Golden Finance | Sealand Securities issued a research report stating that Summit Tech (02498) was established in October 2014, mainly engaged in the development and sales of lidar and its solutions. Through the closed loop of three core technologies of lidar hardware, sensing software, and chips, it provides intelligent lidar systems with information understanding capabilities to the market. The company's lidar delivery volumes in 2020-2023 were 0.72/1.63/5.70/25.6 million units, and its total operating revenue was 171/331/530/1,120 million yuan, expanding synchronously with sales growth. As of December 31, 2023, the company has obtained designated orders for 63 vehicle models from 22 automotive companies and Tier 1 customers, assisting 12 customers in realizing the large-scale production of 24 vehicle models.
The bank stated that the company is a global leader in the lidar and sensing solution markets, mainly engaged in the development and sales of lidar and its solutions. Through the closed loop of three core technologies of lidar hardware, sensing software, and chips, it provides intelligent lidar systems with information understanding capabilities to the market. The company leads the industry in terms of revenue scale, mass production delivery, and cost control. The company's self-developed chip-based solution is expected to continue to improve cost reduction capabilities, and future during the business expansion period, the expense ratio is expected to rapidly decline, and the company may achieve profitability in 2026.
The bank believes that Summit Tech has high growth potential and is expected to fully benefit from the surge in demand for smart automobiles and the increase in penetration rate of automatic driving. The bank expects that Summit Tech will achieve operating revenue of 2.718/4.214/6.067 billion yuan in 2024-2026, and obtain corresponding net income of -0.393/-0.286/0.102 billion yuan, with corresponding PS multiples of 12/8/5 times. This is the first coverage report, and the bank gives a "shareholding" rating.