紫光国微在互动平台表示，公司的车规级域控芯片可应用于高级驾驶辅助系统（ADAS）相关领域，目 前研发及推广应用进展顺利。 (本文来自第一财经) ...

财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：钟离 格隆汇12月23日丨紫光国微(002049.SZ)在互动平台表示，公司的车规级域控芯片可应用于高级驾驶辅 助系统（ADAS）相关领域，目前研发及推广应用进展顺利。 ...

格隆汇12月23日丨紫光国微(002049.SZ)在互动平台表示，公司的车规级域控芯片可应用于高级驾驶辅 助系统（ADAS）相关领域，目前研发及推广应用进展顺利。 ...

来源丨凤凰网财经《公司研究院》 RST在公告中提到，SPDH长期从事光学拾音头模块和车载摄像头模块的生产和销售业务，掌握了扎实的生产技术。RST计划传承其制造技术能力， 继续从事光学拾音头模块的生产，并启动新的车载摄像头模块业务。 现实的情况是，车载摄像头市场正在经历快速增长。2023年，该市场规模已达到50亿美元。随着高级驾驶辅助系统（ADAS）在全球范围内的广泛普 及，预计到2029年，市场规模将达到80亿美元，年均复合增长率达6.9%。 中国在全球车载摄像头市场中所占份额逐年扩大，随着新能源汽车销售数量的增加，这一增长趋势预计还将持续。这或许是RST看好SPDH发展前景 的重要原因。 公开资料显示，索尼精密部件（惠州）有限公司（SPDH）成立于1996年，是索尼在华南地区的首家独资企业，主要生产光学拾音头等电子元件，巅 峰期员工超3万人。 另据天眼查，SPDH已经更名为艾索精密部件（惠州）有限公司，2024年员工为1070人。 12月19日，市场有消息称，索尼关闭广东惠州工厂。 对此，凤凰网财经《公司研究院》联系索尼品牌部，对方的回应是："股权转让是一年前的事情了。" 根据公开消息，2024年10月23 ...

1.【日产汽车与Wayve就驾驶辅助技术签署合作】12月10日，日产汽车公司与Wayve宣布签署最终 协议，双方将合作将新一代ProPILOT系列与Wayve人工智能技术整合至日产旗下多款车型。此次合 作将融合Wayve的具身人工智能软件与日产驾驶辅助系统，共同支持高级驾驶辅助系统（ADAS）及 点对点高级驾驶功能。（腾讯网） 2.【小米汽车公布燃油液位显示专利】天眼查App显示，近日，小米汽车科技有限公司申请的"燃油的 液位显示方法、装置、车辆、介质及程序产品"专利公布。摘要显示，本公开涉及车辆技术领域，包 括：确定交通工具的油箱内燃油的第一显示液位值，响应于燃油的第一显示液位值与燃油的第一采集 液位值之间的第一液位差值大于预设差值，对燃油的显示液位值进行至少两次调整，使得燃油的显示 液位值逐渐变化为与燃油的采集液位值之间的差值小于预设差值，减少油量跳变，使得驾驶员能够平 稳的观察燃油液位变化，避免燃油液位跳变影响驾驶员的驾驶体验。（界面新闻） 3. 【乘联分会：12月1-7日全国乘用车市场零售29.7万辆，同比下降32%】12月10日消息，乘联分 会数据显示，12月1-7日，全国乘用车市场零售29.7万辆 ...

