Core Viewpoint - The report from Daiwa predicts a compound annual growth rate of 78% for LiDAR shipments in the Chinese passenger car market from 2025 to 2027, driven by the introduction of L3 autonomous driving systems requiring 4 to 5 LiDAR units per vehicle and stricter safety regulations for smart vehicle systems [1] Industry Summary - The cost reduction of LiDAR technology allows for installation in lower-priced vehicles, particularly those priced between 200,000 to 300,000 RMB, with applications also beginning in vehicles priced at 150,000 RMB [1] - Major European and Japanese automakers are expected to accelerate the deployment of Advanced Driver Assistance Systems (ADAS) starting next year, increasing demand for LiDAR due to the mass production of L2 and L2+ systems and L3 testing [1] Company Summary - The report initiates coverage on Hesai (HSAI.US) with a "Buy" rating, setting a target price of 264 HKD for its H-shares and raising the target price for its US shares to 34 USD [1]

Group 1 - The company has established varying degrees of cooperation with leading lidar brands such as Hesai Technology, Suteng Juchuang, and Tudatong, although specific details cannot be disclosed due to confidentiality agreements with clients [2] - The company's cumulative production of lidar motors has exceeded 1 million units, and production capacity is continuously being expanded [2]

Core Viewpoint - Tuda Technology Holdings Limited has received approval from the China Securities Regulatory Commission for its overseas listing plan, indicating a new phase of commercialization in the LiDAR industry as multiple leading companies prepare to list [2] Group 1: Company Overview - Tuda Technology was founded in 2016 by former Baidu employees and focuses on the design, development, and production of automotive-grade LiDAR solutions for advanced driver-assistance systems (ADAS) and autonomous driving [3] - The company has achieved significant milestones, including being the first to mass-produce high-performance automotive-grade LiDAR and leading in global passenger vehicle LiDAR shipments in 2023 [3][4] Group 2: Revenue Dependency - Tuda Technology's revenue has heavily relied on NIO, with nearly 90% of its income coming from NIO orders in recent years, highlighting a potential risk due to over-dependence on a single client [4][5] - Revenue from NIO accounted for 88.7%, 90.6%, 91.6%, and 85.6% of total revenue in 2022, 2023, 2024, and the first three months of 2025, respectively [4] Group 3: Market Dynamics - The LiDAR market is experiencing a decline in product pricing due to increased supply, which is compressing profit margins, but demand is expected to grow significantly, with global electric vehicle penetration projected to exceed 45% by 2025 [5][6] - Tuda Technology is adapting to market changes by diversifying its client base and expanding into new applications beyond passenger vehicles, including commercial vehicles and robotics [7][11] Group 4: Financial Performance - Tuda Technology's revenue grew from $0.66 billion in 2022 to $1.60 billion in 2024, with a gross margin of 12.6% in Q1 2025, indicating improved profitability and operational efficiency [8] - The company has delivered over 493,000 automotive-grade LiDAR solutions, with nearly half of these deliveries occurring in 2024, showcasing its accelerating commercialization process [8] Group 5: Future Prospects - Despite positive business developments, Tuda Technology's potential market valuation post-listing may be challenged by the overall market sentiment in the LiDAR sector, which remains subdued [9][10] - The company is also exploring opportunities in the robotics sector, which is seen as a significant growth area, with established partnerships and orders from leading firms in various applications [11][12][13]

Core Insights - The rapid growth in the installation of LiDAR systems is transitioning them from optional features to essential components in automotive safety systems [1][3] - The demand for advanced driving assistance systems (ADAS) is driving the development of higher-level autonomous driving technologies, particularly L2++ and L3 levels [1][6] - The industry is shifting its competitive focus from hardware configuration to core competencies in chip self-research and system integration [1][3] Market Trends - The installation of LiDAR in China is projected to exceed 1.5 million units in 2024, representing a year-on-year growth of 179.7%, with expectations to reach 2.5 million units by the end of 2025 [1][2] - The penetration rate of L2 and above ADAS in passenger vehicles is expected to reach 55.7% in 2024, potentially approaching 65% by 2025 [2] Technological Developments - The cost of LiDAR systems has significantly decreased, with prices dropping from approximately $80,000 to $200 over the past decade, largely due to advancements in chip technology [2][7] - The transition to self-developed chips has led to reduced costs and improved performance, enabling mass production and wider application in lower-priced vehicles [2][4] Industry Standards and Certification - The reliability of LiDAR systems is becoming a baseline requirement for industry entry, necessitating compliance with stringent automotive safety certification standards [3][4] - Major companies are actively pursuing automotive-grade certifications for their products, with recent successes in achieving AEC-Q and ISO 26262 certifications [3][4] Future Projections - The market value of LiDAR is expected to grow from $1.181 billion in 2024 to $5.352 billion by 2029, with a compound annual growth rate of 35% driven by the demand for L3 and higher-level autonomous driving [8]

