出品：新浪财经上市公司研究院 来源：新浪证券 作者：喜乐 2025年8月26日，激光雷达行业头部企业禾赛科技（Hesai Group）从美股回港上市的申请已获中国证监 会备案批复。根据证监会8月26日出具的《关于Hesai Group(禾赛科技)境外发行上市备案通知书》（国 合函[2025]1424号），禾赛科技拟发行不超过5123.62万股境外上市普通股，登陆香港联合交易所。这一 消息不仅为禾赛科技开启"美股+港股"双资本布局，更让此前在港股独享激光雷达赛道稀缺性红利的速 腾聚创（02498.HK），直面经营、财务层面的直接竞争冲击——尤其是双方在雷达单价、交付规模与 盈利能力上的差距，叠加估值逻辑的重构，将随着禾赛上市进一步放大速腾的调整风险。 速腾单价高却交付弱 陷入高端难放量困局 在激光雷达核心经营指标上，禾赛科技与速腾聚创的差异已形成显著断层，而雷达单价的"反向优势"更 折射出速腾在市场竞争力上的短板。2025年上半年数据显示，速腾聚创雷达单价为2936元/台，较禾赛 科技的2248元/台高出30%，公司虽强调"坚持自研高端路线，不低价跟随"，但高价策略并未带来规模效 应，反而在交付量与增速上被禾赛 ...

智通财经APP获悉，星展发布研报称，速腾聚创(02498)次季业绩胜预期，毛利率达28%，好过目标的 25%，主要受惠于MX系列量产及成本控制措施。另外，管理层态度转趋乐观，并重申2025年下半年实 现盈亏平衡的目标。该行认为2026年增长动力包括EM平台量产、比亚迪相关业务扩展、获得新客户及 机器人业务订单。基于毛利率预测获上调，将2025及26年度盈利预测分别上调22%及16%; 维持"买 入"评级，目标价由45港元上调至50港元。 ...

星展发布研报称，速腾聚创(02498)次季业绩胜预期，毛利率达28%，好过目标的25%，主要受惠于MX 系列量产及成本控制措施。另外，管理层态度转趋乐观，并重申2025年下半年实现盈亏平衡的目标。该 行认为2026年增长动力包括EM平台量产、比亚迪（002594）相关业务扩展、获得新客户及机器人业务 订单。基于毛利率预测获上调，将2025及26年度盈利预测分别上调22%及16%;维持"买入"评级，目标价 由45港元上调至50港元。 ...

We maintain "Buy", and increase TP to HK$46.40. RoboSense (the "Company"), posted strong revenue growth in 2025Q2 in the Robotics segment, and moderate growth in the ADAS segment. Therefore, we adjust our 2025-2027 revenue forecasts to RMB2,446 mn (-6.8%) / RMB3,756 mn (+2.4%) / RMB5,227 mn (+5.2%), respectively. We expect adjusted net profit expected to turn positive in 4Q25. Our TP is based on a SOTP 2026F EV/S valuation of 2.0x for the ADAS segment and 10.0x for the robotics segment. This results in a 8. ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HK$46.40, revised from the previous target price of HK$42.17 [3][8]. Core Insights - The company's revenue from robotics and other LiDAR products has shown strong growth, while revenue from ADAS applications has seen moderate growth. The revenue forecasts for 2025-2027 have been adjusted to RMB 24.46 billion (-6.8%), RMB 37.56 billion (+2.4%), and RMB 52.27 billion (+5.2%) respectively [8][10]. - The company expects adjusted net profit to turn positive in Q4 2025, with the valuation method now based on 2026 multiples to better capture growth in the rapidly developing robotics sector [8][10]. - The robotics and other business revenue has tripled year-on-year, driven by breakthroughs in various markets including lawn mowing robots, unmanned delivery, and humanoid robots [8][10]. Financial Performance Summary - For the year ending December 31, 2023, the company reported total revenue of RMB 1,120 million, with a net loss of RMB 4,337 million. The EPS was reported at RMB -44.670 [7][13]. - The revenue for 2024 is projected to be RMB 1,649 million, with a reduced net loss of RMB 482 million and an EPS of RMB -1.109 [7][10]. - By 2025, revenue is expected to increase to RMB 2,446 million, with a further reduced net loss of RMB 160 million and an EPS of RMB -0.394 [7][10]. - The gross margin is projected to improve from 8.4% in 2023 to 26.7% in 2025, indicating a positive trend in profitability [14][15]. Market Position and Competitiveness - The company has established partnerships with leading manufacturers in the lawn mower market, achieving order volumes in the seven figures. Collaborations in the unmanned delivery sector include major platforms such as Meituan and COCO Robotics [8][10]. - The average selling price for ADAS LiDAR products has decreased by 14.4% year-on-year, while the gross margin for this segment has increased by 4.4 percentage points to 19.4% [8][10]. - The company is positioned to benefit from the growing demand in the robotics sector, supported by its strong partnerships and innovative product offerings [8][10].

