激光雷达行业首次覆盖：高阶智驾新篇章，精准感知新航向

Investment Rating - The report gives an "Overweight" rating for the lidar industry and initiates coverage on Hesai Technology (HSAI.US) and Suteng Juchuang (2498.HK), both receiving a "Buy" rating [2][12]. Core Insights - The lidar industry is positioned for growth as the automotive sector increasingly adopts intelligent driving technologies, with lidar serving as a critical sensor for vehicle perception [2][12]. - The report highlights that the global lidar solutions market is expected to exceed RMB 1 trillion by 2030, with a compound annual growth rate (CAGR) of 55% in lidar shipments from 2023 to 2029 [12][10]. - Chinese manufacturers are gaining a dominant position in the lidar market, capturing nearly 80% of global designated partnerships, which sets a solid foundation for future shipment volumes [12][10]. Summary by Sections Industry Overview - Lidar, or Light Detection and Ranging, is recognized as a key sensor technology for precise distance measurement and environmental perception in intelligent driving systems [13][14]. Development Path - The evolution of lidar technology has transitioned from research and surveying applications in the 1960s to commercial applications in various sectors, including automotive, industrial, and robotics [27][28]. Technical Evolution - The lidar industry features diverse technical routes, with the Time of Flight (ToF) method being the most mature and widely adopted for automotive applications, while Frequency Modulated Continuous Wave (FMCW) technology is still in the early stages of development [43][44]. Market Dynamics - The report indicates that the average price of lidar systems is decreasing rapidly due to increased production volumes, which is expected to enhance adoption rates among automotive manufacturers [12][10]. - The report anticipates that the introduction of cost-effective lidar solutions priced around USD 200 will further alleviate cost pressures for automakers and promote higher integration rates [12][10]. Investment Value - In the short to medium term, the report sees high visibility for lidar applications in vehicles, while the long-term potential in robotics and other sectors remains significant [12][10].