速腾聚创：收入短期承压，毛利率同比大幅提升

Investment Rating - The investment rating for the industry is "Outperform the Market," with an expected industry index increase of over 5% in the next six months [11]. Core Insights - The report indicates that the revenue for the company is under short-term pressure due to changes in customer structure, while gross margin has significantly improved. The overall gross margin is 23.5%, an increase of 11.2 percentage points year-on-year, driven by substantial improvements in the gross margins of ADAS and robotic products [2][5]. - The company is positioned to benefit from the ongoing trends in automotive intelligence and the development of the robotics industry, suggesting a positive outlook for future growth [5]. Revenue Overview - In Q1 2025, the company's revenue was 330 million yuan, a year-on-year decrease of 9.2%. The revenue from ADAS products was 230 million yuan, down 25.2% year-on-year, primarily due to a major OEM customer switching to other suppliers. Conversely, revenue from robotic and other products was 70 million yuan, showing an impressive growth of 87.0% due to increased sales of E1R and Airy [2]. Delivery Volume - The delivery volume of LiDAR products in Q1 2025 was 108,600 units, a year-on-year decrease of 9.8%. The ADAS LiDAR delivery volume was 96,700 units, down 16.8%, while the delivery volume for robotic and other fields increased by 183.3% to 11,900 units [3]. ADAS LiDAR Business - The company has launched the 1080-line LiDAR EM4 and digital LiDAR EMX in January and April, respectively. Since the launch of the EM platform, the company has secured production contracts for over 100 vehicle models from 30 OEMs and Tier 1 suppliers, with 38 models already in mass production [3]. Robotics LiDAR Business - In the field of robotic LiDAR, the company has established exclusive partnerships with leading global lawnmower robot clients and has reached cooperation agreements with major players in the delivery robot sector. The company has also formed mass production agreements in the Robotaxi sector with companies like Didi and Pony.ai [4]. Investment Recommendation - The report suggests that despite short-term revenue pressures, the significant improvement in gross margins for ADAS and robotic products positions the company favorably within the LiDAR industry. Investors are encouraged to pay attention to the company as it continues to capitalize on the trends in automotive intelligence and robotics [5].