禾赛科技（A20721）：一季度收入同比增长46%，激光雷达新产品、新客户持续突破

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][33] Core Insights - The company achieved a revenue of 525 million yuan in Q1 2025, representing a year-on-year growth of 46.3% [7][4] - The gross margin improved to 41.7%, with a year-on-year increase of 3.0 percentage points, driven by effective cost control and scale optimization in the ADAS and robotics sectors [3][11] - The company launched new laser radar products, including the AT1440, ETX, and FTX, enhancing its product offerings for L2 to L4 autonomous driving applications [21][22] - The company has established partnerships with over 23 domestic and international automotive manufacturers, securing production agreements for more than 120 vehicle models [26][28] Financial Performance - In Q1 2025, product revenue was 510 million yuan, up 44.7% year-on-year, primarily due to strong demand for ADAS laser radar products in China [7][4] - Service revenue reached 14.6 million yuan, a significant increase of 139.3% year-on-year, attributed to non-recurring engineering service income [7][4] - The company forecasts revenues of 3.138 billion yuan, 4.347 billion yuan, and 6.037 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 221 million yuan, 498 million yuan, and 868 million yuan [5][33] Market Position and Strategy - The company is a leading supplier of laser radar for Robotaxi services, collaborating with major players like Baidu Apollo Go and Didi Autonomous Driving [28][32] - The company signed a strategic cooperation agreement to supply 300,000 JT series laser radars to a high-end smart garden brand, indicating its expanding presence in the robotics market [32][4] - The company is actively pursuing international partnerships, including a new verification development project with a top-tier automotive supplier in Japan, enhancing its global footprint [25][4]