增持 |首次覆盖 证券研究报告：电子 | 公司点评报告 股票投资评级 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港币） | 42.74 | | | --- | --- | --- | | 总股本/流通股本（亿股）4.84 | / 4.73 | | | 总市值/流通市值（亿港 207 | / 202 | | | 币） | | | | 52 周内最高/最低价 | 53.50 / 12.54 | | | 资产负债率(%) | 22.21% | | | 第一大股东 | BlackPearl | Global | | Limited | | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 速腾聚创(2498.HK) 业绩改善显著，新业务增长强劲 l 事件 公司发布 2025 年半年度报告：2025H1 实现营业收入 7.83 亿元， 同比增长 7.7%；归属于上市公司股东的净亏损 1.51 亿元，同比减亏 43.9%；毛利率从去年同期的 13.6%提升至 25.9%。 l 投资要点 ADAS业务：短期波动，新品定 ...

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].

Group 1 - The Ministry of Industry and Information Technology and seven other departments in China have issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)", which includes the promotion of intelligent connected vehicles and conditional approval for the production of L3 autonomous driving models [1] - The L3 level of autonomous driving signifies a shift in responsibility from the driver to the vehicle manufacturer, requiring companies to develop highly redundant perception systems to manage risks [1] - High-line count digital lidar has become a necessary safety component for the implementation of L3 autonomous driving, with companies like Suoteng Juchuang (02498) positioned to benefit significantly [1] Group 2 - Suoteng Juchuang's high-line count digital lidar products have already achieved mass production and are being used in new models such as the Zhiji LS6 and the Zeekr 9X [1] - The company is currently the only manufacturer capable of mass-producing 520-line digital lidar, maintaining a leading position in this field [1] - Several new models equipped with Suoteng Juchuang's high-line count digital lidar are expected to be launched in the second half of this year, with companies like Didi and Pony.ai adopting their products [2] - The new EM platform from Suoteng Juchuang has entered mass production, with the EMX targeting the L2 level assisted driving market and the EM4 being the only mass-producible lidar supporting 520 to 2160 lines for high-level autonomous driving scenarios [2] - The clarification of L3 autonomous driving policy thresholds and the continuous maturation of technology are expected to create broader growth opportunities in the lidar market [2]

Group 1 - The Ministry of Industry and Information Technology and eight other departments have issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)", which aims to promote the approval and road testing of intelligent connected vehicles and conditionally approve the production access of L3 autonomous driving models, marking a new phase in China's autonomous driving development [1] - The core of L3 autonomous driving is the transfer of responsibility from the driver to the vehicle manufacturer when the system is operating within its responsibility domain, requiring manufacturers to build ultra-redundant perception systems, which imposes unprecedented demands on perception capabilities [1] - High-line-count digital lidar has become an essential safety component for the implementation of L3 autonomous driving, with companies like Suoteng Juchuang (02498) expected to benefit significantly as they are leading manufacturers in this field [1] Group 2 - Multiple models equipped with Suoteng Juchuang's high-line-count digital lidar are set to be launched in the second half of this year, with companies like Didi, Xiaoma Zhixing, and WeRide adopting their lidar products for new-generation Robotaxi services [2] - Suoteng Juchuang's new generation of vehicle-mounted digital lidar platform, the EM platform, has entered large-scale production, with EMX targeting the L2 auxiliary driving market and EM4 being the only mass-produced lidar supporting 520 to 2160 lines for high-level autonomous driving scenarios [2] - With the clarification of L3 autonomous driving policy thresholds and the continuous maturation of technology, the lidar market is expected to experience broader growth opportunities [2]

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 ...