通过港交所聆讯，图达通以“硬科技”构筑独特竞争优势承载行业增量

Core Viewpoint - The global investment enthusiasm for "hard technology," particularly in the lidar sector, has reached unprecedented levels, driven by the trend of "intelligent driving equality" and significant cost reductions in technology [1] Industry Overview - The lidar industry is entering a phase of substantial growth, with increasing market attention on related stocks as the sector benefits from technological advancements and a shift in market dynamics [1] - The upcoming listing of global lidar leader, Tudatong, on the Hong Kong Stock Exchange is expected to attract significant investment interest, following the successful listings of other lidar companies [1][2] Company Performance - Tudatong is projected to deliver approximately 230,000 automotive-grade lidar units in 2024, capturing a global market share of 12.8% in the automotive lidar solutions segment [2] - In the first nine months of this year, Tudatong delivered around 181,100 automotive-grade lidar units, marking a year-on-year increase of 7.7% [2] - Tudatong's revenue surged from $66.3 million in 2022 to $160 million in 2024, with the company reporting $5.2 million in revenue for the first five months of this year [2] Growth Potential - The company is expanding its partnerships in the passenger vehicle sector, with NIO adopting its lidar solutions across nine models, and stable collaborations in commercial vehicles and logistics [2][3] - Tudatong is strategically entering the robotics market, securing large-scale orders from leading companies, indicating a broadening application of its lidar technology [3][7] Financial Metrics - Tudatong's gross margin improved significantly, with a gross loss of $13.9 million and a gross margin of 8.7% reported for the first five months of 2024, compared to a gross loss of $42.4 million and a gross margin of 35% in 2023 [4] - The Falcon series achieved a gross margin of 16.3% in the first five months of this year, indicating a clear upward trend in profitability [4][6] Competitive Advantages - Tudatong's dual-technology strategy allows it to produce both high-performance and cost-effective lidar solutions, enhancing its competitive edge in the market [6] - The company is the only manufacturer capable of mass-producing both 1550nm and 905nm lidar technologies, positioning it uniquely in the industry [6] Market Outlook - The lidar market is expected to see significant growth in non-automotive applications, particularly in robotics, with Tudatong well-positioned to capitalize on these emerging opportunities [7][8] - The company's successful domestic market strategies are anticipated to be replicated in international markets, enhancing its global competitiveness [7][8]