Shenwan Hongyuan: Suspending the initial rating of Tengderu Technology (02498.HK) and upgrading it to a "buy" rating. The demand for LiDAR configuration is entering a boom period.

Zhtng cijng APP hu zh, shn wn hng yun fb ynbo chng, yj stng jchung (02498.HK) 2025-2027 nin yngy shur wi 26.2/36.6/47.0 yyun gu m jngl wi -2.38/1.06/3.20 yyun. Yuy gngs shngwi yngl, gngxng shyng PS gzh f du gngs jnxng gzh. Zi kb gngs xunz shng, gngxng xunq h si kj, yu b xun, Mobileye zuwi gngs kb gngs. Kb gngs 2025 nin PS pngjn gzh wi 10.5 bi, kol do gngs chzi h jqrn ling kui yngyng de kb gngs gzh shupng chy jid, chy jnshn yunz zi kb gngs pngjn gzh jch shng xitio 30%, gngxng gi y gngs 2025 nin 7.4 bi PS, duyng gngs mbio shzh yu 194 y, shuc fgi, gi y "zngch" pngj. According to the Wisdom Financial APP, Shenwan Hongyuan released a research report stating that it is expected that Sutong Juchuang (02498.HK) will have operating income of 26.2/36.6/47.0 billion yuan and a net profit attributable to the mother of -2.38/1.06/3.20 billion yuan from 2025 to 2027. As the company is not yet profitable, the bank uses the PS valuation method to value the company. In the selection of comparable companies, the bank selected Hesai Technology, U-Blox, and Mobileye as comparable companies for the company. The average valuation of comparable companies in 2025 is 10.5 times the PS, considering the significant difference in the valuation levels of comparable companies in the company's car-mounted and robot applications, the bank lowers the valuation by 30% based on the average valuation of comparable companies, giving the company a 7.4 times PS in 2025, corresponding to a target market value of about 19.4 billion yuan, initiating coverage and giving a "hold" rating.