速腾聚创（2498.HK） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|--------------|---------------------------------|-------------------------------------------------------|----------------------------------|-------|--------------|---------------------------------| | | | | | | | | | | | | 买入 | | | | | 2024 年 8 月 21 | | 获多车企平台定点，上半年 | | ADAS | 产品销量增长明显 | | | 李京霖 | | | 2024 | | 上半年产品销量增长迅速：公司 | 2024 | 上半年实现营业 | | 852-25321539 | | | 收入人民币 ...

研究报告 Research Report 18 Aug 2024 速腾聚创 RoboSense (2498 HK) 2024 年中报点评：上半年出货逼近去年全年，新定点量产和 Robotics 订单 支撑下半年增速 2Q24 Results: Shipments Close to the Total for Last Year, New SOP Models and Robotics Orders to Support Growth of 2H24 [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|---------------------|---------------|------------------------------------|-------------|--------------------------------------------------------- ...

来源：公司年报、国金证券研究所 速腾聚创 (02498.HK) 车载与机器人并进:出货量/收入高增 业绩简评 24 年 8 月 15 日，公司发布 2024 年中报。公司 24 年上半年 实现营收 7.27 亿元，yoy+121.0%；实现综合毛利率 13.6% ， yoy+9.7pcts；实现毛利近 1 亿元，同比增长 670.3%；调整 后净亏损收窄至约 2 亿元。 经营分析 定点&SOP&销量-持续世界领先，车载激光雷达上半年近 5 倍增长。领跑行业的下游客户覆盖，销量爆发式增长。上半 年实现激光雷达总销量约 24.3 万台，yoy+416%。其中，车 载激光雷达销量约 23.4 万台，yoy+488%；机器人相关激光 雷达约 8,900 台，yoy+21.9%。 产品端-M3 极致性能，MX 极致性价比，新产品已获 5 家客 户多款车型定点订单。M3 超远距激光雷达实现 300 米探测 距离，保持主流售价同时极大提升产品性能；MX 在满足 200 米探测距离同时大幅降低成本，让 20w 以下车型搭载激光雷 达成为可能。 三费稳健，加大 AI 投入，新园区 MARS 智造总部有望 Q3 投入使用。公司上 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告的全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 1 ROBOSENSE TECHNOLOGY CO., LTD 速騰聚創科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2498） 截 至 2024 年 6 月 3 0 日止六個月的中期業績公告 董事會欣然公佈本集團截至2024年6月30日止六個月的未經審核合併中期業績，連同2023 年相應期間的比較數字。本集團截至2024年6月30日止六個月的中期簡明合併財務報表 （「中期財務資料」）已由本公司根據國際會計準則第34號「中期財務報告」編製。中期財務 資料未經審核，惟已由本公司獨立核數師羅兵咸永道會計師事務所根據國際審計與鑒 證準則理事會頒佈的國際審閱委聘準則第2410號「由實體的獨立核數師執行中期財務資 料審閱」進行審閱。中期財務資料亦已由本公司審核委員會審閱。該等中期業績乃摘錄 自中期財務資料。 運營亮點及近期發展 ‧ 截至2024年6月30日止第二季度（「2024年第二季度」），本集 ...

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Performance 1 mth 3 mth 6 mth 1 year H F NGO, Brian, CFA LIDAR SOLUTIONS MARKET 15 +852 3896 2965 2701 – 2703, 27/F, Infinitus Plaza, 199 Des Voeux Rd Central, Sheung Wan, HK 0.0000 10.0000 20.0000 30.0000 40.0000 50.0000 60.0000 70.0000 80.0000 90.0000 100.0000 2024-07-22 2024-07-11 2024-06-202024-07-02 2024-06-11 2024-01-242024-02-022024-02-152024-02-262024-03-062024-03-152024-03-262024-04-092024-04-182024-04-292024-05-092024-05-212024-05-30 2024-01-15 1 Table of Contents BUSINESS OVERVIEW 3 LIDAR PLATFOR ...

