证券研究报告 2026年03月01日 汽车零部件 禾赛-W(02525.HK)公司深度报告： 乘具身智能之东风，激光雷达由"上车"走向"泛机器人" | 表现 | 1M | 3M | | --- | --- | --- | | 禾赛-W | 6.2% | 51.1% | | 恒生指数 | -1.8% | 2.6% | 请务必阅读报告附注中的风险提示和免责声明 2 评级：买入(首次覆盖) 陈梦竹(证券分析师) 詹广鹏(证券分析师) S0350521090003 S0350524030005 chenmz@ghzq.com.cn zhangp03@ghzq.com.cn 最近股价走势 -50% -38% -27% -16% -5% 6% 2025/09/16 2025/11/16 2026/01/16 禾赛-W 恒生指数 | 市场数据 | 2026/02/27 | | --- | --- | | 当前价格（港元） | 219.60 | | 52周价格区间（港元） | 116.30-244.00 | | 总市值（百万港元） | 34,508.43 | | 流通市值（百万港元） | 34,508.43 | | 总股本（ ...

2月27日，港股市场上即将被纳入MSCI中国指数的4只新成份股集体走强。长飞光纤光缆（06869.HK） 午后涨幅扩大，盘中创历史新高；小马智行-W（02026.HK）大涨超7%；商汤-W（00020.HK）盘中一 度涨超8%；禾赛-W（02525.HK）涨超4%。 上述4只港股的走强与MSCI指数调整直接相关。MSCI于2月11日公布了2026年2月指数季度审议结果， 宣布将长飞光纤光缆、小马智行-W、商汤-W、禾赛-W纳入MSCI中国指数，调整于2月27日收盘后正式 生效。作为全球被动资金跟踪的重要基准，新纳入的股票在生效日前后通常会迎来被动资金流入。 本次季度审议中，MSCI中国指数共新纳入37只股票，除上述4只港股外，还包括安集科技、白银有色、 利欧股份、宏桥控股、香农芯创等33只A股；同时剔除了16只标的。调整完成后，MSCI中国指数成分 股数量由560只增至581只。根据MSCI披露数据，截至2025年7月，超17万亿美元的资产以MSCI指数为 基准。 本文源自：市场资讯 作者：观察君 从新纳入港股标的的行业分布来看，4只个股均聚焦硬科技领域。长飞光纤光缆是光通信领域的全球龙 头，受益于AI数据中 ...

Core Insights - The company, SUTENG, has established itself as the leading supplier of laser radar in the high-potential unmanned delivery vehicle market, with over 90% market share among top players like JD.com and Meituan [1] - SUTENG's recent profit forecast indicates it will achieve its first quarterly profit in Q4 2025, with an expected profit of at least 60 million RMB, significantly exceeding previous break-even expectations [2] - The company's robot business is a key driver of growth, with laser radar sales expected to exceed 303,000 units in 2025, marking an over 11-fold increase year-on-year [2] - SUTENG's proprietary SPAD-SoC and VCSEL digital chip architecture provide significant advantages in integration, cost control, and production efficiency, creating a technological gap that enhances its product uniqueness [3] - The company is transitioning from a laser radar hardware supplier to a core enabler across intelligent driving and robotics sectors, showcasing a clearer growth trajectory [6] Market Position and Performance - SUTENG's laser radar products have achieved global leadership in sales, particularly in robotic applications, including lawn mowing and humanoid robots [2][6] - The company has secured 144 pre-installation orders for ADAS (Advanced Driver Assistance Systems) and anticipates over 2 million new orders in 2025, which will convert into revenue in 2026 [2] - The recent positive market response to SUTENG's profit forecast led to a stock price increase of over 15%, indicating strong investor confidence [2] Strategic Development - The company is focused on enhancing its robot business, aiming to integrate advanced technologies like "hand-eye coordination" to support practical applications in logistics and industrial sectors [3] - Major financial institutions have rated SUTENG with "buy" or "increase" recommendations, with target prices ranging from 47 to 60 HKD, suggesting that the company's market value may still be underestimated [3]

Company Overview:速腾聚创 (Suteng Juchuang) Key Points Financial Performance - The company has announced a profit forecast, expecting to achieve its first quarterly profit in Q4 2025, with profits not less than RMB 60 million, significantly exceeding previous breakeven expectations [1] - For the fiscal year 2025, the net loss attributable to shareholders is projected to narrow significantly from RMB 482 million in 2024 to within RMB 180 million, representing a reduction of over 60% [1] Sales and Revenue - Total sales of LiDAR units for the year are expected to reach approximately 912,000 units, with a notable optimization in revenue structure [1] - The robot business has experienced explosive growth, becoming the company's core growth engine, with sales in this sector expected to exceed 303,000 units in 2025, marking an increase of over 11 times year-on-year [1] - In Q4, robot radar sales reached 221,200 units, nearly matching the sales of the automotive sector [1] Strategic Partnerships and Market Position - The company has established deep collaborations with over 20 leading smart clients, including Yushu Technology and Zhiyuan Robotics, as well as with a global top 5 lawnmower manufacturer, maintaining a high gross margin above 40% [2] - The automotive ADAS (Advanced Driver Assistance Systems) segment is leading in scale, with an expected delivery of approximately 609,000 LiDAR units in 2025 [2] - The company has secured over 8 global overseas and joint venture brand contracts, including a significant order from Dongfeng Nissan for one million units expected to commence mass production and delivery in 2026 [2] Product Development and Profitability Outlook - The introduction of self-developed digital SoC chips in new products like MX and EM is anticipated to improve the gross margin of automotive products from approximately 17% in 2024 to over 20% [2] - With the high gross margin contribution from the robot business and the scaling of the automotive sector, the company is expected to enter a full-year profit cycle in 2026 [2]

