Daiwa downgraded the target price of ROBOSENSE to 57 yuan, maintaining a "Buy" rating

Daiwa published a research report stating that ROBOSENSE (02498.HK) has rapidly scaled its lidar business in the robotics field and has seen continuous improvement in the gross margin of its assisted driving lidar, recording quarterly profits for the first time in the fourth quarter of last year. Among them, the gross margin of assisted driving lidar increased from 13.4% in 2024 to 19.1% in 2025. The firm believes that this improvement is not cyclical but reflects a fundamental shift based on chip infrastructure.

The firm expects that ROBOSENSE's assisted driving lidar deliveries will increase to 1.6 million units this year, accounting for approximately 28% of the Chinese market share. The lidar in the robotics field is expected to become the second growth curve, with estimated deliveries of about 810,000 units this year.

Daiwa raised its earnings per share forecast for ROBOSENSE in 2027 by 35% to reflect higher gross margin expectations, lowering the target price from 60 yuan to 57 yuan, and maintaining a "Buy" rating