机构：华泰证券 研究员：谢春生/张宇/宋亭亭/汤仕翯 速腾聚创公布25 半年财报：激光雷达出货量26.68 万颗，其中ADAS 交付量22.05 万颗，机器人交付4.63 万颗。实现收入7.83 亿元，同比增长7.72%。 ADAS 业务：EMX 取得更多市场订单，Q3 末有望迈入大规模交付2Q25 公司实现激光雷达出货量12.4 万颗（去年同期11.8 万颗），公司受小鹏（转向纯视觉）、问界（转向华为方案）等不利影响较Q1 大 幅减弱。截至2Q25 公司已经取得30 家主机厂和Tier1 119 款车型的定点。公司EM 平台竞争力优秀，自 今年推出以来获得全球8 家主机厂45 个车型定点：1）EM4获得了全球纯电皮卡新势力、欧洲主机厂 JV、智己、极氪定点并已经迈入量产。2）EMX 获得全球头部新能源主机厂、吉利、日本TOP3 之一、 一汽红旗、欧洲主机厂JV 定点。我们看好法规带动激光雷达配置率提升，随着EMX推出帮助公司取得 更多市场订单，有望推动ADAS 毛利率进一步提升。 机器人业务：机器人迈入出货量高峰期，AC 系列市场反馈良好2Q25 公司实现机器人激光雷达出货量 3.44 万颗（去年同期0.5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 780 million yuan for H1 2025, a year-on-year increase of 7.7%, with a net profit attributable to shareholders of -150 million yuan, narrowing the loss by 43.9% year-on-year. In Q2 2025, revenue reached 460 million yuan, up 24.1% year-on-year and 38.9% quarter-on-quarter, with a gross margin of 27.7%, exceeding expectations [7] - The gross margin for ADAS (Advanced Driver Assistance Systems) significantly increased, with Q2 2025 revenue at 270 million yuan, down 10.6% year-on-year but up 18.3% quarter-on-quarter. The shipment volume was 123,800 units, a year-on-year increase of 4.6% and a quarter-on-quarter increase of 28%. The average price per unit was 2,189 yuan, down 7.6% quarter-on-quarter, with a gross margin of approximately 19.4%, up 4.3 percentage points quarter-on-quarter [7] - The company has entered a high-growth phase in the general robotics sector, with Q2 2025 revenue of 150 million yuan, a year-on-year increase of 286.9% and a quarter-on-quarter increase of 101.4%. The shipment volume was 34,400 units, a year-on-year increase of 631.9% and a quarter-on-quarter increase of 189.1%. The average price per unit was 4,273 yuan, down 30.3% quarter-on-quarter, with a gross margin of approximately 41.7%, down 10.4 percentage points quarter-on-quarter [7] - The company is expected to see a significant increase in its general robotics business and improve its overall gross margin. The net profit forecasts for 2025, 2026, and 2027 have been adjusted to -228 million yuan, 58 million yuan, and 379 million yuan, respectively. The price-to-sales ratios for 2025, 2026, and 2027 are projected to be 8.1, 5.2, and 4.1 times, respectively, indicating a strong long-term growth potential [7] Financial Summary - The total revenue forecast for 2025 is 2,171 million yuan, with a year-on-year growth rate of 31.63%. The net profit attributable to shareholders is expected to be -228 million yuan, with a significant improvement in profitability forecasted for subsequent years [1][8] - The gross margin is projected to improve to 26.21% in 2025, with further increases expected in the following years [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.17 HKD [5][3]. Core Insights - The company reported a revenue of 783 million RMB for the first half of 2025, representing a year-on-year growth of 7.72%. The second quarter revenue reached 460 million RMB, with a year-on-year growth rate of 24.4% [1][3]. - The gross margin for Q2 reached 27.7%, the highest in the past three years, with the ADAS segment achieving a gross margin of 19.4% [1][3]. - The new EMX product is expected to enter mass production in Q3, which is anticipated to drive further growth in laser radar demand, particularly in the intelligent driving and robotics sectors [1][3]. Summary by Sections ADAS Business - In Q2 2025, the company shipped 124,000 laser radars, a slight increase from 118,000 units in the same period last year. The negative impact from clients like Xiaopeng and Wanjie has significantly reduced compared to Q1 [1][3]. - The company has secured orders from 30 OEMs and 119 vehicle models, with the EM platform showing strong competitiveness [1][3]. Robotics Business - The company achieved a shipment of 34,400 robotic laser radars in Q2 2025, a substantial increase from 5,000 units in the same period last year. The price reduction of robotic laser radars has led to increased applications across various fields [2][3]. - The AC series of active cameras has received positive market feedback, with plans for a launch in the second half of 2025 [2][3]. Profit Forecast and Valuation - The revenue forecast for 2025, 2026, and 2027 is set at 2.4 billion, 3.73 billion, and 5.14 billion RMB respectively. The net profit attributable to the parent company is projected to be -150 million, 190 million, and 510 million RMB for the same years [3][8]. - The report slightly adjusts the gross margin expectations upwards, anticipating continued improvement due to the increasing share of higher-margin robotics business [3][8].

