日前，工业和信息化部等八部门印发了《汽车行业稳增长工作方案(2025-2026年)》的通知。其中提出， 将推进智能网联汽车准入和上路通行试点，有条件批准L3级自动驾驶车型生产准入。这标志着中国自 动驾驶发展进入新阶段，政策为高级别自动驾驶商业化铺平道路。 根据工信部《汽车驾驶自动化分级》规定，L3级自动驾驶的核心在于责任转移：系统在责任域运行 时，安全主体从驾驶员切换至车企，为应对风险，车企必须构建超高冗余感知系统，这对感知能力提出 了前所未有的严苛要求。分析认为，激光雷达、尤其是高线数数字化激光雷达已成为L3落地的必备安 全件现已成为行业共识，像速腾聚创(02498)这样的头部激光雷达厂商将最有望受益。 今年下半年，还将有多款搭载速腾聚创高线数数字化激光雷达的车型陆续面世。此外，滴滴、小马智 行、文远知行等新一代Robotaxi企业均已采用速腾聚创的数字化激光雷达产品。 速腾聚创的全新一代车载数字化激光雷达平台EM平台全线产品已全面进入规模化量产阶段。其中， EMX作为"真192线"车载主激光雷达，面向L2级辅助驾驶市场;EM4则是行业唯一可量产的超500线数字 化激光雷达，支持520线至2160线定制，服 ...

今年下半年，还将有多款搭载速腾聚创高线数数字化激光雷达的车型陆续面世。此外，滴滴、小马智 行、文远知行等新一代Robotaxi企业均已采用速腾聚创的数字化激光雷达产品。 速腾聚创的全新一代车载数字化激光雷达平台EM平台全线产品已全面进入规模化量产阶段。其中， EMX作为"真192线"车载主激光雷达，面向L2级辅助驾驶市场;EM4则是行业唯一可量产的超500线数字 化激光雷达，支持520线至2160线定制，服务于高级别自动驾驶场景。 随着L3级自动驾驶政策门槛的明确和技术的不断成熟，激光雷达市场有望迎来更加广阔的增长空间。 智通财经APP获悉，日前，工业和信息化部等八部门印发了《汽车行业稳增长工作方案(2025-2026年)》 的通知。其中提出，将推进智能网联汽车准入和上路通行试点，有条件批准L3级自动驾驶车型生产准 入。这标志着中国自动驾驶发展进入新阶段，政策为高级别自动驾驶商业化铺平道路。 根据工信部《汽车驾驶自动化分级》规定，L3级自动驾驶的核心在于责任转移：系统在责任域运行 时，安全主体从驾驶员切换至车企，为应对风险，车企必须构建超高冗余感知系统，这对感知能力提出 了前所未有的严苛要求。分析认为，激光雷 ...

Core Viewpoint - SUTENG JUCHUANG (02498) has seen a significant stock price increase of over 6%, attributed to its deepened collaboration with NVIDIA and the anticipated growth in demand for LiDAR technology in various applications [1] Company Summary - SUTENG JUCHUANG's stock rose by 6.5% to HKD 44.54, with a trading volume of HKD 165 million [1] - The company announced at the IAA MOBILITY 2025 that its high-performance automotive-grade digital LiDAR products (E1, EMX, and EM4) will integrate with NVIDIA DRIVE, enhancing the development and testing of autonomous driving technologies [1] - Morgan Stanley upgraded SUTENG JUCHUANG's investment rating from "Neutral" to "Overweight," raising the target price from HKD 28.6 to HKD 53 [1] Industry Summary - The demand for LiDAR technology is expected to grow significantly, driven by the adoption of ADAS in Chinese electric vehicles and various robotic applications, including robotic lawn mowers, autonomous taxis, and logistics robots [1] - SUTENG JUCHUANG has secured incremental design orders in both the ADAS and robotics sectors, which is anticipated to improve profit margins and accelerate shipment growth [1] - The company is projected to achieve positive net profit by 2026, supported by the broader application prospects of LiDAR technology [1]

