近日，美银证券发布长达81页的深度研究报告，"欢迎来到1.2万亿美元的市场"，预计自动驾驶（AV）市场到 2040 年潜在规 模达 1.2 万亿美元，涵盖汽车、卡车、物流、农业、矿业等多个领域。 美银指出，目前商业 AV 部署已开始规模化，全球已有 7 个城市可乘坐商业 robotaxi，另有 20 个城市即将上线。该报告覆盖 了市值合计约 10 万亿美元的相关公司，各公司在自动驾驶技术研发、应用场景拓展及市场份额争夺上各有布局，部分公司预 计到 2030 年相关业务将贡献显著营收占比。需要更多参考资料请私信留言。 | （备注：评级"BUY"为买入，"NEUTRAL"为中性，"OP"为目标价）。 | | --- | | 二、思维导图 | 三、整体机会及细分领域情况 市场规模：预计到 2040 年达1.2 万亿美元，涵盖汽车（7000 亿美元）、卡车、物流、农业、矿业、公共交通等领域，2024 年 市场规模为 1370 亿美元，期间复合增长率显著。 商业化进展：目前全球已有 7 个城市可提供商业 robotaxi 服务，另有 20 个城市即将部署；自动驾驶技术正从乘用车向卡车、 农业机械、矿业设备等多领域拓展， ...

金十数据6月10日讯，摩根大通发表报告指，对速腾聚创(02498.HK)基本面看法小幅趋向正面，基于机 器人分部业务的大幅增长和毛利率改善。同时对ADAS LiDAR在中国的渗透率较为乐观，即使是低价车 款，也逐渐将其应用为标准配置，但由于不确定的市场份额动态和混合销售均价的下降，料ADAS LiDAR收入增长将放缓。摩根大通预测速腾聚创2024至2027年的销售额年复合增长率为35%，并预期 2026年扭亏录净利润达1.09亿人民币，即于2025年度第四季达到季度盈亏平衡，目标价由24港元升至 28.6港元，维持中性评级。 摩根大通升速腾聚创目标价至28.6港元 维持中性评级 ...

Summary of the Conference Call for SUTENG JUCHUANG Company Overview - **Company**: SUTENG JUCHUANG - **Industry**: LiDAR technology, Robotics, Automotive Key Financials - **Q1 2025 Total Revenue**: Approximately 330 million RMB, showing slight growth year-on-year [2][3] - **Gross Margin**: Improved significantly to 23.5% from 12.3% in the same period last year [2][3] - **LiDAR Shipment Volume**: Total shipments of approximately 110,000 units, with 97,000 units for ADAS and 12,000 units for non-automotive applications [3] Product Performance and Market Trends - **Robotics Sales Growth**: Sales in the robotics sector surged from 4,200 units last year to 12,000 units this year, achieving a threefold increase [2][3] - **LiDAR Market Penetration**: Expected to increase from 15% in 2024 to 20% in 2025, with total LiDAR shipments projected to double to 3 million units [2][8] - **EMX Product Launch**: EMX, an upgraded version of MX, features enhanced performance with a detection range increased from 200 meters to 300 meters and a line count increase from 128 to 192, priced around 1,200 RMB [2][10] Strategic Partnerships and Collaborations - **Collaboration with KUKA**: A three-year agreement to supply 1.5 million LiDAR systems, indicating significant potential in the robotics market [2][6] - **Diverse Applications**: Interest from logistics companies and various sectors, including lawnmowers, highlighting the broad applicability of LiDAR technology [7][15] Future Outlook - **Market Share Goals**: Aiming to maintain approximately 33% market share in the LiDAR sector [5] - **Sales Projections**: Anticipating around 200,000 units in the robotics sector, a significant increase from 20,000 units last year [5] - **Price Trends**: LiDAR prices expected to decrease due to technological advancements and increased competition, with current gross margins around 18% and potential increase to 20%-25% in Q2 2025 [11][12] Competitive Landscape - **Core Competency**: Strong R&D capabilities with 700 out of 1,600 employees focused on development, including hardware, chips, and algorithms [4][14] - **Market Demand**: The robotics market is expected to grow significantly, with applications in various fields such as logistics and cleaning, and a potential market size much larger than automotive [6][15] Challenges and Risks - **US Market Barriers**: Less than 5% of revenue from the US market due to tariff uncertainties affecting procurement plans [18][19] - **OEM Pricing Pressure**: Difficulty in increasing gross margins due to strict controls from OEM manufacturers [12][13] Product Development and Future Innovations - **Upcoming Products**: Focus on EM4 and EMX for passenger vehicles, with EM4 designed for overseas markets featuring L3 autonomous driving capabilities [4][20] - **Robot Development**: Recent launch of humanoid robot products and plans for gradual commercialization, focusing on specific products like ACME and dexterous hands [22] Conclusion - **Growth Potential**: SUTENG JUCHUANG is well-positioned in the LiDAR and robotics markets, with strong growth prospects driven by technological advancements, strategic partnerships, and expanding applications across various industries [6][21]

