禾赛25Q1跟踪报告：25Q1GAAP同比大幅减亏，ATX、JT系列产品拓展迅速

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding benchmark indices [4]. Core Insights - The company reported a significant reduction in losses for Q1 2025, with a GAAP net loss of -0.18 billion yuan, down from -1.07 billion yuan in Q1 2024, reflecting improved operational efficiency and cost control [1][30]. - Revenue for Q1 2025 reached 5.25 billion yuan, representing a year-over-year increase of 46.27%, aligning with the company's guidance [1][29]. - The company achieved a Non-GAAP net profit of 0.09 billion yuan, marking its second consecutive quarter of profitability [1]. - The gross margin for Q1 2025 was reported at 41.74%, an increase of 2.97 percentage points year-over-year, attributed to strict operational discipline [1][30]. Revenue and Profitability Outlook - For Q2 2025, the company expects revenue to be in the range of 6.8 billion to 7.2 billion yuan, reflecting a year-over-year growth of 48% to 57% [1][33]. - The full-year revenue guidance for 2025 remains at 30 billion to 35 billion yuan, with a GAAP net profit forecast of 2 billion to 3.5 billion yuan [1][31]. - The company anticipates maintaining a gross margin of around 40% for the year [1][31]. Laser Radar Delivery and Market Expansion - In Q1 2025, the total delivery of laser radars reached 195,800 units, a year-over-year increase of 231.33%, with strong growth in the ADAS and robotics sectors [2][29]. - The company delivered 146,100 units in the ADAS sector and 49,700 units in the robotics sector during the same period [2]. - For Q2 2025, the company projects total deliveries to exceed 300,000 units, with ATX products expected to account for 50% to 60% of total deliveries [2][33]. Strategic Partnerships and Product Development - The company has established partnerships with major domestic and international automotive manufacturers, enhancing its market presence [3][23]. - New product launches include the AT1440, ETX, and FTX laser radar products, aimed at L2-L4 scenarios, with positive feedback from OEMs [3][39]. - The company is also expanding its JT series products, with a strategic agreement to supply 300,000 units to a leading robotics manufacturer over the next 12 months [28]. Supply Chain and Production Capacity - The company plans to enhance its supply chain resilience through new production lines and an overseas factory in Southeast Asia, expected to be operational by late 2026 or early 2027 [8][35]. - The projected capital expenditure for 2025 is between 30 million to 50 million USD, with an annual production capacity expected to reach 2 million units by the end of the year [8][35]. Market Position and Competitive Landscape - The company holds a leading position in the global LiDAR market, with a 33% share in the automotive LiDAR market and a 61% share in the Robotaxi LiDAR market [23][28]. - The shift from traditional mechanical radars to more cost-effective ADAS LiDAR solutions is expected to drive revenue growth in the Robotaxi sector [45][46].