激光雷达行业深度：高阶智驾最强β之一，业绩步入兑现期

Investment Rating - The report maintains a "Buy" rating for the industry [32]. Core Insights - The penetration rate of advanced driving assistance systems (ADAS) is expected to reach 15% by 2025, driven by policy support, cost reductions, and advancements in computing power and software [1][3]. - The Robotaxi sector is anticipated to reach a commercial inflection point, with operational costs per kilometer expected to align with traditional ride-hailing services, paving the way for scalable operations [1][35]. - The LiDAR market is projected to grow significantly, reaching $3.631 billion by 2029, with a CAGR of 39.4%, driven by the increasing adoption in passenger and light commercial vehicles [1][136]. Demand Insights - Advanced driving systems are set to experience a surge in demand, with a projected penetration rate of 5% in 2024 and 15% by 2025, as more vehicles are equipped with these technologies [1][146]. - The Robotaxi market is expected to exceed $400 billion by 2030, indicating a robust growth trajectory [1][129]. - LiDAR technology is becoming the mainstream solution for high-level autonomous driving, with most domestic high-level driving models equipped with LiDAR [1][125]. Technology Insights - The optimal technology route for LiDAR is identified as the combination of 905nm wavelength lasers and one-dimensional scanning mirrors, balancing performance, cost, and reliability [5][36]. - The report highlights the importance of multi-sensor fusion technology, which combines LiDAR with cameras and radar to enhance environmental perception [1][150]. Supply Chain Insights - The LiDAR supply chain is characterized by high concentration, with leading companies poised to benefit from increasing demand and cost reductions [5][39]. - Key players in the LiDAR market include Hesai Technology and RoboSense, which are expected to capture significant market share due to their strong R&D capabilities and extensive customer bases [5][39][53].