Summary of the Conference Call Transcript Company Overview - **Company**: 速腾聚创 (Suteng Juchuang) - **Stock Code**: 2498.HK - **Industry**: Laser Radar and Robotics Key Points and Arguments 1. **Record Monthly Shipment**: In October, the company achieved a record monthly shipment of 120,000 laser radars, driven by strong orders in Advanced Driver Assistance Systems (ADAS) and lawn mowing robots [1][5][9] 2. **Future Growth Projections**: The management expects robust growth in laser radar orders starting from Q4 2025, with projected shipments of 455,000 units in 2025 and 2.26 million units in 2026, representing year-on-year revenue growth of 58% and 68% respectively [1][5][9] 3. **New Client Contracts**: The company has secured new contracts with multiple clients, including BYD, Zeekr, and several joint ventures, for 56 vehicle models, enhancing its market position in the ADAS sector [5][9] 4. **Robotics Sector Expansion**: Significant progress has been made in the robotics sector, with large-scale production of lawn mowing robots set to begin in Q4 2025 and new partnerships for autonomous taxi services with Didi Chuxing [1][5][9] 5. **Profitability Outlook**: The company is expected to achieve profitability starting from Q4 2025, with a projected adjusted net profit of 187 million yuan in 2026 and 491 million yuan in 2027 [1][9][21] 6. **Investment Rating**: The company maintains a "Buy" rating with a target price of 53 HKD by December 2026, based on a 5x forward price-to-sales ratio [1][9][10][21] 7. **Market Positioning**: Despite underperforming the Hang Seng Index by 22 percentage points since Q4, the company has outperformed its main competitor, Hesai Technology, by 19 percentage points [5][9] 8. **Revenue Forecast Adjustments**: Revenue estimates for 2025 have been revised down by 9.7% to 2,003 million yuan, while 2026 estimates have been increased by 4.2% to 3,363 million yuan [3][16] Additional Important Information 1. **Market Penetration**: The penetration rate of ADAS laser radars in China is projected to reach 20% in 2025 and 30% in 2026, indicating a growing market opportunity [5][9] 2. **High Margin Products**: The company anticipates that high-margin products will increase their contribution to revenue from 4% in 2024 to 38% in 2026, which will enhance overall profitability [5][9] 3. **Risks**: Key risks include potential delays or cancellations of contracts, intense industry competition, sustained pressure on prices and margins, and geopolitical tensions [23][21] This summary encapsulates the essential insights from the conference call, highlighting the company's performance, future outlook, and strategic positioning within the laser radar and robotics industry.

Group 1 - The core point of the news is that TuDatong, a leading laser radar company in mainland China, has successfully passed the listing hearing and plans to merge with SPAC TechStar at a valuation of HKD 11.7 billion, marking the third De-SPAC case in the Hong Kong market [1] - TuDatong is expected to be listed on the main board of the Hong Kong Stock Exchange on December 10, joining other prominent laser radar companies like Hesai and Suton [1] - The company has secured approximately HKD 551.3 million from PIPE investors, including significant investments from Huangshan Construction Investment and Gong Hongjia's Fucai [1] Group 2 - Founded in 2016, TuDatong is a global leader in designing, developing, and producing automotive-grade laser radar solutions, with a product range that includes "Falcon," "Lynx," and "Jaguar" [2] - The company is projected to deliver over 230,000 automotive-grade laser radars in 2024, ranking fourth globally in sales revenue for ADAS laser radar solutions with a market share of 12.8% [2] - TuDatong has established stable partnerships in commercial vehicles and robotics, securing large orders from leading companies in logistics and sanitation applications [2] Group 3 - NIO is the largest customer for TuDatong during the reporting periods, with revenue from NIO accounting for 88.7%, 90.6%, 91.6%, and 86.2% of total revenue from 2022 to 2024 and the first five months of 2025, respectively [3] - TuDatong has been the exclusive supplier of laser radar solutions for NIO since 2022, having entered into two long-term framework procurement agreements with the company [3]

Core Insights - The automotive radar market is transitioning from high-end to mass-market applications, with 77-81 GHz modules becoming standard for safety compliance and enhanced perception capabilities [2] - The 4D radar technology is rapidly becoming a benchmark, while imaging radar is gaining traction in the high-end market due to its superior detection range and angle resolution [2][3] - The radar module market is projected to reach $8 billion in 2024 and $13 billion by 2030, driven by regulatory initiatives and the increasing adoption of advanced driver-assistance systems (ADAS) [2][3] Group 1: Market Trends - By 2024, 4D radar is expected to account for approximately 40% of vehicle shipments, becoming a standard feature in new designs [3] - Regulatory measures from Euro NCAP, the EU, and NHTSA are pushing OEMs to expand radar coverage, with a forecast that by 2030, every vehicle will be equipped with five radars [3] - The Chinese market is reshaping the ADAS radar landscape, moving towards a first-tier supplier procurement model, with local companies like BYD and Geely leading the charge [6] Group 2: Technological Developments - The technology stack is evolving with advancements in CMOS-based RFIC and radar SoC, promoting cost-optimized corner radar and scalable 77-81 GHz performance [6][8] - The radar chip market in 2024 is expected to be dominated by MMIC designs, with over 90% market share, integrating RFIC and MCU for edge processing [7] - Companies like NXP and Texas Instruments are leading the transition towards SoC solutions, particularly in cost-sensitive ADAS applications [7][8] Group 3: Competitive Landscape - Calterah is emerging as a significant SoC supplier in China, while Bosch is preparing to expand its in-house SoC radar chip production [8] - Semiconductor material choices are evolving, with 22/28 nm CMOS technology becoming prevalent in RFIC and SoC domains, while SiGe technology is expected to decline [8] - The demand for higher resolution and robustness in radar systems is driving a shift towards simpler "satellite" sensor architectures that relay data to centralized computing platforms [8]

