Suteng Juchuang (02498) stock price rises over 15%, Q4 expected profit not less than 60 million, exceeding expectations

On February 19, Suteng Juchuang (02498) released an earnings forecast, estimating that the company will achieve its first single-quarter profit in Q4 2025, with a profit scale of no less than 60 million RMB. This marks the company’s official entry into a new stage of operation and also indicates that the company’s forward-looking robotics business has moved from the investment phase into a scale-up phase of harvest.

Affected by this positive news, Suteng Juchuang’s stock price opened higher and rose rapidly on the morning of February 20, reaching a peak of HKD 39.8 during the trading session, with a maximum increase of 15.7%.

Transformational Change in Profit Structure

Achieving quarterly profitability, when viewed within Suteng Juchuang’s development trajectory, the significance far exceeds the numbers themselves. Looking back at the company’s past performance, the market’s focus is on when the profit turning point will arrive. At the Q3 2025 earnings conference, CEO Qiu Chunchao defined Q4 as a “key turning point for reversing losses.” The earnings forecast exceeded expectations, fully validating the management’s strategic execution.

More notably, there is a qualitative change in Suteng Juchuang’s profit structure. In 2025, based on SPAD-SoC and VCSEL digital chip architectures, the company launched a high-performance, highly reliable digital laser radar product matrix covering multiple scenarios from smart vehicles to robots. Among these, laser radar sales in the robotics field surpassed 303,000 units in 2025, an increase of over 11 times year-on-year, ranking first globally in this field. In Q4 2025, the total laser radar sales reached 459,600 units, with 221,200 units contributed by the robotics sector, nearly half of the total.

The rapid scale-up of the robotics business has helped the company’s overall gross profit margin continue to improve, significantly enhancing overall profitability quality. This means that Suteng Juchuang’s second growth curve has officially taken shape, forming a dual engine of performance growth alongside ADAS business, becoming the core driver of sustainable profit growth.

Multiple Breakthroughs in the Robotics Sector

From lawnmower robots to humanoid robots, and then to unmanned delivery and Robotaxi, Suteng Juchuang has established leading advantages in multiple high-growth niche markets.

In the lawnmower robot sector, the company has deep partnerships with top clients such as Kuman Technology and Ninebot. During CES 2026, Suteng Juchuang and Ninebot’s Segway Navimow jointly released the Navimow i2 LiDAR model, equipped with a digital laser radar E1R tailored for lawn scenarios, optimized for complex yard environments, further consolidating its leading position in the lawnmower robot field.

In the humanoid robot sector, Suteng Juchuang has partnered with over 20 clients including Yushu Technology, Zhiyuan Robotics, and Galaxy General, ranking first in China for humanoid robot laser radar sales. In December 2025, Zhiyuan Robotics’ 5000th general-purpose humanoid robot “Lingxi X2” was officially launched, with its flagship version equipped with Suteng Juchuang’s E1R solid-state digital laser radar. This milestone confirms the company’s core competitive advantage in the industrialization wave of humanoid robots.

In unmanned delivery and Robotaxi sectors, Suteng Juchuang’s top clients have a coverage rate of over 90%. Collaborations with companies like Coco Robotics and New Stone have entered large-scale deployment stages. According to Daiwa Securities research reports, Suteng Juchuang has received orders exceeding 200,000 units for unmanned delivery vehicles, with its 520-line digital laser radar EM4 and the industry’s first mass-produced solid-state blind spot laser radar E1 seeing increasing penetration among L4-level autonomous driving operators. The multi-scenario coverage and deep partnerships with leading clients have helped Suteng Juchuang establish a solid competitive barrier in the robot laser radar market.

Sustainable Profitability and Strong Long-term Growth Momentum

Looking ahead to 2026, Suteng Juchuang’s high growth and profitability are highly sustainable. On one hand, the company has accumulated a large number of orders and fixed projects in the smart vehicle and robotics sectors, many of which will be delivered in 2026, providing a solid foundation for revenue and profit growth. On the other hand, the company’s digital laser radar possesses outstanding technological and product competitiveness, capable of continuously meeting the increasing demand for laser radar driven by the development of smart vehicles and robotics industries.

At the industry level, policy and market-driven benefits further expand growth potential. On the policy side, the country has introduced a series of supportive policies such as the “Humanoid Robot Industry Development Plan (2026–2030)” and the “Artificial Intelligence + Manufacturing Special Action Implementation Opinions,” promoting large-scale deployment of robots across various industries, directly benefiting sensing hardware demand. On the market side, 2026 is defined as the year for mass production of humanoid robots, with Morgan Stanley raising the China humanoid robot annual sales forecast by 133% to 28,000 units; combined with mature sectors like lawnmowers and unmanned delivery, the company is well-positioned to fully capitalize on industry growth dividends.

Recently, Daiwa Securities reiterated a “Buy” rating for Suteng Juchuang, raising the target price to HKD 60 and significantly increasing the shipment forecasts for non-ADAS laser radars. The forecast for 2026 was raised from 450,000 units to 746,600 units, and for 2027 from 650,000 to 1.2 million units. As the revenue contribution from the robotics business continues to grow and scale effects further unfold, Suteng Juchuang’s profitability and valuation logic are expected to be reshaped. Amid the dual waves of smart vehicles and humanoid intelligence industries, Suteng Juchuang is standing at a new starting point with greater long-term growth potential.