Core Insights - Hesai Technology has achieved a significant milestone by producing its 1,000,000th lidar unit in 2025, becoming the first lidar company globally to exceed one million units in annual production [1][2] - The company aims to enable 1% of vehicles worldwide with 3D perception by 2025, marking the realization of its first corporate vision [2] - Hesai's success is attributed to its advanced manufacturing system, in-house R&D capabilities, and fully automated production lines, which can produce one lidar every 20 seconds [2][3] Manufacturing and Technology - Hesai utilizes a proprietary Smart Cloud MES system for full-chain traceability, real-time quality management, and micro-level line control, ensuring high-quality production [3] - The company independently develops all seven key lidar components, enhancing its competitive edge in the market [3] Market Position - Hesai holds the No. 1 position in the global automotive lidar market, including overall market share, ADAS lidar market share, and Level 4 autonomous driving lidar market share [4] - In the ADAS sector, Hesai lidar is a standard safety feature in over 120 vehicle models across 24 OEMs, with production scheduled between 2025 and 2027 [5] - In the robotics sector, Hesai supplies nine of the world's top ten robotaxi service providers, achieving over 100,000 units delivered of its JT series lidar within five months of launch [6] Production and Delivery - As of Q2 2025, Hesai has delivered over 1.37 million lidar units cumulatively across ADAS and robotics markets [7] - The company plans to increase its production capacity to 2 million units in 2025, with annual deliveries projected between 1.2 and 1.5 million units [7]

indie Semiconductor Inc. (NASDAQ:INDI) is one of the best tech stocks under $10 to invest in. On September 22, Anthony Stoss, an analyst at Craig-Hallum, reaffirmed a Buy rating and $6 price target on the stock. While the stock is down only 1% year-to-date, it has substantially underperformed the broader S&P 500 Semiconductor industry index. The smaller names are more vulnerable to cyclical headwinds, and this volatility is reflected in indie as well. Why This Under-$5 Chipmaker (INDI) Could Ride the EV ...

核心观点 盈利预测与估值 公司深耕精密光学行业三十余年，布局玻璃非球面透镜、光学棱镜、玻璃晶圆三大产品条线，正处于快 速成长期。公司作为全球少数掌握高端玻璃非球面透镜工艺的厂商，将充分受益于玻璃非球面在车载、 光模块、智能手机以及手持影像设备等领域需求的快速增长；在光学棱镜方面，公司是A 客户核心棱镜 供应商，未来有望受益于潜望长焦的升级以及下沉趋势；公司在玻璃晶圆领域布局前瞻，未来随着AR 消费级产品放量、下一代半导体先进封装对玻璃基板的需求增加，玻璃晶圆业务有望进入高速成长期， 同时规模效应也将显著改善业务毛利率。 预计公司2025 年-2027 年营业收入分别为14.6 亿元、18.7 亿元和23.3 亿元，同比增长41%、28%和 25%，对应归母净利润分别为3.4 亿元、4.6 亿元和5.7 亿元，当下市值对应的PE 分别为37.9、28.2 和 22.8 倍，首次覆盖，给予买入评级。 摘要 公司深耕光学行业三十年，消费电子、汽车、AR 多领域布局公司深耕精密光学行业多年，掌握光学冷 加工、热模压等核心技术，已形成光学棱镜、玻璃非球面透镜和玻璃晶圆三大产品线，下游应用从智能 手机拓展到汽车、AR 等 ...

近四年内，规模最大的中概股回港IPO，谁也没想到是三个85后创始人带队实现的。 中国激光雷达第一股禾赛科技，通过秘密递表的方式登录港交所，已完成"美股+港股"的双重上市。 上市首日即大涨，盘中股价一度冲高到244港元，较发行价涨超14%，市值冲破350亿港元。 上市前，禾赛已获得六家基石投资人认购，以高瓴旗下HHLR为首，合计认购了超11亿港元。 背后的3位85后联合创始人，身价也水涨船高，齐齐突破了20亿元。 禾赛秘密递表上市，首日大涨超14% 激光雷达龙头禾赛科技，在港交所正式挂牌上市。 在激光雷达行业中，禾赛是全球第一家在"港股+美股"双重主要上市（在两个或多个市场都享有第一上市地位，不存在主次之分）的公司。 公司IPO共发售1955万股，最终发售价定为每股212.80港元（约194.5元），募资总额约41.6亿港元（约38亿元）。 | 公司資料 | | | --- | --- | | 股份代號 | 2525 | | 股份簡稱 | HESAI-W | | 開始買賣日 | 2025年9月16日* | | -- Montal Antoney - and Call College | | | 價值資料 | | ...

