禾赛科技系列 车中旭霞 行业深度 《 汽车前瞻研究系列十六-激光雷达的市场空间、技术路线及产业链拆解 》——20220127 公司深度 《 禾赛科技（HSAI.O）-受益于激光雷达行业渗透率加速上行，技术及规模构建护城河》——20250415 公司点评 《禾赛科技（HSAI.O）-一季度收入同比增长46%，激光雷达新产品、新客户持续突破》-20250605 核心观点 2025Q1公司实现营业收入5.25亿元，同比增长46% 2025Q1，公司实现收入为5.25亿元，同比增长46.3%，环比减少27.0%，净利润为-0.18亿元（2024Q1为-1.07亿元， 2024Q4为1.47亿元），调整后净利润（即加回股权激励费用后的净利润）为860万元（2024Q1为-6910万元，2024Q4为 1.7亿元）。分业务来看，1）2025 Q1，公司产品收入为 5.1 亿元，同比增长 44.7%，环比减少27.2%，同比增长主要由 于中国需求旺盛导致 ADAS 激光雷达产品销售收入增加；2）2025Q1，公司服务收入为 1460 万元，同比增长 139.3%，环比减少19.8%，同比增长主要系非经常性工程服务收入的增加 ...

Core Viewpoint - The company is positioned as a leading player in the laser radar market, focusing on becoming a global robotics technology platform, with significant growth potential in both automotive and robotics sectors [21][24]. Financial Performance - In Q1 2025, the company reported revenue of 3.28 billion, a year-on-year decrease of 12.4% and a quarter-on-quarter decrease of 30.7% [2][9]. - The net profit for Q1 2025 was -1.00 billion, an improvement from -1.31 billion in Q1 2024 and -1.30 billion in Q4 2024 [2][9]. - The gross margin for Q1 2025 was 23.49%, showing a year-on-year increase of 11.17 percentage points and a quarter-on-quarter increase of 1.35 percentage points [3][4][14]. Product Sales and Market Demand - Total sales volume of laser radar products in Q1 2025 was approximately 108,600 units, a year-on-year decrease of 9.8% [10]. - Sales of laser radar products for ADAS applications were approximately 96,700 units, down 16.8% year-on-year, while sales for robotics and other applications increased by 183.3% to 11,900 units [10]. - The company has established strong partnerships with over 30 global automakers and suppliers, securing more than 100 models for pre-installation and achieving mass production for 38 models [6][39]. Product Development and Innovation - The company launched the EM platform in 2025, introducing digital products that cater to various market needs, including the EM4 and EMX laser radars [26]. - New products for robotics, such as Airy and E1R, have been released to cover various applications in the robotics sector [26]. - The company is actively developing incremental components for robotics, including vision, touch, and joint systems, with products like the Active Camera and FS-3D force sensor [31][33]. Strategic Partnerships and Market Expansion - The company has formed strategic partnerships with leading companies in the Robotaxi sector, including collaborations with Didi and Pony.ai for mass production of autonomous vehicles [40][43]. - In the broader robotics market, the company secured a record order of 1.2 million solid-state laser radars for lawn mowing robots, indicating strong demand in the sector [44][45]. - The company is also focusing on the delivery of solutions for the delivery robot market, achieving over 90% market share among leading clients [48]. Research and Development - The company has established three R&D centers in China, focusing on optimizing manufacturing processes and enhancing supply chain planning [50]. - The company leads in patent filings in the laser radar and robotics perception systems sectors, showcasing its strong technological capabilities [52][53].