Core Viewpoint - The company, SUTENG, has achieved a significant milestone by announcing its first quarterly profit, which has boosted investor confidence and is expected to lead to a reevaluation of the laser radar industry's value [2][8][24]. Group 1: Financial Performance and Market Reaction - On February 20, the company's stock price opened high and surged to HKD 39.8, reflecting a maximum increase of over 15%, indicating strong investor recognition of the company's performance [2]. - The CEO of SUTENG, Qiu Chunchao, stated that the fourth quarter would be a critical point for continued operational improvement, and the company has exceeded its breakeven expectations [2][4]. - The announcement of profitability is seen as a landmark event in the laser radar industry, which has historically struggled to transition from technological leadership to commercial success [2][8]. Group 2: Business Segments and Growth Drivers - As of November 2025, SUTENG has secured 144 models for global front-mounted production, with significant partnerships across major automotive brands [6]. - The company's robot business, particularly in lawn mowing robots, has seen explosive growth, achieving the highest global sales in 2025, with a total of 30.3 million units sold, marking an over 11-fold increase year-on-year [7]. - The robot business is now a core growth driver alongside the ADAS business, with its sales proportion rising from less than 5% in 2024 to nearly 50% in 2025 [7]. Group 3: Industry Context and Competitive Advantage - The laser radar industry has historically been evaluated based on technological advancement and future market potential, but SUTENG's confirmed profitability has broken this valuation cycle [8]. - The company is positioned at a critical juncture in the AI terminal ecosystem, where its unique product capabilities align with the growing demand in smart automotive and robotics applications [12][14]. - SUTENG's technological leadership, particularly in SPAD-SoC and VCSEL digital chip architecture, has created a significant competitive edge over rivals, enhancing its attractiveness to downstream customers [13]. Group 4: Future Outlook and Market Potential - The company is expected to maintain strong profitability growth, driven by its dual business model in automotive and robotics, with a projected order scale exceeding 2 million units [17]. - The market for laser radar in passenger vehicles is anticipated to double, with a penetration rate of 20.48% for new energy vehicles by 2025 [18]. - SUTENG's collaboration with leading robot companies and its focus on expanding into various verticals will further enhance its market position and profitability [18]. Group 5: Valuation and Investment Sentiment - The company's current price-to-sales (PS) ratio of 9.20 is considered low compared to its potential, indicating that the market has not fully priced in its growth prospects [19]. - Major investment banks have issued "buy" or "hold" ratings for SUTENG, with target prices suggesting a potential increase of over 70% from current levels, reflecting confidence in the company's future [22]. - The recent stock price increase is viewed as a long-term recognition of the company's technological advantages and commercial potential, marking the beginning of a new phase of sustainable profitability [24][25].

Core Viewpoint - The company SUTENG JUCHUANG is expected to achieve its first quarterly profit of at least RMB 60 million in Q4 2025, driven by significant sales growth and business optimization, particularly in its robotics segment [1][2]. Group 1: Financial Performance - SUTENG JUCHUANG anticipates a quarterly profit of no less than RMB 60 million in Q4 2025 [1]. - The company's robot business is projected to contribute significantly to this profit, with laser radar sales reaching 459,600 units, including 221,200 units from the robotics sector [2][3]. - The overall sales volume of laser radar in the robotics field surpassed 303,000 units in 2025, marking a year-on-year increase of over 1100% [2]. Group 2: Business Growth Drivers - The growth in the company's performance is attributed to a substantial increase in product sales and optimization of its business structure, particularly in the robotics sector [2]. - The robot business's sales proportion rose from less than 5% before 2025 to over 17% in the first half of 2025, with Q4 alone accounting for 221,200 units sold [3]. - The company has established itself as a leader in the Chinese laser radar market for robotics, with a significant increase in demand for robotic applications, especially in the lawn mowing segment [2][6]. Group 3: Market Trends and Projections - The laser radar industry is experiencing a lag in performance realization, with a typical cycle of 6-12 months from order placement to financial reporting [5]. - The company has identified key markets such as clean and unmanned forklift robots and household service robots, with expectations of substantial growth in these areas [5]. - The global market for smart lawn mowers is projected to exceed USD 5 billion by 2026, indicating a rapid growth trajectory for this segment [9]. Group 4: Competitive Landscape - SUTENG JUCHUANG's robot business is expected to maintain a higher profit margin compared to its automotive sector, with a gross margin of 37.2% for robotics versus 18.1% for ADAS products [7]. - The company has secured significant orders, including a record 1.2 million units from Kuka Technology, which will be delivered over three years [6]. - The company has established partnerships with major players in the autonomous driving and delivery sectors, achieving over 90% coverage among top clients [6]. Group 5: Future Outlook - The company is positioned for accelerated growth in the robotics sector, with expectations for 2026 to be a pivotal year for commercialization and standardization in the industry [9][10]. - The transition to using SUTENG JUCHUANG's laser radar products by major automotive manufacturers like BYD indicates a strong demand for high-performance digital laser radar [12]. - The company has developed a comprehensive in-house chip production capability, which is expected to enhance its competitive edge in both the automotive and robotics markets [13].