该行预测，至2030年海外ADAS客户将为禾赛贡献10%的出货量、20%的收入及23%的毛利，且毛利率 较国内产品高10个百分点。该行目前预测禾赛2030年收入及净利润将分别达140亿及30亿元人民币，净 利润率料达21%，并将2026至2027年净利润预测上调11%至17%。 高盛发布研报称，随着激光雷达今年在中国市场加速普及，并于2026至2027年开始在全球车企实现大规 模量产，预测至2030年海外ADAS激光雷达出货量将达300万台，相当于中国市场2025年的规模。高盛 首次给予禾赛(02525,HSAI.US)H股"买入"评级，目标价281港元，美股目标价由26.3美元由上调至36美 元，评级亦为"买入"。 ...

Robotaxi 业务：技术领先，商业化进程加速。凭借自研SPAD-SOC芯片推出的E 平台全固态激光雷达， 公司在Robotaxi 领域优势明显。 首款全固态激光雷达E1 实现量产，成为行业首个大规模商业化的全固态激光雷达。目前，EM4+E1 产 品组合已与全球8 家头部Robotaxi客户（如滴滴自动驾驶、百度、小马智行等，覆盖全球L4 领域超90% 的领先企业）完成产品量产验证并进入深度合作。预计今年底头部Robotaxi 客户启动"EM4+E1"量产落 地，全年出货量达万台级别，有望带动业绩进一步增长。同时，公司在海外Robotaxi 市场也有所突破， 北美硅谷头部Robotaxi 及Robotruck 公司计划年底扩大搭载E1、EM4 激光雷达的车队规模。 投资建议 我们预计公司2025/2026/2027 年分别实现收入24.33/37.39/52.21 亿元，分别实现归母净利润-1.8/0.63/4.03 亿元，首次覆盖，给予"增持"评级。 风险提示 机构：中邮证券 研究员：吴文吉 事件 公司发布2025 年半年度报告：2025H1 实现营业收入7.83 亿元，同比增长7.7%；归属于上市公司股 ...

Group 1 - Morgan Stanley upgraded the rating of Suoteng Juchuang from "Neutral" to "Overweight" and raised the target price from HKD 28.6 to HKD 53, implying a projected price-to-sales ratio of 5 times for the next year [1] - The report highlights the accelerating adoption of ADAS LiDAR in China's electric vehicle market and strong demand for LiDAR in various robotic applications, including robotic lawn mowers, autonomous taxis, and logistics robots [1] - Given the broader application prospects for LiDAR and potential for further upward valuation, Suoteng Juchuang is considered worthy of a re-evaluation [1] Group 2 - Morgan Stanley forecasts Suoteng Juchuang's total LiDAR shipments to reach 836,000, 1.8 million, and 2.8 million units from 2025 to 2027, representing a compound annual growth rate of 74%, with approximately 30% of shipments coming from robotics [1] - The company is expected to maintain a gross margin of around 28%, with adjusted net profits projected at CNY 187 million and CNY 493 million for 2026 and 2027, respectively, while a net loss of approximately CNY 86 million is anticipated for 2025 [1]

智通财经APP获悉，摩根大通发布研报称，将速腾聚创(02498)投资评级由"中性"升至"增持"，目标价由 28.6港元大升至53港元，相当于未来一年预测市销率5倍。除了中国新能源汽车中ADAS及LiDAR加快采 用外，小摩注意到包括机器人割草机、无人驾驶出租车和物流机器人在内的各种机器人应用对LiDAR的 强劲需求。基于其数字化LiDAR平台，速腾聚创在ADAS和机器人领域均获得了增量设计订单，并提高 了利润率，预计这将推动出货量加速增长，并在2026年实现正净利润。同时，小摩认为，鉴于更广泛的 LiDAR应用前景和未来更多上行空间，速腾聚创值得估值重估。 小摩预计，LiDAR需求在2025、2027、2030年将达到310万、690万、1,210万单位，渗透率分别为 20%、33%、44%(今年第二季：18%)。此外，小摩看到来自机器人市场的强劲需求，例如机器人割草机 (速腾聚创从单一客户获得120万单位的重大订单，相较于2024年机器人LiDAR出货量2.4万单位)、无人 驾驶出租车、物流机器人和矿用卡车。 小摩预计速腾聚创将获得更多设计订单，并预计2025至2027年LiDAR总出货量为83.6万、18 ...