Core Viewpoint - The article discusses the upcoming listing of the lidar solution provider, TuDatong, on the Hong Kong Stock Exchange through a De-SPAC process, highlighting its market position and financial performance. Company Overview - TuDatong is a leading company in designing, developing, and producing automotive-grade lidar solutions, ranking fourth globally with a market share of 12.8% in ADAS lidar solution sales, delivering approximately 230,000 units in 2024 [6][8]. - The company was founded in 2016 by Dr. Bao and Dr. Li, initially operating in the United States before entering the Chinese market in 2018 to leverage emerging market opportunities [6][7]. Technology and Product Development - TuDatong utilizes a 1,550 nm short-wave infrared laser for long-distance detection and has developed a dual-axis mirror scanning technology, which it considers the best architecture for forward-looking lidar [6]. - The company has launched several lidar product series, including the Cheetah series in 2018 and the Falcon series in 2020, and has strategically chosen a 905 nm system for urban low-speed applications [6][9]. Market Position and Client Base - The company has delivered over 533,000 automotive-grade lidar solutions and has secured design approvals from 14 Chinese OEMs focused on commercial vehicles, passenger electric vehicles, and ride-hailing services [8][9]. - NIO is the largest customer, accounting for 88.7% to 91.6% of TuDatong's revenue from 2022 to 2024, with agreements in place for lidar solutions across nine vehicle models [13][14]. Financial Performance - TuDatong's revenues were $66.3 million, $121 million, and $160 million for 2022, 2023, and 2024, respectively, with losses of $188 million, $219 million, and $398 million during the same periods [16]. - The company has shown a trend of narrowing gross losses, achieving a gross profit of $670,000 in 2024, and has delivered approximately 181,131 units in the first nine months of 2025, a 7.7% increase year-over-year [16]. Fundraising and Future Plans - The net proceeds from the SPAC transaction are estimated to be approximately HKD 474 million, with plans to allocate 60% for R&D, 20% for upgrading production lines, and 10% each for global expansion and general corporate purposes [17][18].

Core Viewpoint - Hesai Technology (HSAI.US; 2525.HK) reported record high earnings in Q3, achieving its 2025 full-year profit target a quarter early, driven by strong demand for its lidar technology in the ADAS and robotics sectors [1][3]. Financial Performance - The company achieved a net profit of 260 million yuan (approximately 36 million USD) in Q3, bringing the total profit for the first nine months of the year to 280 million yuan [1]. - Based on the strong performance, Hesai raised its full-year net profit guidance to a range of 350 million to 450 million yuan [1]. - Q3 revenue surged 47% year-on-year to 800 million yuan, primarily due to robust shipments and increased penetration of lidar in ADAS and robotics [1]. Market Position and Growth - Hesai has maintained a leading position in the long-range lidar market for seven consecutive months, with an August market share of 46%, significantly ahead of its closest competitors [3]. - The company secured partnerships with major ADAS clients for their 2026 model lineups, including collaborations with leading autonomous taxi and truck companies across North America, Asia, and Europe [3]. Product Delivery and Demand - In Q3, Hesai's total lidar shipments reached 441,398 units, a year-on-year increase of 228.9%, with ADAS deliveries growing threefold to 380,759 units and robotics deliveries surging fourteenfold to 60,639 units [4]. - The company’s gross margin for the quarter was 42%, while operating expenses decreased by 23% year-on-year [5]. Strategic Partnerships and Future Outlook - Hesai's high-end ETX lidar, which has the longest detection range globally, is set to be integrated with top three Chinese new energy vehicle manufacturers, with mass production planned to start by late 2026 or early 2027 [3]. - Each L3 vehicle is expected to use three to six lidar units, with a unit value of approximately 500 to 1,000 USD, expanding Hesai's potential market significantly [3].