Analysts have reaffirmed their forecast for ROBOSENSE (ASX: 02498) revenue in 2026 and 2027, keeping it unchanged at RMB 3.08 billion and RMB 4.16 billion, respectively.

The current share price implies a price-to-sales multiple of 4.3 times for 2026 and 3.1 times for 2027.

The firm has maintained its 'Outperform' rating on the stock.

Using a price-to-sales valuation method, a target price of 47.0 Hong Kong dollars has been sustained.

This target corresponds to P/S multiples of 6.4 times for 2026 and 4.6 times for 2027, suggesting a potential upside of approximately 49% from the current share price.

First Quarter 2026 Performance in Line with Projections

ROBOSENSE (ASX: 02498) reported its financial results for the first quarter of 2026.

Revenue for Q1 2026 reached RMB 459 million, marking a year-over-year increase of 39.9%, which aligned with prior expectations.

Financially, the sales volume for robotics and other business segments surged by 1,458.8% year-over-year to 185.5 thousand units.

This segment now accounts for 56.2% of total sales, establishing itself as the primary driver of growth.

In-House Chip Development Strengthens Competitive Edge, ADAS Order Book Remains Robust

In the first quarter of 2026, the company's sales of ADAS LiDAR units reached 144.8 thousand, a year-on-year increase of 49.7%.

According to the company's announcement, as of March 31, 2026, it had secured mass production designations for 177 vehicle models from 36 automakers and Tier 1 suppliers.

The cumulative backlog for ADAS orders exceeds 9 million units.

In April, the company launched its "Genesis" digital architecture and two flagship SPAD-SoC chips based on this platform.

Among these, a 4-megapixel high-definition LiDAR solution built on the Phoenix chip has already received a designation from a leading automaker, with mass production and vehicle integration expected within 2026.

It is believed that the large-scale application of these self-developed chips is poised to enhance product performance, optimize cost structures, and solidify the company's competitive moat in the digital LiDAR sector.

Accelerated Deployment Across Multiple Applications Fuels New Growth

Sales of LiDAR units for robotics and other applications in Q1 2026 soared by 1,458.8% year-over-year to 185.5 thousand units.

The company maintains a leading global market share in several robotics LiDAR segments and ranks among the top suppliers in China for intelligent robotics, robotic lawn mowers, and commercial cleaning equipment.

In the robotic lawn mower sector, the company collaborates with Kuma Technology, Roborock, and Weilan Dalu.

In the Robotaxi and Robotruck domains, partnerships include Baidu Apollo Go, Didi, WeRide, Pony.ai, and leading North American Level 4 autonomous driving firms.

For unmanned delivery applications, it has established collaborations with Neolix, Jiushi, Baixiniu, and JD.com.

This expansion into diverse downstream applications is viewed favorably, with the potential for this business segment to become a significant growth engine for the company.

Key Investment Risks

Potential risks include slower-than-expected adoption of LiDAR in vehicles, lower-than-anticipated downstream shipment volumes, and the possibility of price reduction pressures exceeding expectations.