禾赛科技系列四-中报点评：单二季度收入同比增长54%，激光雷达产品在手订单充沛【国信汽车】

Core Viewpoint - The company achieved a revenue growth of 54% year-on-year in Q2 2025, with a net profit of 0.44 billion yuan, driven by strong demand in the Chinese market for ADAS lidar products [2][10]. Financial Performance - In Q2 2025, the company reported a revenue of 7.06 billion yuan, a year-on-year increase of 53.9% and a quarter-on-quarter increase of 34.5%. The net profit was 0.44 billion yuan, compared to a loss of 0.72 billion yuan in Q2 2024 and a loss of 0.18 billion yuan in Q1 2025 [2][10]. - The product revenue for Q2 2025 was 7.0 billion yuan, up 71.1% year-on-year, primarily due to increased shipments and sales of ADAS lidar products. Service revenue was 0.7 million yuan, down 86.1% year-on-year [10]. - The total lidar shipment in Q2 2025 reached 352,100 units, a year-on-year increase of 306.9% [11]. Profitability Metrics - The company's gross margin in Q2 2025 was 42.5%, with a net margin of 6.2%. The gross margin decreased by 2.5 percentage points year-on-year but increased by 0.8 percentage points quarter-on-quarter [4][19]. - The company's expense ratio decreased to 43.2% in Q2 2025, down 26.6 percentage points year-on-year [22]. ADAS Business - The company secured contracts with nine leading automakers for 20 vehicle models in the ADAS sector, with deliveries planned for 2025-2026. Key clients include Geely, Great Wall Motors, and Changan Automobile [6][27][40]. - A high-performance luxury SUV from a domestic tech giant has adopted the company's lidar as standard across all models, achieving 289,000 orders within an hour of its launch [37]. Robotics Sector - The company ranked first in lidar shipments for the robotics sector in China in the first half of 2025, with over 100,000 units delivered in less than five months [8][50]. - The company has established partnerships with Vbot and Xingdong Jiyuan to enhance robotic perception systems, aiming for breakthroughs in service robots [53]. Product Development - The company launched a new generation of automotive-grade lidar products, including the AT1440, ETX, and FTX, which are designed for various levels of autonomous driving [29][31]. - The "Qianliyan" lidar perception solution was introduced, catering to L2 to L4 autonomous driving systems [28]. Market Expansion - The company is making significant strides in international markets, with projects entering the C-sample stage with a top European automaker, paving the way for mass production in 2026 [35]. - The company has established production contracts with 24 domestic and international automakers, further solidifying its market position [40].