HAITONG SEC predicts that the revenue of ZEEKR for 2024-2026 will be 1.73/3.28/4.6 billion yuan.
According to Zhitong Finance APP, HAITONG SEC has released a research report stating that it is initiating coverage on ZEEKR (02498) with an "outperform market" rating, expecting its revenue for 2024-2026 to be 1.73/3.28/4.6 billion yuan, with a Target Price of 46.2 HKD. ZEEKR (RoboSense) was founded in 2014, headquartered in Shenzhen, and is a leading Lidar Technology company in China, with products including Lidar Hardware, HyperVision integrated perception Software, and integrated solutions.
The main points of Haitong Securities are as follows:
Adhere to the Global Strategy for self-developed chips.
Focusing on self-developed chip Lidar technology, developing chip-driven Lidar platforms to achieve rapid and efficient Hardware product iteration. In the early application exploration phase, the company used discrete components to launch R platform products that met the market's demand for excellent performance. To further reduce costs and improve quality, more focus is placed on independently developing proprietary chips, successfully developing the M platform and E platform. The competition of onboard Lidar is not only a performance comparison; cost control will still be the core of industry competition in the medium to short term. Self-developed chips can not only enhance the technological barrier but also provide sufficient ammunition for long-term price competition and lay a more ample elastic space for profit growth.
Integration of Software and Hardware, self-developed Software enhances product performance.
ZEEKR's AI perception software HyperVision converts the raw Sensor data collected by Lidar and cameras into high-quality perception information that can be directly used by autonomous vehicles and Siasun Robot&Automation.
The development of Lidar for vehicle-mounted ADAS is progressing rapidly, accelerating the establishment of economies of scale.
As of June 2024, successful mass production orders have been obtained for 80 models from 22 automotive manufacturers and first-tier suppliers, with SOP achieved for 29 models from 12 customers, including 17 new models in the first half of 2024. The mass production includes popular models such as the new ZEEKR 001, 009, and SAIC's IM L6 and L7. The institution believes that the extensive 'circle of friends' of Siasun Robot&Automation will provide a solid foundation for mass production, benefiting economies of scale.
Lidar is expected to enter the range of 0.1-0.2 million vehicle configurations.
Models such as Leap Motor C10 incorporating Lidar for under 0.2 million yuan is a significant event. Additionally, 0.2 million yuan supports high-level intelligent features that are beginning to become differentiating selling points. Lidar, as the 'airbag' of intelligent driving, is expected to see an increase in installation rates within the range of 0.1-0.2 million yuan.