禾赛科技 证券研究报告 2025 年 06 月 07 日 收入符合指引，Non-GAAP 同比扭亏为盈，两大业务 稳健发展 25Q1 业绩概览：收入符合指引，利润超预期。25Q1 收入 5.3 亿元， yoy+46.3%；毛利率 41.7%，yoy+2.9pcts；Non-GAAP 净利润 860 万元，同 比扭亏为盈。 海外行业报告 | 行业动态研究 作者 孔蓉 分析师 SAC 执业证书编号：S1110521020002 kongrong@tfzq.com 交付量方面，25Q1 激光雷达总出货量为 195818 台，yoy+231.3%，其中， ADAS 激光雷达出货量为 146087 台，yoy+178.5%。 业务进展：在全球范围内与 23 家 OEM 达成 ADAS 定点合作，涉及 120 多 种车型。 ADAS：海外方面，与一家总部位于日本的全球前五 Tier 1 达成了一项新的 POC 计划；推动与欧洲和日本的四家全球顶级 OEM 和 Tier 1 的五个 POC 项目，其中三个项目在 25Q1 完成。国内方面，近期新增多个车企的新车 型定点合作，包括奇瑞 iCAR、长城汽车欧拉、极氪多款畅销车型 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-06 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250603：复盘 200 年，贸易战何去何从？ 通过复盘自 1800 年至今 200 余年的全球贸易历史，以及结合近期东部沿 海省份"造船厂-船东-船公司-货代及外贸公司-实体制造业"外贸产业链 调研反馈，我们的研究表明： 首先，复盘全球贸易历史看，汇率、非关 税壁垒可能取代关税成为更加关键的"贸易交锋"工具。 其次，国内多 数外贸企业认为由于在根本矛盾上的冲突，中美贸易谈判过程未来或将 "一波三折"，企业可能需要持续控制对美出口风险敞口。 再次，如果加 征关税无法实现美方贸易竞争的主要目的，那么参考过去 200 年全球贸 易历史特别是 1970s-1990s 美日德贸易竞争阶段的美方举措，未来美国政 府可能在非关税壁垒、汇率等方面发起更多挑战。 最后，在控制对美出 口风险敞口的过程中，拓展非美出口、"出口转内销"、"出海"等关键手 段仍待企业端摸索落地方式，年内外贸前景仍面临高度不确定性。 宏观深度报告 20250602：人民币汇率：会否升 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][33] Core Insights - The company achieved a revenue of 525 million yuan in Q1 2025, representing a year-on-year growth of 46.3% [7][4] - The gross margin improved to 41.7%, with a year-on-year increase of 3.0 percentage points, driven by effective cost control and scale optimization in the ADAS and robotics sectors [3][11] - The company launched new laser radar products, including the AT1440, ETX, and FTX, enhancing its product offerings for L2 to L4 autonomous driving applications [21][22] - The company has established partnerships with over 23 domestic and international automotive manufacturers, securing production agreements for more than 120 vehicle models [26][28] Financial Performance - In Q1 2025, product revenue was 510 million yuan, up 44.7% year-on-year, primarily due to strong demand for ADAS laser radar products in China [7][4] - Service revenue reached 14.6 million yuan, a significant increase of 139.3% year-on-year, attributed to non-recurring engineering service income [7][4] - The company forecasts revenues of 3.138 billion yuan, 4.347 billion yuan, and 6.037 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 221 million yuan, 498 million yuan, and 868 million yuan [5][33] Market Position and Strategy - The company is a leading supplier of laser radar for Robotaxi services, collaborating with major players like Baidu Apollo Go and Didi Autonomous Driving [28][32] - The company signed a strategic cooperation agreement to supply 300,000 JT series laser radars to a high-end smart garden brand, indicating its expanding presence in the robotics market [32][4] - The company is actively pursuing international partnerships, including a new verification development project with a top-tier automotive supplier in Japan, enhancing its global footprint [25][4]

研究报告 Research Report 3 Jun 2025 速腾聚创 RoboSense (2498 HK) 25Q1 业绩点评：ADAS 营收承压，泛机器人业务拉动盈利改善，看好新产品放量 25Q1 Results: ADAS Revenue Under Pressure, Robotics Drives Profit Improvement; Optimistic on New Product Volume Ramp-up [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$32.25 目标价 HK$42.54 HTI ESG 3.6-3.8-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$15.62bn / US$1.99bn 日交易额 (3 个月均值) US$85.12mn 发行股票数目 484.47mn 自由流通股 (%) 65% 1 年股价最高最低值 ...

Summary of the Conference Call Industry Overview - The focus is on the **controller sector** and its recovery potential, particularly in the context of **laser radar and robotics** industries [1][2]. Key Points 1. The controller sector has experienced significant overselling, with a notable improvement in the underlying fundamentals, indicating potential for both performance and valuation recovery [1][2]. 2. Historical analysis over the past decade shows that the stock performance of representative companies in the controller sector, such as **He Tai** and **Tuo Bang**, is highly sensitive to earnings and raw material price fluctuations [1][2]. 3. External factors have impacted the sector, but Q1 earnings have begun to show signs of recovery [1][2]. 4. The stock price elasticity is high under thematic catalysts, suggesting potential for significant price movements [1][2]. Company-Specific Insights - **He Sai Technology**: Reported a delivery volume of nearly **200,000 units** in Q1, representing a year-on-year increase of **231%** [1][2]. - **Su Teng Ju Chuang**: Continues to narrow its net losses, with promising orders in the broader robotics sector [1][2]. Additional Important Information - The laser radar segment is identified as a "second growth curve" for the robotics field, particularly in consumer-grade robotics, indicating a shift in market dynamics and potential growth opportunities [1][2].