摩根大通研报指出，将速腾聚创投资评级由"中性"升至"增持"，目标价由28.6港元大升至53港元。除了 中国新能源汽车中ADAS及LiDAR加快采用外，小摩注意到包括机器人割草机、无人驾驶出租车和物流 机器人在内的各种机器人应用对LiDAR的强劲需求。基于其数字化LiDAR平台，速腾聚创在ADAS和机 器人领域均获得了增量设计订单，并提高了利润率，预计这将推动出货量加速增长，并在2026年实现正 净利润。同时，小摩认为，鉴于更广泛的LiDAR应用前景和未来更多上行空间，速腾聚创值得估值重 估。 速腾聚创(02498)涨超6%，截至发稿，涨6.5%，报44.54港元，成交额1.65亿港元。 消息面上，9月11日，在2025年德国国际汽车及智慧出行博览会(IAA MOBILITY2025)上，速腾聚创宣 布与英伟达进一步深化合作，全球唯一可量产的高性能车规级数字化激光雷达E1、EMX和EM4，将接 入NVIDIA DRIVE生态，为NVIDIA DRIVE AGX车载计算平台提供高清三维感知数据支持，将缩短自 动驾驶技术开发与测试周期，加速车企推进自动驾驶系统部署及应用进程。 ...

Core Insights - RoboSense has announced a deepened collaboration with NVIDIA to integrate its high-performance automotive-grade digital lidar products into the NVIDIA DRIVE ecosystem, which will enhance the development and testing cycles of autonomous driving technology [1][7] - The combination of NVIDIA DRIVE AGX Thor chip and RoboSense's EM platform is becoming the preferred choice for next-generation autonomous driving systems, adopted by several leading automotive manufacturers and Robotaxi companies [2][3] - RoboSense's lidar products, including the EM4 and E1, are recognized for their advanced capabilities and are being integrated into new advanced driver-assistance systems and autonomous vehicles by various global automakers [4][5] Company Developments - RoboSense's EM platform has entered mass production, securing contracts with eight leading automotive manufacturers for 45 vehicle models within six months of launch, showcasing strong market demand [5] - The EM4 and E1 lidar combinations are favored by major Robotaxi manufacturers for their dual perception capabilities, indicating RoboSense's strong position in the L4 autonomous driving sector [5] - RoboSense is the only lidar company globally that is integrated into NVIDIA's three major ecosystems, highlighting its unique position in the market [6] Industry Trends - The automotive industry is increasingly demanding higher performance and reliability from sensors and AI computing platforms as it moves towards higher levels of autonomous driving [4] - The collaboration between RoboSense and NVIDIA is expected to drive innovation in perception and computing layers, accelerating the deployment of safer and more efficient large-scale autonomous driving applications [7]

Core Insights - RoboSense has deepened its collaboration with NVIDIA to integrate its high-performance automotive-grade digital lidar systems into the NVIDIA DRIVE ecosystem, which will enhance the development and testing cycles of autonomous driving technologies [1][13] - The combination of NVIDIA DRIVE AGX Thor chip and RoboSense's lidar platform is becoming the preferred choice for next-generation autonomous driving systems, adopted by several leading automotive manufacturers and Robotaxi companies [3][5] Group 1 - RoboSense's digital lidar products, including E1, EMX, and EM4, will provide high-definition 3D perception data to NVIDIA DRIVE AGX, facilitating faster deployment of autonomous driving systems [1][6] - The NVIDIA DRIVE AGX platform is the world's first scalable AI computing platform, capable of integrating various sensor data to achieve robust perception and real-time decision-making [5][8] - RoboSense's lidar technology is recognized for its unique advantages, such as the world's only mass-produced 500-line digital lidar EM4 and the all-solid-state lidar E1, which are critical for advanced driving assistance systems and autonomous vehicles [8][10] Group 2 - The collaboration between RoboSense and NVIDIA has been extensive, with RoboSense being a member of the NVIDIA Omniverse ecosystem and contributing high-precision lidar models for autonomous driving simulation testing [13] - RoboSense's lidar systems have been selected by over 45 vehicle models from eight leading automotive manufacturers, indicating strong market acceptance and demand [10] - The integration of RoboSense's lidar with NVIDIA's AI computing platforms is expected to drive innovation in perception and computation layers, accelerating the deployment of safe and efficient large-scale autonomous driving applications [11][13]