Group 1 - In Q1 2025, the company reported revenue of 330 million yuan, a year-on-year decrease of 12.4%, and a quarter-on-quarter decrease of 30.7, with a net loss of 100 million yuan [1] - The total sales volume of the company's lidar products in Q1 2025 was approximately 108,600 units, a year-on-year decrease of 9.8%, with sales for ADAS applications down 16.8% and sales for robotics and other products up 183.3% [1] - The company's gross margin in Q1 2025 was 23.49%, an increase of 11.17 percentage points year-on-year, while the net margin was -30.13%, an increase of 6 percentage points year-on-year [1] Group 2 - The company has a strong order backlog benefiting from the rapid development of ADAS and high-level autonomous driving, having established close partnerships with 30 global automakers and suppliers [2] - In 2025, the company launched the EM platform and introduced new digital products like Airy and E1R, covering various robotics applications [2] - The company has secured a record order of 1.2 million solid-state lidar units for the lawnmower industry and is collaborating with over 20 companies to advance embodied intelligence applications [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][64]. Core Insights - The company has a strong order backlog, with significant growth potential in both the ADAS and robotics markets. The introduction of new products and strategic partnerships is expected to drive future revenue growth [2][64]. - The company reported a revenue of 3.3 billion yuan in Q1 2025, a year-on-year decrease of 12%, but the gross margin improved significantly by 11.2 percentage points [1][14]. - The company aims to become a global leader in robotics technology, leveraging its expertise in AI, hardware, and software integration [22][25]. Financial Performance - In Q1 2025, the company achieved a revenue of 3.28 billion yuan, with a net profit of -1.00 billion yuan, showing improvement compared to previous quarters [1][7]. - The gross margin for Q1 2025 was reported at 23.49%, reflecting an increase of 11.17 percentage points year-on-year [14][18]. - The company forecasts revenues of 24.89 billion yuan, 36.17 billion yuan, and 52.75 billion yuan for 2025, 2026, and 2027 respectively, with a projected net profit of -2.8 billion yuan, 0.6 billion yuan, and 4.6 billion yuan [3][64]. Product Development and Market Position - The company launched the EM platform in 2025, which is expected to lead the industry into a digital era, and has introduced several new products for both automotive and robotics applications [2][29]. - The company has established partnerships with over 30 automotive manufacturers and suppliers, securing more than 100 model pre-installations [2][44]. - The company is recognized as a leader in the global lidar market, with significant market share in both passenger vehicle lidar and ADAS lidar segments [60][61]. Strategic Partnerships and Collaborations - The company has formed strategic collaborations with leading companies in the Robotaxi sector, including partnerships with major players like Didi and Pony.ai for mass production of autonomous vehicles [45][46]. - A record order of 1.2 million solid-state lidar units was secured in May 2025, marking a significant achievement in the robotics sector [50][51]. Research and Development - The company has established three R&D centers in China, focusing on continuous innovation in lidar technology and AI-driven robotics solutions [55][57]. - The company holds the highest number of patents in the lidar technology sector, indicating a strong commitment to R&D and technological advancement [57][58].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][64]. Core Viewpoints - The company has a strong order backlog, benefiting from the rapid development of ADAS and advanced driving technologies. It has established close partnerships with over 30 automakers and suppliers globally, securing more than 100 models for pre-installation [2][44]. - The company aims to become a leading global robotics technology platform, leveraging its AI-driven solutions and advanced components for robotics applications [22][25]. - The company has launched new digital products, including the EM platform and various laser radar products, which are expected to drive future growth [29][31]. Financial Performance - In Q1 2025, the company reported revenue of 3.28 billion yuan, a year-on-year decrease of 12.4%, with a net loss of 1 billion yuan [1][7]. - The gross margin improved significantly, reaching 23.49%, an increase of 11.17 percentage points year-on-year [14][18]. - The company forecasts revenues of 24.89 billion yuan, 36.17 billion yuan, and 52.75 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits of -2.8 billion yuan, 0.6 billion yuan, and 4.6 billion yuan [3][64]. Product and Market Development - The company has introduced several new products targeting both the automotive and robotics markets, including the EM platform and various laser radar solutions [29][34]. - The company has secured a record order of 1.2 million solid-state laser radars for the lawnmower industry, indicating strong demand in the robotics sector [50][51]. - The company is actively exploring the embodied intelligence field and has established partnerships with over 20 companies to promote the development and application of intelligent robotics [3][44]. Market Position - The company is recognized as a global leader in the laser radar and perception solutions market, with a significant market share in the automotive sector [60][61]. - The company has been awarded the Edison Award for Best New Product in Engineering and Robotics, highlighting its influence and leadership in advancing robotics perception technology [59][62].

