随着"上半场比拼电动化，下半场比拼智能化"这一论断凝聚越来越多的共识，汽车业正加速驶向智能驾驶全面普及时代。置身于这一热潮之中，激光雷达也 在质疑声中完成了价值自证，逐步从技术路线之争中脱颖而出，确立了其在辅助驾驶感知架构中的不可或缺地位。 激光雷达渐成辅助驾驶标配，而在这一过程里一批过去曾隐于聚光灯之外的激光雷达公司也加速走向舞台中央。就拿上周才登陆港交所主板的图达通 （02665）来说，凭借自身在多元产品、多元客户、多元应用场景的拓展等多个维度的优势，其在激光雷达行业里稳居第一梯队；更值得称道的是，图达通 还是目前全球激光雷达行业唯一一个同时拥有面向L3+高级别自动驾驶的高性能1550nm产品、以及高性价比的905nm产品量产落地经验的公司。考虑到 1550nm路线在探测距离与安全冗余维度具有显著优势，未来伴随激光雷达行业的竞争重心从性价比转向性能，1550nm方案有望扮演更加重要的角色，届时 在该领域拥有先发优势与规模化量产能力的图达通料将深度受益。 （图注：905nm激光雷达对不同反射率物体探测距离小于1550nm激光雷达） 然而，如今伴随安全从隐性期望转变为消费者的显性核心诉求，能够提供更远探测距离 ...

Core Viewpoint - The patent dispute involving lidar technology may significantly impact the IPO process of TuDatong, which recently received approval for its overseas listing through a SPAC merger. The lawsuit filed by Hesai Technology raises concerns about potential product bans and financial liabilities that could affect TuDatong's market position and IPO approval [1][14]. Group 1: Patent Dispute - The lawsuit centers on the similarities between TuDatong's new product "Lingque E1X" and Hesai's AT series, with claims of infringement on multiple patents [2][6]. - Hesai's AT series, launched in 2021, has sold over one million units and has established a strong market presence, making the patent dispute particularly sensitive [6][8]. - TuDatong's sudden shift from a 1550nm wavelength technology to a 905nm wavelength technology for the Lingque E1X has raised questions about the legitimacy of its product development [7][19]. Group 2: IPO Process - TuDatong's IPO process has faced multiple setbacks, including failed attempts to list on NASDAQ and the Hong Kong Stock Exchange, leading to its current SPAC listing strategy with an estimated valuation of approximately 10.9 billion RMB [8][14]. - The timing of the patent dispute is critical, as it could directly influence the Hong Kong Stock Exchange's review of TuDatong's listing application [14][19]. Group 3: Financial Performance and Market Position - TuDatong's financial losses have been increasing, with projected losses of $188 million, $219 million, and $398 million from 2022 to 2024, respectively, and cash reserves dwindling to $24.27 million by Q1 2025 [15][16]. - The company's gross margin has been negative, contrasting sharply with Hesai's gross margin of over 40%, highlighting the financial challenges faced by TuDatong [16][19]. - The lidar market is experiencing a significant price drop, with average prices falling from 20,000 RMB to around 2,500 RMB, intensifying competition and further straining TuDatong's financial health [16][19]. Group 4: Market Dynamics - The lidar market is becoming increasingly concentrated, with Hesai holding a 20.3% market share, followed by Huawei and Suoteng, while TuDatong's share has dropped to 12.8% [16][18]. - TuDatong's reliance on a single major client poses risks to its bargaining power and market expansion, which could be exacerbated by the ongoing patent dispute [18][19].