramp up; 3) launch of new perception solutions. Shares o/s 484m (ORD)

Free float 100%

ADAS LiDAR: Encouraging new order wins Avg. daily volume ('000) 6,312

RoboSense’s ADAS LiDAR business is gaining momentum, underpinned by strong new Avg. daily value (m) HK$174.3

design wins and a widening customer base. Its cumulative design wins for mass Common s/h equity (12/26E) Rmb3.80b

production of ADAS LiDAR products reached 177 vehicle models in Q126, with P/BV (12/26E) 2.5x

particularly encouraging wins for its next-generation EM platform. Key clients include Net debt to EBITDA (12/26E) NM

BYD, Geely, Great Wall Motor, Leapmotor and JV brands such as FAW Toyota. As new