Performance Summary - In Q1 2025, the company's revenue was 328 million yuan, a decrease of 12.4% year-on-year and 30.7% quarter-on-quarter, with a gross margin of 23.5%, an increase of 11.2 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [1] - The net profit for Q1 2025 was -100 million yuan, compared to -130 million yuan in Q1 2024 and -130 million yuan in Q4 2024 [1] Product Sales Analysis - The total sales of LiDAR products for ADAS applications decreased from approximately 120,400 units in Q1 2024 to about 108,600 units in Q1 2025, primarily due to a decline in sales of automotive-grade solid-state LiDAR [1] - Sales of LiDAR products for robotics and other applications increased from approximately 4,200 units in Q1 2024 to about 11,900 units in Q1 2025, driven by the increased sales of E1R and Airy products [2] Company Developments - As of March 2025, the company secured mass production orders for over 100 models from 30 automotive manufacturers and tier-one suppliers, achieving SOP for 38 models from 12 clients [2] - In January 2025, the company launched the world's first 1,000-line ultra-long-range digital LiDAR EM4, featuring 1080 line emission capability and a detection range of up to 600 meters, along with new LiDAR products E1R and Airy, and the second-generation dexterous hand Papert 2.0 [2] - In February 2025, the company celebrated the off-line ceremony of its one-millionth LiDAR unit, marking it as the first company globally to achieve this milestone in high-line count LiDAR production [2] New Product Launches - In March 2025, the company introduced the AC1, a new robotic vision product based on the Active Camera platform, which integrates LiDAR, cameras, and IMU with a 120°×60° field of view and a measurement range of 70 meters [3] - In April 2025, the company released the next-generation digital LiDAR EMX, featuring true 192 lines, 2.88 million points per second high-resolution point cloud output, a detection range of 300 meters, and an angular resolution of 0.08°×0.1° [3] Strategic Partnerships - The company has achieved significant breakthroughs in the lawn care robot market, securing exclusive partnerships with two leading lawn care robot clients [3] - In May 2025, the company announced a strategic collaboration with Kuka Technology, setting a record for the largest LiDAR order in the lawn care robot industry, with plans to deliver 1.2 million automotive-grade solid-state LiDAR units over the next three years for developing advanced intelligent lawn care robot perception systems [3]

本期投资提示： （一）禾赛科技：一季度交付量近20 万台，同比高增231%。禾赛科技公布2025 年第一季度财务数据， 数据显示第一季度实现营收5.3 亿元，同比增长46.3%。2025 年第一季度，禾赛激光雷达总交付量为 19.58 万台，同比增长231.3%。其中，ADAS 产品交付量为14.61 万台同比增长178.5%。机器人领域交 付量增长迅猛，在Robotaxi 领域和消费级机器人领域均加速市场渗透进程。在Robotaxi 市场，禾赛作为 百度ApolloGo、滴滴自动驾驶、小马智行和文远知行等头部Robotaxi 企业下一代车队的主激光雷达供应 商。在消费级机器人市场，公司将交付30 万颗JT 系列激光雷达加速渗透。 控制器板块此前超跌较为显著，且基本面边际向好显著，有望实现业绩修复和估值修复双击。就控制器 板块代表公司和而泰和拓邦股份来看，2025Q1 业绩已呈现修复态势，可乐观展望后续季度业绩表现。 复盘历史十年控制器板块代表公司和而泰和拓邦股份股价表现，我们认为： （1）控制器板块股价表现对业绩敏感度较高，业绩对原材料价格变动敏感度高。在18年、 21-23 年期 间，控制器部分原材料（包 ...

Core Insights - RoboSense (2498.HK) reported a solid financial performance for Q1 2025, with significant growth in its robotics-related business, including product sales and revenue [1][2] Financial Performance - The company achieved total revenue of approximately 330 million yuan, down from 361 million yuan in the same period last year; however, gross profit surged to 77.01 million yuan, reflecting a year-on-year increase of 73.1% [2] - The overall gross margin reached 23.5%, an increase of 11.2 percentage points year-on-year, while net loss narrowed significantly to 98.79 million yuan, improving by 24.4% [2] Robotics Business Growth - The robotics segment experienced explosive growth, with laser radar product sales reaching approximately 11,900 units, a year-on-year increase of 183.3%, and revenue from this segment reaching 73.403 million yuan, up 87.0% year-on-year [2] - The company has established partnerships with over 2,800 global robotics clients across various applications, including industrial warehousing and delivery robots [3] Strategic Collaborations - RoboSense entered a strategic partnership with Mammotion, agreeing to collaborate on 1.2 million units over three years, setting a new industry order record [3] - The company has secured long-term orders with major clients in the autonomous delivery market, capturing over 90% of the top clients in this sector [3] Market Position and Projections - According to YOLE Group, RoboSense holds the leading market share in the global automotive laser radar market for passenger vehicles in 2024, with over 50% of the models at the 2025 Shanghai Auto Show featuring its products [4] - Goldman Sachs projects a 41% growth rate in RoboSense's Robotaxi business sales by 2026, with the global passenger vehicle laser radar market expected to reach approximately 7 billion yuan by 2025 [5] Product Development and Innovation - The company launched a new category of robotic vision products, Active Camera, and has established partnerships with over 20 companies to advance embodied intelligence applications [6] - RoboSense's product matrix includes mechanical, semi-solid, and solid-state technologies, covering a wide range of applications from entry-level to high-end products [7]