13 | 研究報告 公開發售前，公司完成一系列融資活動，該等投資者於上市後的禁售期為六個月。前期投資者 包括北京汽車、阿里巴巴、中國移動、華興資本、中國國有企業結構調整基金、Fortune Athena 及 Fortune Miner、復星、浙江吉利控股、Gortune、海通、Kinzon、立訊、OFC、普禾、尚頎 管理、Smart Han、漢石、小米、雲鋒、宇通客車等。 2024 年 1 月，速騰聚創(02498.HK)在香港主板上市，引入南山戰略新興產業投資作為基石投 資者，上市價格為每股 43.0 港元。計及超額配股權獲行使，速騰聚創(02498.HK)上市的估值 約為 193.9 億港元。 圖: 上市後股權架構 資料來源: 公司資料、西牛證券 14 | 研究報告 行業概覽 激光雷達解決方案市場 激光雷達是一種利用激光束來計算物體到目標表面的可變距離的傳感器。激光雷達解決方案與 人工智能感知軟件結合，能夠收集、分析信息，實現自動化，應用於汽車及非汽車行業，如機 器人、智慧城市及 V2X 等。 根據灼識諮詢報告，2022 年全球激光雷達解決方案市場規模為 120 億元人民幣，預計到 2030 年將增加至 ...

2.2.1 产业图谱：上游光学/电子元件制造商+中游集成商+下游车企/智能驾驶厂商 .............................24 2.4.1 车载激光雷达市场规模：2026 年我国市场规模有望达 103 亿元，全球市场规模有望达 114 亿元 .............................................................................................................................................................29 2.5.2 车厂定点：公司定点合作车厂及车型数量位居全球第一............................................................32 2.5.4 机器人市场份额：公司位居全球机器人高端激光雷达市场份额第一............................................................................................. ...

