Robosense (2498.HK): Record Q3 Shipments of 596k Units (+221% YoY) Set to Narrow Quarterly Net Loss

Deutsche Bank maintains a Buy rating on RoboSense (2498.HK) with a price target of HKD 33.40 (price at 8 Oct 26: HKD 15.40). RoboSense's total LiDAR delivery volume in Q3 2026 surged by 221% YoY and 53% QoQ to a record high quarterly delivery level of 595,600 units, in line with the company's guidance of 500,000-700,000 units. Robotics & other LiDAR sales rose by 309% YoY and 50% QoQ to 145,200 units, keeping RoboSense on track to achieve its full-year 2026 Robotics & other LiDAR volume target of 0.9 million units (up ~200% YoY). ADAS LiDAR volume rose 200% YoY and 54% QoQ to 450,400 units, higher than the company's full-year 2026 ADAS LiDAR volume growth target of 97-196% YoY. The "E2" ultra-wide FOV fully solid-state digital LiDAR achieved mass production for its first commercial project in September 2026, with management targeting over 200,000 Peacock-based unit deliveries in H2 2026. According to NE Times, China's overall ADAS LiDAR volume grew 94% YoY and 2% MoM to approximately 5