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for five companies, all of which are set to list in Hong Kong, with two of them already listed in the US market [1][4]. Group 1: Company Summaries - **Xiaoma Zhixing** plans to issue up to 102,146,500 ordinary shares for listing on the Hong Kong Stock Exchange. The company is headquartered in Guangzhou and specializes in autonomous driving systems for taxis and trucks. As of the first half of 2025, it reported revenues of $35.43 million and a net loss of $96.09 million [1][4][5]. - **Wenyan Zhixing** intends to issue up to 102,428,200 ordinary shares for its Hong Kong listing. The company develops autonomous driving systems and software, holding licenses in seven countries. In the first half of 2025, it reported revenues of $2 billion and a net loss of $7.92 billion [1][6][5]. - **Yujian Xiaomian** aims to issue up to 235,108,000 ordinary shares for its Hong Kong listing. The company operates a chain of Chinese restaurants, primarily offering Chongqing noodles. As of April 5, 2025, it had 374 restaurants in mainland China and 6 in Hong Kong. Revenue figures from 2022 to 2024 were $418 million, $801 million, and $1.154 billion, with corresponding net profits of -$35.97 million, $45.91 million, and $60.70 million [1][8][5]. - **Qingsong Jiankang** plans to issue up to 36,496,400 ordinary shares for its Hong Kong listing. The company provides digital health services and health insurance solutions. Revenue figures from 2022 to 2025 were $394 million, $490 million, $945 million, and $656 million, with net profits of -$9.10 million, $97.17 million, $8.99 million, and $86.05 million [1][10][5]. - **Tudatong** intends to merge with TechStar Acquisition Corporation to achieve a listing on the Hong Kong Stock Exchange, issuing up to 190,240,000 ordinary shares. The company specializes in the development and production of automotive-grade lidar for advanced driving assistance systems and autonomous driving. Revenue figures from 2022 to 2024 were $66.30 million, $121 million, and $160 million, with net losses of $188 million, $219 million, and $398 million [1][11][5].

Core Insights - The China Securities Regulatory Commission has approved the overseas listing application of high-performance lidar provider Seyond, marking a significant step in the company's capital journey [1] - Seyond plans to issue up to 190,240,000 ordinary shares and aims to list on the Hong Kong Stock Exchange, which will enhance its global business layout and technology research and development [1] Company Overview - Founded in 2016, Seyond specializes in the design, development, and production of automotive-grade lidar, providing high-performance lidar solutions for Advanced Driver Assistance Systems (ADAS), Autonomous Driving Systems (ADS), and other automotive and non-automotive applications [1] - The company is expected to deliver approximately 230,000 automotive-grade lidar units in 2024, and from 2022 to 2024, it ranks second globally in cumulative sales revenue for ADAS lidar [1] Financial Performance - Seyond's financial performance is on a continuous optimization path, with revenue projected to grow from $66.302 million in 2022 to $159.575 million in 2024 [1] - The company achieved a positive gross margin of 12.6% in Q1 2025, continuing the positive trend from Q4 2024, indicating ongoing improvement in profitability [1] - The reduction in loss scale reflects the effectiveness of cost reduction through scaled production and optimized supply chain management, indicating that the company has crossed the commercialization threshold faced by the industry [1]

Core Insights - Tudatong is a global leader in designing, developing, and producing automotive-grade LiDAR solutions [2] - The company plans to deliver approximately 230,000 automotive-grade LiDAR units in 2024, with a cumulative sales revenue ranking second globally for ADAS LiDAR during the historical performance period, capturing a 20.7% market share in China [2] Group 1: Market Position and Performance - Tudatong has established itself as a leading provider of image-grade LiDAR solutions globally [2] - The company has achieved significant sales in the automotive sector, particularly through deepening collaboration with NIO, with over 500,000 units of the Falcon series delivered [2] Group 2: Client Structure and Applications - The company is continuously optimizing its client structure, expanding its presence in both passenger and commercial vehicle sectors [2] - In the commercial vehicle and logistics sectors, Tudatong has formed stable partnerships with companies such as Deepway, Shaanxi Heavy Duty Automobile, Wincher Technology, and Pony AI, broadening its application scenarios [2] Group 3: Robotics Market - Tudatong is entering the robotics sector, which is viewed as a blue ocean market for LiDAR applications, securing large-scale orders from leading companies like Nine Senses, Neutral Holdings, Kusa Technology, and Yushi Technology, covering logistics, sanitation, and handling fields [2]

