Company Coverage
RoboSense Technology Co (2498 HK): 2Q26: Results Miss On ASP And Margins; Cut Target Price To HK$33
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$18.83
HK$33.00
+75.3%
HK$50.00
Analyst
Highlights
2Q26 results missed expectations with revenue growing 23.2% yoy to Rmb561m and net loss increasing 88.8% yoy to Rmb97m.
ASP plummeted 49.8% yoy, beating gross margin down by 5.8ppt yoy
We maintain 2026-28 sales volume growth at 152%/65%/53% based on design wins, new project ramps, and launches of EOCENE SPAC-SoCs.
We cut 2026-28 bottom line estimate to -Rmb286m/Rmb150m/Rmb474m respectively, based on lower ASP and gross margin.
Maintain BUY and cut target price from HK$50 to HK$33.
Analysis
2Q26 results missed expectations with revenue growing 23.2% yoy to Rmb561m and net loss increasing 88.8% yoy to Rmb97m. This brings 1H26 revenue to Rmb1,020m (+30.2% yoy, 29% of our full-year estimate) and 1H26 net loss to Rmb161m, vs our estimated 2026 net profit of Rmb91m.
Sales volume of LiDARs grew 145.8% yoy and 17.7% qoq to 388,900 units in 2Q26, including 291,800 units of ADAS LiDARs (+135.7% yoy/+101.5% qoq) and 97,100 units of robotic LiDARs (+182.3% yoy/ 47.7% qoq). 1H26 LiDAR sales volume grew 169.6% yoy to 719,200 units, representing 31% of our full-year estimate.
Highlights
2Q26 results missed expectations with revenue growing 23.2% yoy to Rmb561m and net loss increasing 88.8% yoy to Rmb97m.
ASP plummeted 49.8% yoy, beating gross margin down by 5.8ppt yoy
We maintain 2026-28 sales volume growth at 152%/65%/53% based on design wins, new project ramps, and launches of EOCENE SPAC-SoCs.
We cut 2026-28 bottom line estimate to -Rmb286m/Rmb150m/Rmb474m respectively, based on lower ASP and gross margin.
Maintain BUY and cut target price from HK$50 to HK$33.
Analysis
2Q26 results missed expectations with revenue growing 23.2% yoy to Rmb561m and net loss increasing 88.8% yoy to Rmb97m. This brings 1H26 revenue to Rmb1,020m (+30.2% yoy, 29% of our full-year estimate) and 1H26 net loss to Rmb161m, vs our estimated 2026 net profit of Rmb91m.
Sales volume of LiDARs grew 145.8% yoy and 17.7% qoq to 388,900 units in 2Q26, including 291,800 units of ADAS LiDARs (+135.7% yoy/+101.5% qoq) and 97,100 units of robotic LiDARs (+182.3% yoy/ 47.7% qoq). 1H26 LiDAR sales volume grew 169.6% yoy to 719,200 units, representing 31% of our full-year estimate.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$18.83
HK$33.00
+75.3%
HK$50.00
Analyst
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