据盖世汽车，随"智驾平权趋势发展，激光雷达2025年国内装机量有望冲击250万颗、渗透率达9.0%， 价格也下探至近1450元。展望未来，受益于L2+/L3/L4法规逐步落地，激光雷达渗透率有望持续提升;而 价格端，当前单颗激光雷达价格下行空间有限，叠加高性能、多颗的方案有望成为趋势，车载激光雷达 市场规模有望快速扩容。该行预计2030/2035年全球车载激光雷达市场规模有望达90/148亿美元。 作为全球领先的激光雷达企业，公司中长期的竞争壁垒与投资价值突出 禾赛科技是全球领先的激光雷达研发与制造企业 公司2014年成立，2023年于纳斯达克上市，2025年9月于港交所上市，构建了 AT/ET/FT/Pandar/OT/XT/QT/JT8大产品系列，覆盖ADAS、自动驾驶及机器人市场。2020至2024年，公 司激光雷达交付量从0.4万台快速增长至50.2万台，预计2025年有望交付超150万台。2024年公司首次达 成全年Non-GAAP盈利，也实现了全年经营和净现金流为正。25Q3公司实现净利润2.6亿元、创历史新 高，全年净利润指引上调至3.5-4.5亿元，呈现持续高速增长趋势。 随智驾市场演进，激光 ...

智通财经APP获悉，华创证券发布研报称，禾赛-W(02525)作为全球激光雷达行业龙头，受益于 L2+/L3/L4法规推进，有望持续抢占国内外市场份额，实现规模的快速扩张。同时机器人激光雷达行业 空间广阔，有望成为公司第二增长曲线。该行预计公司2025-27年：1)营业收入30.30、41.77、58.23亿 元，同比+46%、+38%、+39%;2)净利润3.58、4.88、8.87亿元，同比扭亏为盈、+36%、+82%;3)Non- GAAP净利润4.786.02、9.95亿元，同比+33.9倍、+26%、+65%;4)EPS2.29、3.13、5.68元采用PS估值 法，给予公司2026年8倍PS，对应目标市值334亿元、目标空间35%、目标价235.93港元，首次覆盖，给 予"强推"评级。 华创证券主要观点如下： 禾赛科技是全球领先的激光雷达研发与制造企业 公司2014年成立，2023年于纳斯达克上市，2025年9月于港交所上市，构建了 AT/ET/FT/Pandar/OT/XT/QT/JT8大产品系列，覆盖ADAS、自动驾驶及机器人市场。2020至2024年，公 司激光雷达交付量从0.4万台快速增长 ...

Investment Rating - The report assigns a "Strong Buy" rating to Hesai Technology (02525.HK) with a target price of HKD 235.93, indicating a potential upside of 35% from the current price of HKD 175.10 [3][9]. Core Insights - Hesai Technology is a leading global developer and manufacturer of LiDAR technology, with a comprehensive product matrix covering ADAS, autonomous driving, and robotics markets. The company has achieved significant milestones, including being the first to deliver over 10,000 units of LiDAR in a month and achieving Non-GAAP profitability in 2024 [6][14]. - The report highlights the expected rapid growth in the LiDAR market, driven by the increasing adoption of L2+/L3/L4 regulations, with projections indicating that the global automotive LiDAR market could reach USD 9 billion by 2030 and USD 14.8 billion by 2035 [7][8]. Summary by Sections Company Overview - Hesai Technology was founded in 2014 and has established itself as a leader in the LiDAR industry, focusing on high-performance products. The company has developed eight major product series, including AT, ET, FT, Pandar, OT, XT, QT, and JT, catering to various applications in the automotive and robotics sectors [6][21]. - The company has a strong financial outlook, with projected revenues of CNY 2.08 billion in 2024, growing to CNY 5.82 billion by 2027, representing a compound annual growth rate (CAGR) of 39.4% [2][9]. LiDAR Industry - The LiDAR market is expected to expand rapidly, with the domestic installation of LiDAR units projected to reach 2.5 million by 2025, achieving a penetration rate of 9.0%. The report notes that the price of LiDAR units is expected to decrease to around CNY 1,450, which will further drive market growth [6][7]. - The report identifies key technological advancements in LiDAR, including the transition to mixed solid-state and full solid-state technologies, which are anticipated to enhance performance and reduce costs [7][8]. Investment Highlights - The report emphasizes Hesai's competitive advantages, including strong R&D capabilities, a leading manufacturing system, and a diverse customer base that includes major players in the ADAS and robotics sectors. The company has secured significant contracts with top automotive manufacturers and is recognized as a preferred supplier for leading Robotaxi companies [6][8][9]. - The expected growth in the robotics LiDAR market is highlighted, with projections indicating that the market for robotic LiDAR solutions could grow from USD 600 million in 2024 to USD 5.1 billion by 2029, representing a CAGR of 56% [8][9]. Profit Forecast and Valuation - The report forecasts that Hesai's net profit will turn positive in 2025, reaching CNY 358 million, and is expected to grow to CNY 887 million by 2027. Non-GAAP net profit is projected to increase significantly, from CNY 478 million in 2025 to CNY 995 million in 2027 [2][9]. - The valuation is based on a price-to-sales (P/S) ratio of 8x for 2026, leading to a target market capitalization of CNY 33.4 billion [9].

