Daiwa expects ROBOSENSE's lidar to be in a favorable position, raising the target price to 60 yuan

Daiwa Research Report pointed out that ROBOSENSE (02498.HK), relying on its SPAD-based 520-line digital lidar (EM4) and the industry's first mass-produced solid-state blind spot lidar (E1), is in an increasingly favorable position for the commercialization expansion of L4 autonomous driving technology. In addition, its 520-line lidar is becoming increasingly popular among Robotaxi operators, having received orders for over 200,000 unmanned delivery vehicles.

Daiwa reiterated a "Buy" rating for the stock and raised the 12-month target price from HKD 56 to HKD 60 based on the price-to-sales ratio; it also adjusted revenue forecasts for this year and next year upward by 8% to 12%; the forecast for non-ADAS lidar shipments this year was raised from 450,000 units to 746,600 units, and the 2027 forecast was raised from 650,000 units to 1.2 million units, reflecting its solid business progress with Robotaxi operators and unmanned delivery vehicle operators