速腾聚创系列 车中旭霞 行业深度 《 汽车前瞻研究系列十六-激光雷达的市场空间、技术路线及产业链拆解 》——20220127 公司深度 《速腾聚创（02498.HK）- 在手订单充足，毛利率同环比提升 》——20250607 《 速腾聚创（02498.HK）- 2024年收入同比增长47%，致力于成为全球领先的机器人技术平台公司》——20250411 核心观点 2025Q1公司实现营业收入3.3亿元，同比减少12% 2025Q1，公司实现收入为3.28亿元，同比减少12.4%，环比减少30.7%，净利润为-1.00亿元（2024Q1为-1.31亿元， 2024Q4为-1.30亿元）。从销量来看，2025Q1，公司激光雷达产品的总销量约10.86万台，同比减少9.8%，1） 2025Q1，用于ADAS应用的激光雷达产品的销量约9.67万台，同比减少16.8%；2）2025Q1，用于机器人及其他产品的 激光雷达产品销量1.19万台，同比增长183.3%，主要由于E1R及Aiy产品的销量在2025年第一季度增加。 2025Q1，公司毛利率同比+11.2pct 《 速腾聚创（02498.HK）-激光雷达自主龙头企业， ...

智通财经APP获悉，截止5月30日，未平仓空单比位列前三位为药明康德（02359）、赣锋锂业 （01772）、万科企业（02202），空仓比分别为18.00%、12.91%、12.55%。 未平仓空单比（绝对值）较上一次增加最多为宁德时代（03750）、重庆农村商业银行（03618）、速腾 聚创（02498），分别增加5.21%、2.72%、1.58%。 未平仓空单比（绝对值）较上一次减少最多为中远海能（01138）、上海医药（02607）、荣昌生物 （09995），分别减少-4.81%、-3.64%、-0.78%。 前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 药明康德(02359) | 6814.42 万股 | 6967.91 万股 | 18.00% | | 赣锋锂业(01772) | 5196.85 万股 | 5209.11 万股 | 12.91% | | 万科企业(02202) | 2.82 亿股 | 2.77 亿股 | 12.55% | | 山东黄金(01787) | 1.03 亿股 | 1.07 亿 ...

Core Viewpoint - The company has improved its gross margin to 25.5% in Q1 2025 due to product structure optimization and cost reduction in technology, with Robotaxi and non-automotive product sectors driving future growth [1][4]. Financial Performance - In Q1 2025, the company sold a total of 108,600 laser radars, a year-on-year decrease of 9.8%, with ADAS radar sales down 16.8% to 96,700 units, primarily due to reduced procurement from a major automotive client [2]. - Revenue for Q1 2025 decreased by 9.2% year-on-year and 36.2% quarter-on-quarter to 328 million yuan, attributed to lower sales volume and pricing [2]. - The gross margin for the quarter reached 23.5%, an increase of 11.2 percentage points year-on-year, driven by a higher proportion of high-margin robot radar sales and cost reductions in ADAS radar through self-developed SoC chips [2]. Product and Market Development - The demand for laser radars in the Robotaxi and non-automotive sectors is rapidly growing, with the company establishing partnerships with over 90% of global core Robotaxi and Robotruck players, including formal agreements with six companies [3]. - The company has secured exclusive partnerships with two leading global robotic lawnmower clients and announced a three-year agreement with Kuka Technology for 1.2 million solid-state laser radars [3]. - The total number of clients in various sectors, including industrial warehousing and delivery robots, has surpassed 2,800, indicating significant growth potential in the non-automotive laser radar market [3]. Valuation and Rating - The target price has been adjusted to 41.10 HKD, based on a revised sales forecast of 790,000 laser radars for 2025, with an increased gross margin expectation of 25.5% reflecting product structure optimization [4]. - The valuation benchmark year has been shifted from 2025 to 2026, applying a 6x P/S multiple for the updated target price, while maintaining a "Buy" rating [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the continuous improvement in gross profit margins and expresses optimism regarding the dual resonance of the general robotics and intelligent driving sectors [1] - The company achieved a revenue of 330 million yuan in Q1 2025, a year-on-year decrease of 12.4% and a quarter-on-quarter decrease of 30.7% [7] - The report anticipates revenue growth for 2025-2027, projecting revenues of 2.63 billion, 4.20 billion, and 5.25 billion yuan respectively, with an upward adjustment in net profit forecasts for the same period [1][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a net loss of 100 million yuan, with a narrowing loss compared to the previous year [7] - The gross profit margin for Q1 2025 was 23.5%, an increase of 11.2 percentage points year-on-year [7] - The company’s ADAS product revenue was 229 million yuan, down 25.2% year-on-year, with a gross margin of 15.1% [7] Product Development - The company launched new products based on the digital EM platform, enhancing its product line and competitive edge [7] - The general robotics segment saw a revenue increase of 87.0% year-on-year, with a gross margin of 52.1% [7] - The report notes significant orders in the robotics sector, including a major contract for 1.2 million lawn mowing robots [7] Market Position and Strategy - The company is positioned to benefit from the growing penetration of laser radar in vehicles, with a focus on expanding its customer base [7] - The report emphasizes the importance of product integration, highlighting the launch of the Active Camera platform [7] - The company aims to leverage its comprehensive product offerings and customer relationships to capitalize on emerging opportunities in the robotics and intelligent driving markets [7]