Core Viewpoint - Morgan Stanley upgraded the investment rating of SUTENG JUCHUANG (02498) from "Neutral" to "Overweight," raising the target price from HKD 28.6 to HKD 53, implying a projected price-to-sales ratio of 5 times for the next year [1] Group 1: Market Demand and Growth Projections - The demand for LiDAR is expected to reach 3.1 million, 6.9 million, and 12.1 million units by 2025, 2027, and 2030, with penetration rates of 20%, 33%, and 44% respectively, compared to 18% in Q2 of this year [1] - The company is anticipated to secure more design orders, with total LiDAR shipments projected at 836,000, 1.8 million, and 2.8 million units from 2025 to 2027, reflecting a compound annual growth rate of 74%, with approximately 30% of shipments coming from the robotics sector [2] Group 2: Financial Performance and Profitability - The comprehensive gross margin is expected to stabilize around 28% from 2025 to 2027, with adjusted net profits projected at RMB 187 million and RMB 493 million for 2026 and 2027 respectively [2] - The total revenue for SUTENG JUCHUANG is estimated to be RMB 3.2 billion and RMB 4.7 billion for 2026 and 2027, with the robotics sector contributing 36% and 33% to the total revenue [2]

Summary of the Conference Call on China Smart Driving Chip Sector Industry Overview - The smart driving chip market in China is projected to reach USD 15.4 billion by 2030, growing at a CAGR of 40% from 2025 to 2030, driven by the increasing adoption of Advanced Driver Assistance Systems (ADAS) features [2][34] - The penetration of Navigate on Autopilot (NOA) features is expected to reach 88% by 2030, creating a significant market opportunity for smart driving chips [2][12] Key Companies Discussed Horizon Robotics - Horizon Robotics is positioned as the domestic leader in smart driving System on Chip (SoC), with a projected 23% vehicle share for L1-L2 SoC and 30% for L2+ SoC in 2024 [3] - The company is expected to capture 29% of the outsourced L2+ & above SoC TAM by value by 2030, supported by its unique hardware-software integrated model [3][14] - Horizon's SoC design is co-optimized with smart driving algorithms, allowing for lower costs and faster iterations, potentially increasing OEM net income by 10-20% on a RMB 150K vehicle [3] - Horizon Robotics is rated Outperform with a price target of HKD 15, indicating a 56% upside potential [3][8] Black Sesame - Black Sesame is the second-largest domestic vendor but faces challenges due to a lack of scale and heavy R&D burdens, which could pressure its financials [4][9] - The company focuses on L2+ SoC, capturing a 9% vehicle share in 2024, but lacks software expertise, slowing customer acquisition compared to Horizon [5] - Black Sesame's current balance sheet can only support R&D investments for 1-2 years, suggesting a need for frequent capital raises, which could dilute shareholder value [5] - Black Sesame is rated Underperform with a price target of HKD 16, indicating a 15% downside potential [5][9] Market Dynamics - Concerns exist regarding OEMs' in-house development of smart driving chips potentially disrupting the outsourcing market; however, it is expected that around 60% of the market will remain open to third-party vendors by 2030 [2][13] - The competitive landscape is evolving, with Horizon Robotics and Black Sesame primarily competing against Nvidia in the L2+ & above market [14] - The increasing consumer preference for smart driving features is a critical differentiator among OEMs, with over 70% of consumers considering ADAS functionalities important in vehicle purchasing decisions [18][21] Financial Metrics - Horizon Robotics has a market cap of HKD 133.3 billion and an enterprise value of HKD 116.3 billion, with a reported EPS of RMB 0.51 for 2024 [6] - Black Sesame has a market cap of HKD 12 billion and an enterprise value of HKD 10.4 billion, with a reported EPS of RMB 1.20 for 2024 [6] Investment Implications - Horizon Robotics is expected to maintain its technological leadership through significant R&D investments, which will also allow for future expansion into robotics and global markets through joint ventures [8] - Black Sesame's lack of software capabilities and scale may hinder its long-term success, necessitating a strategic shift or additional funding to remain competitive [9] Conclusion - The smart driving chip sector in China is poised for rapid growth, with Horizon Robotics positioned as a leader due to its integrated hardware-software solutions, while Black Sesame faces significant challenges that could impact its market position and financial health [8][9]