Financial Data and Key Metrics - The company reduced the price of its lidar products from 3500 yuan to 2000+ yuan in 2024, while significantly improving gross margins [3] - The company's gross margin has recovered to nearly 13% as sales volume increased, with expectations of narrowing losses in 2024 and achieving profitability by 2025 [15] - The company's lidar sales in the first half of 2024 reached nearly five times the total sales of 2023, with total sales exceeding 580,000 units and a market share of nearly 50% [18] Business Line Data and Key Metrics - The company's lidar shipments in the automotive sector reached nearly 250,000 units last year, with a global market share of nearly 50% [8] - In the robotics sector, the company shipped less than 20,000 lidar units last year, but the gross margin was significantly higher than in the automotive sector [20] - The company's AI solutions generated revenue of approximately 100 million yuan last year, with expectations for this segment to occupy a larger share of revenue in the future [10] Market Data and Key Metrics - The penetration rate of lidar in the automotive sector is currently less than 1%, but there is significant growth potential as new energy vehicles and intelligent driving accelerate [5] - The company has secured an OEM order from an overseas automaker with annual sales of 10 million units and has deep collaborations with companies like Baidu, Didi, and Pony.ai in the Robotaxi sector [10] - The company has established offices in Detroit, Silicon Valley, and Stuttgart, with a strategic focus on expanding overseas markets [16][21] Company Strategy and Industry Competition - The company aims to become a global leader in lidar and robotics solutions, with a focus on maintaining leadership in automotive lidar and expanding into robotics and other fields [6][17] - The company has invested heavily in AI and chip development, with at least 50% of R&D spending allocated to these areas, aiming to provide end-to-end solutions from sensors to AI to chips [4][25] - The company believes that multi-sensor fusion will be the mainstream trend in autonomous driving, offering higher safety and reliability compared to pure vision solutions [14][29] Management Commentary on Operating Environment and Future Outlook - The company expects 2026 to be a turning point for Robotaxi, with L4 lidar becoming a necessary sensor, requiring 3 to 5 units per vehicle, and offering a different business model and gross margin compared to L2 autonomous driving [19][25] - The company is optimistic about the future of the robotics industry, particularly with the emergence of humanoid robots, and sees lidar as an essential sensor in this field [24][27] - The company believes that good products and technology will be recognized globally, despite current geopolitical pressures [33] Other Important Information - The company has a strong competitive advantage in cost control, achieved through in-house chip development, highly integrated system architecture, and large-scale production automation [26] - The company's core competitiveness in the lidar industry includes self-developed chips, a highly integrated system architecture, and the ability to adapt quickly to market demands [12][27] - The company is exploring various lidar technologies, including MEMS, Flash, and FMCW, and will continue to innovate to meet performance and cost requirements [14][23] Q&A Session Q: How is the company performing in the automotive lidar market? - A: The company has a strong market position, with nearly 250,000 lidar units shipped last year and a global market share of nearly 50% [8] Q: What are the company's advancements in robotics lidar applications? - A: The company has shipped nearly 20,000 lidar units in the robotics sector, with higher gross margins than in the automotive sector [20] Q: What is the company's investment in AI and chips? - A: The company has invested heavily in AI and chip development, with at least 50% of R&D spending allocated to these areas [4][25] Q: How does the company view the competition in the automotive lidar sector? - A: The company believes its self-developed chips and highly integrated system architecture give it a competitive edge, and it aims to make lidar a universal sensor like cameras [7][27] Q: What is the company's view on the future of autonomous driving and Robotaxi? - A: The company expects 2026 to be a turning point for Robotaxi, with L4 lidar becoming a necessary sensor, and believes multi-sensor fusion will be the mainstream trend [19][25][29] Q: What is the company's strategy for cost control? - A: The company has achieved cost leadership through in-house chip development, highly integrated system architecture, and large-scale production automation [26] Q: What are the company's plans for overseas markets? - A: The company has established offices in Detroit, Silicon Valley, and Stuttgart, with a strategic focus on expanding overseas markets [16][21] Q: What is the company's outlook on lidar technology and pricing? - A: The company has developed two products, one for high-end autonomous driving and another targeting affordability, with the goal of making lidar accessible to vehicles priced around 150,000 yuan [31] Q: What is the company's personnel growth plan for 2024-2025? - A: The company plans to focus on increasing talent density and efficiency, with a focus on AI and chip development, but does not expect significant headcount growth [32]

第一是王茜文与研究员孙凯奇相信大家都注意到了近日罗勃快跑在武汉订单量暴增但日单车订单峰值超过了20单已经达到了传统出租车的平均日单量水平这也引起了市场对自动驾驶以及罗勃开斯的广泛关注同时我们也注意到近期政策端利好消息频发比如在今年的5月 深圳市全市自动驾驶开放道路里程已经达到了944公里那么在今年7月上海也于世界人工智能大会上发布了首批无驾驶人的智能网联汽车许可我们认为自动驾驶从1到N的关键拐点有望到来而激光雷达正是自动驾驶落地最关键的设备之一 肃成剧创是全球领先的激光雷达以及赶集的解决方案的提供商也是我们港股上市的激光雷达第一股值得一提的是本次出圈的萝卜快跑部分车型也搭载了公司的前向激光雷达相关产品在本周三也就是昨天公司也发布了上半年的业务更新24年前6个月公司的激光雷达销量已经逼近了23年全年 车载激光雷达销量近五倍增长激光雷达总销量已经累计超过了58万台可以说是相当亮眼了那么在今天呢我们也很荣幸的邀请到了速腾剧创的董事长兼首席科学家邱淳星董来为大家分享公司的喜人进展以及行业观点同时参与本次会议的还有速腾剧创CEO助理朱柏柱总速腾剧创Robotessi团队业务负责人徐玉冰总 咱们今天的交流主要分为两个环节 ...