国联民生（601456）证券发布研报称，RoboX产业化加速推进，政策端驱动强劲，国家层面支持措施为 规模化落地奠定制度基础;需求端源于降本增效的迫切需求驱动，显著降低运营成本。供给端技术突破 显著，核心硬件成本持续下降，推动规模化落地。RoboX正从技术验证迈向商业闭环，预计2026-2027 年渗透率快速提升，释放千亿级市场潜力。该行认为，自动驾驶解决方案商与运营商将直接受益于 RoboX规模化商用，盈利模型拐点已现。 国联民生证券主要观点如下： RoboX正在迎来产业化奇点，加速从技术验证迈向规模化部署 政策端，2020年起国务院及部委密集出台支持政策，制度保障日益完善;供给端，乘用车L2及以上智能 化功能渗透率快速提升，推动激光雷达、计算芯片等核心零部件规模化量产，成本降幅显著;需求端， 降本增效、安全提升与劳动力短缺等多重因素共同催生对智能驾驶的强烈需求。RoboX凭借其在不同运 输场景下的独特价值，成为引领本轮产业变革的核心力量，商业化奇点或已至。 Robotaxi：规模化拐点已现全无人商业化逐步落地 需求端，Robotaxi核心优势在于显著降本，文远知行数据显示，2027年Robotaxi运营成 ...

Core Viewpoint - Pacific Securities report indicates that Wanma Technology achieved a net profit attributable to shareholders of 32.68 million yuan in the first three quarters of 2025, representing a year-on-year growth of 4.67% [1] - The company is transitioning from traditional communication equipment provider to the intelligent computing center market, leveraging partnerships with industry leaders like NVIDIA [1] Financial Performance - The net profit attributable to shareholders for the third quarter was 16.22 million yuan, showing a year-on-year increase of 6.36% [1] - The overall growth in net profit reflects the company's successful adaptation to market changes and strategic initiatives [1] Business Transformation - The company is expanding its focus from traditional communication services to industry clients, particularly in the intelligent computing center sector [1] - Collaboration with NVIDIA involves utilizing their NVAIE software architecture and AI technology to support clients in algorithm training, particularly in the automotive sector [1] Strategic Partnerships - In the Robotaxi sector, the company signed a business cooperation agreement with a domestic autonomous driving company in the first half of the year [1] - Recent partnerships with companies like Hello and Cao Cao Mobility further enhance its position in the market [1] - In the Robovan sector, collaborations have been established with firms such as Zhixingzhe and Jiushi [1]