编辑丨安安 作者丨彭鑫 12月22日，港股智能驾驶概念股盘初走强，小马智行-W(02026.HK)涨超6%，浙江世宝(01057.HK)、禾 赛-W(02525.HK)、小鹏汽车(09868.HK)、佑驾创新(02431.HK)等个股跟涨。消息面上，重庆发布国内首 块L3级自动驾驶专用正式号牌。（新浪财经） ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.43% at 25,801.77 points and a total trading volume of HKD 169.77 billion [1] - The market is currently in a left-side layout phase, with strong expectations for a spring rally, although there are supply and demand pressures towards the end of the year [1] Blue Chip Performance - Semiconductor company SMIC (00981) led blue-chip gains, rising 5.92% to HKD 68.9, contributing 27.67 points to the Hang Seng Index [2] - Other notable blue-chip performers included Zijin Mining (02899) up 5.3% and Pop Mart (09992) up 4.61%, while WuXi AppTec (02359) and Hang Lung Properties (00101) saw declines [2] Sector Highlights - Large technology stocks generally rose, with Alibaba up 0.76% and Tencent up 0.08% [3] - The metals sector saw significant gains, with gold prices surpassing USD 4,400 per ounce and LME copper prices nearing USD 12,000 per ton [4] - The new consumption sector was active, with companies like Mixue Group (02097) rising 10.13% following the opening of a new store in Los Angeles [6] Investment Opportunities - The storage and advanced process sectors are expected to see accelerated growth, benefiting domestic equipment manufacturers [5] - The AI and robotics sectors are gaining traction, with companies like Ubiquiti (09880) and others seeing increased orders and market interest [6][7] New Stock Listings - Four new stocks listed on the Hong Kong market faced significant declines on their debut, with Mindray Hospital (02581) dropping 49.46% [8] - China Duty Free Group (01880) saw a strong performance, rising 15.77% amid positive sales data from Hainan's duty-free shopping [9] Company-Specific Developments - Yujian (02432) faced downward pressure due to an upcoming lock-up expiration and a recent share placement [10]

港股智能驾驶概念股盘初走强，小马智行-W(02026.HK)涨超6%， 浙江世宝(01057.HK)、禾赛- W(02525.HK)、小鹏汽车(09868.HK)、佑驾创新(02431.HK)等个股跟涨。消息面上，重庆发布国内首块 L3级自动驾驶专用正式号牌。 ...