Core Viewpoint - The company has returned to a growth trajectory in Q2 2025, with significant improvements in revenue and gross margin, indicating a positive outlook for future performance [2]. Revenue & Profit - Q2 revenue reached 455 million yuan, representing a year-over-year increase of 24.4%, with a notable recovery from Q1 [2]. - Total shipments in Q2 amounted to 158,000 laser radars, up 28.6% year-over-year, with ADAS shipments at 124,000 units (YoY +4.6%) and Robotics at 34,000 units (YoY +631.9%) [2]. - The company reported a Q2 loss of 50 million yuan, a reduction in loss by 63.6% year-over-year, with an adjusted net loss of 24 million yuan, down 79.9% year-over-year [2]. - The gross margin for Q2 was 27.6%, an increase of 12.9 percentage points year-over-year and 4.1 percentage points quarter-over-quarter, marking six consecutive quarters of improvement [2]. Structural Aspects - ADAS shipments stabilized, with the EM platform progressing well and robotics accelerating in volume [2]. - Q2 revenue from ADAS was 271 million yuan, down 10.5% year-over-year, accounting for 59.6% of total revenue, with a gross margin of 19.3% [2]. - Robotics revenue in Q2 was 147 million yuan, up 285.2% year-over-year, representing 32.3% of total revenue, with a gross margin of 41.5% [2]. - Solutions revenue reached 30 million yuan in Q2, up 46.1% year-over-year, with a gross margin of 54.4% [2]. Expense Management - Q2 operating expenses (OpEx) were 230 million yuan, a decrease of 3.0% year-over-year, with sales, management, and R&D expense ratios at 6.3%, 8.3%, and 36.0% respectively, showing improvements [3]. Profit Forecast and Valuation - The company adjusted its revenue forecasts for 2025, 2026, and 2027 to 2.22 billion yuan, 3.43 billion yuan, and 5.00 billion yuan respectively, with projected net profits of -276 million yuan, 29 million yuan, and 411 million yuan [3]. - The current stock price corresponds to a price-to-sales (PS) valuation of 6.9, 4.5, and 3.1 times for the years 2025, 2026, and 2027, maintaining a "buy" rating [3].

智通财经记者 | 张熹珑 8月21日，速腾聚创公布2025年第二季度及中期业绩报告。上半年，公司营收达7.83亿元，同比增长7.72%；应占亏损为1.49亿元，按年收窄44.5%。 激光雷达交付量持续增长支撑公司业绩向好。期内，公司激光雷达销量为26.68万台，较2024年同期增加9.6%。 不过，不同类型产品销量有所分化：用于ADAS应用的激光雷达及用于机器人及其他的激光雷达销量分别约为22.05万台及4.63万台，分别减少6.0%及增加 420.2%。 车载激光雷达的增长变动主要由于两家下游大客户小鹏汽车和问界的路线转变。公司在财报中坦言，"其中一名客户选择在其车辆上安装由其战略一级供 货商开发的激光雷达产品，而另一名客户不再于其车辆上安装激光雷达产品。" 截至上半年末，速腾聚创已取得30家汽车整车厂及增加至一级供货商的119款车型的量产定点订单，并为其中14家客户的44款车型实现SOP。目前，量产 定点车型数量增加至133款。 值得一提的是， 公司承担独家供应两家日本Top2车企与中国重点合资品牌定点项目上。在割草机器人赛道，公司也跟多家全球Top5厂商达成独家合作， 订单规模突破七位数。 今年4月，公 ...