智通财经APP获悉，10月14日，中国证监会国际合作司发布《关于Seyond Holdings Ltd.(图达通控股有限 公司)境外发行上市备案通知书》。公司通过与境外特殊目的收购公司TechStar Acquisition Corporation合 并实现在香港联合交易所上市，拟同步发行不超过190,240,000股境外上市普通股。 招股书显示，图达通是设计、开发及生产车规级激光雷达解决方案的全球领导者。作为全球图像级激光 雷达解决方案提供商，图达通2024年交付约23万台车规级激光雷达，并且于往绩记录期间，ADAS激光 雷达累计销售收入全球排名第二，中国市场份额20.7%。 从车载到机器人，公司持续优化客户结构。在乘用车领域，图达通进一步深化与蔚来的合作，已在蔚来 九款车型上使用，其猎鹰系列累计交付超50万台，商业化落地成果亮眼；在商用车与物流领域，图达通 与Deepway深向、陕汽重卡、赢彻科技、Pony AI等达成稳定合作，持续拓展应用场景；机器人赛道作 为激光雷达应用的蓝海市场，图达通也已切入核心场景，获得九识智能、中立股份、库萨科技、驭势科 技等头部企业的大规模订单，覆盖物流、环卫、搬运等领域。 ...

Core Viewpoint - Seyond Holdings Ltd. (图达通控股有限公司) has taken a significant step in its capital process by receiving the overseas issuance and listing filing notice from the China Securities Regulatory Commission, which will enhance its global business layout and technology research and development capabilities [2]. Group 1: Company Overview - Founded in 2016, the company focuses on the design, development, and production of automotive-grade LiDAR, providing high-performance solutions for Advanced Driver Assistance Systems (ADAS), Autonomous Driving Systems (ADS), and other automotive and non-automotive applications [2]. - The company plans to deliver approximately 230,000 automotive-grade LiDAR units in 2024, ranking second globally in cumulative sales revenue for ADAS LiDAR solutions from 2022 to 2024, as well as in the first quarter of this year [2]. Group 2: Product Strategy - The company employs a "dual technology route" strategy, featuring the high-performance Falcon series (1550nm) and the platform-based Sparrow series (905nm/940nm), achieving large-scale production of both product lines to meet the performance demands of high-end models and the scalability for models priced around 100,000 yuan [3]. - In the passenger vehicle sector, the company has deepened its collaboration with NIO, delivering over 500,000 units of the 1550nm Falcon series across nine models, and has recently secured orders from three state-owned automotive manufacturers and a mainstream joint venture automaker, expected to convert into sales by the end of 2025 [3]. Group 3: Market Expansion - Beyond passenger vehicles, the company is accelerating its penetration into commercial vehicles, robotics, smart transportation, and industrial automation markets, establishing stable partnerships in the commercial vehicle sector with companies like Deepway, Shaanxi Automobile, and Wincheer Technology [3]. - In the robotics sector, the company has secured large-scale orders from leading firms such as Ninebot, Zhongli, Yushi Technology, and Kusa Technology, covering scenarios like logistics handling and sanitation operations [3]. Group 4: Financial Performance - The rapid advancement in commercialization has led to continuous optimization of the company's operating conditions, with revenue projected to grow from $66 million in 2022 to $160 million in 2024, and achieving a gross margin of 12.6% in the first quarter of 2025, continuing the positive trend from the fourth quarter of 2024 [4]. - The reduction in losses indicates that the company has effectively crossed the commercialization threshold faced by the industry, benefiting from cost reduction through large-scale production and optimized supply chain management [4]. - Both industry and policy factors are actively driving the explosive demand for LiDAR, positioning the company favorably for greater growth opportunities based on its technological accumulation and market positioning [4].

Core Viewpoint - The company primarily provides key core optoelectronic device products (optical integrated detection devices) to LiDAR integration enterprises, indicating a focus on the growing LiDAR market [1] Company Summary - The company serves clients such as Hesai Technology and Suteng Jun Chuang, highlighting its position in the supply chain of the LiDAR industry [1]