Group 1 - Morgan Stanley upgraded the rating of Suoteng Juchuang from "Neutral" to "Overweight" and raised the target price from HKD 28.6 to HKD 53, implying a projected price-to-sales ratio of 5 times for the next year [1] - The report highlights the accelerating adoption of ADAS LiDAR in China's electric vehicle market and strong demand for LiDAR in various robotic applications, including robotic lawn mowers, autonomous taxis, and logistics robots [1] - Given the broader application prospects for LiDAR and potential for further upward valuation, Suoteng Juchuang is considered worthy of a re-evaluation [1] Group 2 - Morgan Stanley forecasts Suoteng Juchuang's total LiDAR shipments to reach 836,000, 1.8 million, and 2.8 million units from 2025 to 2027, representing a compound annual growth rate of 74%, with approximately 30% of shipments coming from robotics [1] - The company is expected to maintain a gross margin of around 28%, with adjusted net profits projected at CNY 187 million and CNY 493 million for 2026 and 2027, respectively, while a net loss of approximately CNY 86 million is anticipated for 2025 [1]

智通财经APP获悉，摩根大通发布研报称，将速腾聚创(02498)投资评级由"中性"升至"增持"，目标价由 28.6港元大升至53港元，相当于未来一年预测市销率5倍。除了中国新能源汽车中ADAS及LiDAR加快采 用外，小摩注意到包括机器人割草机、无人驾驶出租车和物流机器人在内的各种机器人应用对LiDAR的 强劲需求。基于其数字化LiDAR平台，速腾聚创在ADAS和机器人领域均获得了增量设计订单，并提高 了利润率，预计这将推动出货量加速增长，并在2026年实现正净利润。同时，小摩认为，鉴于更广泛的 LiDAR应用前景和未来更多上行空间，速腾聚创值得估值重估。 小摩预计，LiDAR需求在2025、2027、2030年将达到310万、690万、1,210万单位，渗透率分别为 20%、33%、44%(今年第二季：18%)。此外，小摩看到来自机器人市场的强劲需求，例如机器人割草机 (速腾聚创从单一客户获得120万单位的重大订单，相较于2024年机器人LiDAR出货量2.4万单位)、无人 驾驶出租车、物流机器人和矿用卡车。 小摩预计速腾聚创将获得更多设计订单，并预计2025至2027年LiDAR总出货量为83.6万、18 ...

Core Viewpoint - Morgan Stanley upgraded the investment rating of SUTENG JUCHUANG (02498) from "Neutral" to "Overweight," raising the target price from HKD 28.6 to HKD 53, implying a projected price-to-sales ratio of 5 times for the next year [1] Group 1: Market Demand and Growth Projections - The demand for LiDAR is expected to reach 3.1 million, 6.9 million, and 12.1 million units by 2025, 2027, and 2030, with penetration rates of 20%, 33%, and 44% respectively, compared to 18% in Q2 of this year [1] - The company is anticipated to secure more design orders, with total LiDAR shipments projected at 836,000, 1.8 million, and 2.8 million units from 2025 to 2027, reflecting a compound annual growth rate of 74%, with approximately 30% of shipments coming from the robotics sector [2] Group 2: Financial Performance and Profitability - The comprehensive gross margin is expected to stabilize around 28% from 2025 to 2027, with adjusted net profits projected at RMB 187 million and RMB 493 million for 2026 and 2027 respectively [2] - The total revenue for SUTENG JUCHUANG is estimated to be RMB 3.2 billion and RMB 4.7 billion for 2026 and 2027, with the robotics sector contributing 36% and 33% to the total revenue [2]

Core Insights - RoboSense has officially commenced mass delivery of its digital lidar benchmark product EMX to multiple automotive clients, marking the full-scale production phase of its EM platform products [2] - The EMX is designed for the L2 level assisted driving market, while the EM4 is the only mass-producible digital lidar with over 500 lines, supporting customization from 520 to 2160 lines for higher-level autonomous driving scenarios [2] - Within less than six months of its launch, the EM platform has secured contracts with eight leading global automakers for a total of 45 vehicle models [2] Company Developments - RoboSense launched the EM platform, which is based on full-stack chip technology and comprehensive digitalization, with the EM4 and EMX products introduced in January and April respectively [2] - The EMX has been selected by several major automotive companies, including Geely, FAW Hongqi, and a top three Japanese automaker, as well as a joint venture of the largest European automotive company in China, with a total of 32 models from domestic new energy vehicle companies [2] - The EM4 has also received contracts from Geely, SAIC Zhiji, a leading global electric pickup brand, and a joint venture of a top European luxury car brand, and is already in mass production applications across several popular models [2]