Core Viewpoint - The report from China Merchants Securities indicates that the high-level autonomous driving sector in China and the U.S. is advancing simultaneously, suggesting that the autonomous driving segment is expected to break out of its recent downturn [1] Group 1: Industry Developments - China's L3 production access has achieved institutional implementation, with a cautious and orderly pace of commercialization [1] - Tesla's Robotaxi testing without safety drivers is progressing, indicating rapid evolution in autonomous driving technology [1] Group 2: Investment Recommendations - The report recommends the following companies for investment: Xpeng Motors-W (09868) and Tesla (TSLA.US) for complete vehicles [1] - For components, the report suggests Horizon Robotics-W (09660) and Hesai Technology-W (02525) [1] - For Robotaxi operations, the recommendation is for Pony.ai-W (02026) [1]

东方证券认为，在法规政策支持、市场需求提升的驱动下，预计2026年L3级自动驾驶产业化进展有望 持续加速，相关智驾硬件及软件供应商有望受益。长城证券表示，海内外龙头厂商持续在智驾方面取得 突破行业进入高速发展期。伴随高阶智驾逐步下探至10-20万车型，智驾平权亦将逐步实现，该行持续 看好智能驾驶产业链投资机会。 本文源自：智通财经网 智通财经获悉，智驾概念股早盘走高，截至发稿，浙江世宝(01057)涨10.02%，报5.6港元；小马智行- W(02026)涨8.26%，报124.6港元；佑驾创新(02431)涨6.25%，报15.63港元；禾赛-W(02525)涨4%，报 182.1港元。 消息面上，近期，海内外智能驾驶领域均迎来重大突破。12月15日，工信部正式公布首批L3级有条件 自动驾驶车型准入许可，首批获准车型为长安深蓝SL03和北汽极狐阿尔法S6，随后比亚迪、鸿蒙智行 等多家品牌也宣布获得L3级自动驾驶路测牌照并启动内测。值得关注的是，12月20日，首块L3级自动 驾驶专用正式号牌"渝AD0001Z"在重庆诞生，标志着长安汽车开启L3级自动驾驶时代。海外方面，马 斯克此前表示特斯拉正式在奥斯汀启动全 ...

Core Viewpoint - The smart driving sector is experiencing significant growth, with stocks rising sharply due to recent advancements in autonomous driving technology and regulatory approvals [1][3]. Group 1: Stock Performance - Smart driving concept stocks saw substantial gains, with increases of over 9%, 8%, 3%, and 2% in early trading [1]. - Notable stock performances include: - Xiaoma Zhixing-W (02026) at +9.29% with a trading volume of 23.74 million [2]. - Zhejiang Shibao (01057) at +8.25% with a trading volume of 124 million [2]. - FIT HON TENG (06088) at +5.00% with a trading volume of 45.88 million [2]. - SenseTime-W (00020) at +4.79% with a trading volume of 265 million [2]. Group 2: Industry Developments - The Ministry of Industry and Information Technology (MIIT) has issued the first batch of L3-level conditional autonomous driving vehicle licenses, with Changan Deep Blue SL03 and BAIC Arcfox Alpha S6 among the first approved models [3]. - Noteworthy advancements include the issuance of the first L3-level autonomous driving dedicated license plate "渝AD0001Z" in Chongqing, marking the start of the L3 autonomous driving era for Changan Automobile [3]. - Internationally, Tesla has commenced full autonomous Robotaxi testing in Austin, Texas, without safety supervisors or passengers in the vehicle [3]. Group 3: Market Outlook - Dongfang Securities anticipates that with regulatory support and increasing market demand, the industrialization of L3-level autonomous driving is expected to accelerate by 2026, benefiting related hardware and software suppliers [3]. - Changcheng Securities highlights that leading companies are making continuous breakthroughs in smart driving, indicating that the industry is entering a high-speed development phase [3]. - The gradual reduction of high-level autonomous driving technology to vehicles priced between 100,000 to 200,000 will promote equity in smart driving technology, leading to positive investment opportunities in the smart driving supply chain [3].

每经AI快讯，智驾概念股早盘走高。截至发稿，浙江世宝(01057.HK)涨10.02%，报5.6港元；小马智行- W(02026.HK)涨8.26%，报124.6港元；佑驾创新(02431.HK)涨6.25%，报15.63港元；禾赛-W(02525.HK) 涨4%，报182.1港元。 ...