图达通曲线上市，激光雷达“三巨头”或将港股“会师”

Core Viewpoint - The recent approval of Tuda's overseas listing via SPAC marks a significant milestone for the company, which has faced challenges in its journey to go public, especially in comparison to its competitors in the lidar industry [1][2][5]. Group 1: Company Overview - Tuda plans to issue up to 190.24 million ordinary shares through a SPAC merger to list on the Hong Kong Stock Exchange [1]. - The company has experienced a tumultuous path to listing, having previously attempted to go public on NASDAQ and faced setbacks with its Hong Kong application [2][3]. - Tuda's lidar solutions have ranked first globally in sales revenue for ADAS in 2023, showcasing its strong market presence [6]. Group 2: Competitive Landscape - Tuda's market share has been challenged by competitors like Hesai Technology and RoboSense, which have outperformed Tuda in recent years [7][8]. - According to Yole, Tuda is projected to sell 210,000 units in 2024, significantly lower than its competitors, with Hesai and RoboSense expected to sell 519,800 and 455,200 units, respectively [8]. - Tuda's revenue for 2022, 2023, and 2024 is projected at approximately $6.6 million, $12.1 million, and $16 million, respectively, indicating a slower growth trajectory compared to its rivals [9]. Group 3: Financial Performance - Tuda has reported increasing losses, with projected losses of $188 million, $219 million, and $398 million from 2022 to 2024, reflecting a concerning trend [10][11]. - The company's cash and cash equivalents stood at $24.27 million against current liabilities of $97.75 million as of March 31, 2025, indicating cash flow pressure [12]. Group 4: Strategic Positioning - Tuda's focus on 1550nm lidar technology positions it in the high-end market, but the high costs associated with this technology limit its competitiveness in a price-sensitive market [15][16]. - The company has begun to diversify its product offerings by developing both 1550nm and 905nm lidar technologies, although it may be too late to catch up with competitors who have already established their market presence [21][22]. - Tuda's reliance on NIO as a primary customer has raised concerns about its negotiation power and revenue stability, as seen in the declining average selling price of its products [27][40]. Group 5: Future Prospects - Tuda is actively working to diversify its customer base and has secured orders from various automotive manufacturers and industries, including commercial vehicles and robotics [43][46]. - The company is strategically positioning itself in the growing robotics market, which is expected to provide new growth opportunities and enhance its market competitiveness [46][47]. - Tuda's future performance will likely depend on its ability to expand beyond its reliance on NIO and adapt to the evolving market dynamics [29][42].