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 $3.197 million with a gross margin of 12.6% in Q1 2025, continuing the positive trend from Q4 2024 [1][2] - 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][2] - Seyond has made significant breakthroughs in various fields, including passenger vehicles, commercial vehicles, robotics, Robotaxi, and smart transportation, establishing a diversified growth pattern [1][3] Financial Performance - In Q1 2025, Seyond's costs decreased significantly by 36.9% year-on-year, from $35.023 million to $22.099 million, driven by product design optimization and increased procurement scale [2] - The company has shown a consistent reduction in losses from 2022 to 2024, indicating improvements in cost control and operational efficiency [2] Customer Base Optimization - Seyond has deepened its collaboration with NIO, with its Falcon series being used in over 500,000 units across nine models [3] - The company has secured additional orders from ten OEMs and ADAS/ADS companies, including three state-owned manufacturers and a leading joint venture [3] Technological Advancements - Seyond is the only global company with mature mass production capabilities for both 1550nm and 905nm LiDAR technologies, allowing it to cater to both high-end and mass-market segments [4] - The introduction of the new generation solid-state LiDAR, the Hummingbird D1, marks a significant technological breakthrough, reinforcing the company's industry position [5] Market Positioning - The increasing value of LiDAR technology in the context of the intelligentization wave across various industries positions Seyond favorably for future growth [5] - The company's strategic product layout and successful penetration into high-growth markets, such as passenger vehicles and robotics, enhance its revenue structure and create a robust competitive moat [5]