Core Viewpoint - Robosense Technology Co., Ltd. (速腾聚创) is expected to achieve its first quarterly profit in Q4 2025, with a profit of no less than 60 million RMB, marking a significant improvement from previous loss expectations [2][9]. Financial Performance - The company anticipates a substantial reduction in net loss for the fiscal year 2025, projecting it to be no more than 180 million RMB, compared to 481.8 million RMB in 2024 [6][9]. - The expected improvement in net loss is attributed to the continuous growth in LiDAR product sales and fair value gains from financial assets [6][9]. Sales and Market Position - In Q4 2025, the total sales of LiDAR units are projected to reach 459,600, with 221,200 units sold in the robotics sector, accounting for nearly 50% of total sales [10]. - The company has achieved a remarkable increase in sales within the robotics sector, with over 303,000 units sold, representing a year-on-year growth of over 1100%, securing the top position in the global robotics LiDAR market [10]. Technological Advancements - The company has developed a self-researched chip architecture that supports its growth, enabling the launch of high-performance LiDAR products across various applications, including smart vehicles and service robots [10][11]. - The self-developed chip solution has allowed the company to rapidly scale production while improving gross margins [10]. Industry Outlook - The LiDAR industry is expected to continue expanding due to increased penetration of smart driving technologies and the acceleration of humanoid and service robot commercialization [11]. - The company plans to increase R&D investment and deepen innovations in chip and algorithm technologies, aiming to solidify its leading position in the global LiDAR market [11].

速腾聚创(2498.HK)逆势高开4.42%，报35.92港元。消息面上，公司昨日发布盈利预告，预计2025年第四季度将首次实现单季度盈利，且盈利不少于人民 币6000万元，大大超出管理层此前做出的盈亏平衡预期，标志着公司经营进入新阶段。 分析指出，此次盈利超预期，得益于公司在机器人业务领域的领先布局与技术产品优势。数据显示，2025年其机器人领域激光雷达销量突破30.3万台，同 比激增超11倍，登顶全球第一；第四季度总销量达45.96万台，其中机器人应用达22.12万台，与ADAS业务基本持平，机器人业务已成为核心增长引擎， 推动公司业务结构发生深刻变化。 ...

Core Viewpoint - The company, SUTENG JUCHUANG (2498.HK), is expected to achieve its first quarterly profit by Q4 2025, with a profit of no less than RMB 60 million, significantly exceeding previous breakeven expectations, indicating a new phase in its operations [1] Group 1: Financial Performance - The company anticipates achieving profitability in Q4 2025, with a projected profit of at least RMB 60 million [1] - This profit forecast is a substantial improvement over prior breakeven expectations set by management [1] Group 2: Business Growth and Market Position - The company's success is attributed to its leading position and technological advantages in the robotics sector [1] - In 2025, laser radar sales in the robotics field are expected to exceed 303,000 units, marking an over 11-fold year-on-year increase, making it the global leader in this segment [1] - Total sales for Q4 are projected to reach 459,600 units, with 221,200 units attributed to robotics applications, indicating that the robotics business has become a core growth engine for the company [1]

Core Viewpoint - SUTENG JUCHUANG (02498) has seen a significant stock price increase, with a rise of over 11% during trading, currently priced at HKD 37.80, with a transaction volume of HKD 172 million. The company has released a profit forecast indicating a substantial narrowing of net losses for the full year of 2025, with a projected profit of no less than RMB 60 million in the fourth quarter, marking its first quarterly profit and exceeding previous breakeven expectations from management [1][5]. Group 1 - The growth in performance is primarily attributed to the company's strategic positioning and technological advantages in the robotics sector [1][5]. - In 2025, SUTENG JUCHUANG's sales of LiDAR units in the robotics field are expected to exceed 303,000 units, representing a year-on-year increase of over 1,100% [1][5]. - The total sales of LiDAR units in the fourth quarter reached 459,600 units, with 221,200 units coming from the robotics sector, indicating a significant shift in the company's business structure as it approaches parity with its ADAS business [1][5].