新股消息 | 图达通更新IPO招股书：新增三家国有主机厂定点 毛利率增至12.6%

Core Insights - The core highlight of the updated prospectus is that Seyond achieved a gross profit of $319.7 million with a gross margin of 12.6% in Q1 2025, continuing the positive trend from Q4 2024 [1][3] - The company has delivered approximately 230,000 automotive-grade LiDAR units in 2024 and ranks second globally in cumulative sales revenue for ADAS LiDAR, with a market share of 20.7% in China [1][3] - The financial performance and business progress reflect the industry's technological iteration and commercialization process, showcasing a critical shift from "scale expansion" to "profit realization" [1][3] Financial Performance - In Q1 2025, the cost decreased significantly by 36.9% compared to the same period in 2024, dropping from $35.02 million to $22.09 million, driven by product design optimization and enhanced bargaining power due to increased procurement scale [3][6] - The company has shown a consistent reduction in losses from 2022 to 2024, indicating significant improvements in cost control and operational efficiency [3][6] - Despite short-term fluctuations in Q1 2025 performance due to seasonal factors in the automotive industry, the long-term demand for LiDAR remains strong [3][6] Customer Structure Optimization - The company has expanded its customer base across multiple sectors, including passenger vehicles and robotics, optimizing its customer structure [4][6] - Collaborations with major players like NIO have led to the use of its products in nine models, with over 500,000 units delivered [6][7] - The company has secured additional orders from ten OEMs and ADAS/ADS companies, including three state-owned manufacturers, indicating a robust growth trajectory [6][7] Technological Advancements - The company is the only global player with mature mass production capabilities for both 1550nm and 905nm LiDAR technologies, catering to both high-end and mass-market applications [7] - The introduction of the new generation solid-state LiDAR, the Hummingbird D1, marks a significant technological breakthrough, reinforcing the company's industry position [7] - The increasing value of LiDAR technology in the context of new energy vehicles and the intelligentization wave across various industries highlights the company's strategic positioning in high-growth markets [7]