格隆汇1月8日丨江苏雷利(300660.SZ)在互动平台表示，在激光雷达领域，公司激光雷达电机产品已批 量供应图达通，比亚迪、速腾聚创等客户已小批量产，并获得禾赛等企业定点。 ...

Core Insights - The company SUTENG JUCHUANG (02498.HK) is expected to deliver over 180,000 LiDAR units by December 2025, representing a 20% quarter-on-quarter increase [1] - Cumulative deliveries for the first three quarters of 2025 have exceeded 450,000 units, with profitability anticipated in the fourth quarter of 2025 [1] - At the 2026 International Consumer Electronics Show, the company will jointly launch a new consumer-grade smart lawn mower model, Navimow i2LiDAR, in collaboration with Segway Navimow [1]

Core Viewpoint - Hesai Technology (禾赛科技) has showcased its latest lidar technology at CES 2026, announcing significant partnerships and production capacity expansion, indicating strong growth potential in the lidar market [1] Group 1: Stock Performance - Hesai's stock rose over 3% in early trading, currently up 2.64% at HKD 209.6, with a trading volume of HKD 54.1353 million [1] Group 2: Product and Technology Developments - The company presented several upgraded and innovative lidar products, including the ATX lidar featuring the Fermi C500 chip and photon isolation technology, aimed at next-generation L3 automotive applications [1] - The ATX lidar has received significant market interest, with current orders exceeding 4 million units from leading global manufacturers, set to begin mass production in April 2026 [1] Group 3: Production Capacity and Global Expansion - Hesai announced plans to double its annual production capacity to 4 million units, with ongoing progress at its factory in Bangkok, Thailand, as part of its global capacity layout [1] - The company has achieved a doubling of annual delivery volume for five consecutive years, with projected deliveries exceeding 1.6 million units in 2025 and a cumulative delivery of over 2.4 million units across all lidar products [1]

Core Viewpoint - Hesai Technology (禾赛科技) has showcased its latest lidar technology at CES 2026, announcing significant partnerships and production capacity expansion, indicating strong growth potential in the lidar market [1] Group 1: Company Developments - Hesai's stock rose over 3% in early trading, currently at 209.6 HKD with a trading volume of 54.14 million HKD [1] - The company announced a collaboration with NVIDIA and plans to double its annual production capacity to 4 million units [1] - Hesai has achieved a consistent annual delivery volume increase for five consecutive years, with expected deliveries exceeding 1.6 million units in 2025 [1] Group 2: Product Innovations - The company introduced several upgraded and innovative products, including the ATX lidar featuring the Fermi C500 chip and photon isolation technology [1] - A full range of solutions for next-generation L3 automotive applications was presented, including the long-range ETX and short-range FTX lidar systems [1] - The JT series, a mini high-performance 3D lidar designed for robotics, was also highlighted, showcasing Hesai's technological advancements [1] Group 3: Market Expectations - The ATX lidar is highly anticipated in the market, with current orders exceeding 4 million units from leading global manufacturers, set to begin mass production in April 2026 [1] - The cumulative delivery of all lidar products has surpassed 2.4 million units, reflecting the company's strong market presence [1]

Core Viewpoint - The report from CICC maintains the revenue forecast for Hesai Technology (02525) for 2025, raises the 2026 revenue forecast by 6.4% to 4.53 billion yuan, and introduces a first-time revenue forecast for 2027 at 6 billion yuan, while maintaining an outperform rating for the industry [1] Group 1: Company Current Status - In January 2026, Hesai Technology showcased its latest lidar technology achievements at CES 2026 and updated its delivery volume, production capacity planning, and strategic partnerships [2] Group 2: Production and Delivery Capacity - The company is expected to deliver over 1.6 million units in 2025, with 24 OEMs securing over 120 models for mass production as of January 5. The annual production capacity is planned to increase from 2 million units in 2025 to 4 million units in 2026, achieving a doubling growth. The Bangkok Galileo factory is expected to commence production in early 2027. The company has a strong order backlog and is actively expanding domestic and international production capacity, which is likely to drive future shipment volume and revenue growth [3] Group 3: L3 Vehicle Approval and Lidar Quantity Increase - On December 15, 2025, the Ministry of Industry and Information Technology approved L3 level conditional autonomous driving vehicles for trial operation in designated areas. This is expected to accelerate penetration, with the number of lidar units per vehicle likely to increase to 3-6. The 2026 models of Avita 12 and Lantu Tianshan are expected to be equipped with 4 lidar units. Hesai showcased a new generation L3 automotive lidar solution at CES 2026, which has received the first mass production approval for passenger vehicles, with production planned to start by the end of 2026 or early 2027 [4] Group 4: Next-Generation AI and Lidar as a Key Engine - Global companies are accelerating the large-scale deployment of L4 autonomous driving fleets. The company has partnered with leading firms such as Motional, Baidu, Didi, WeRide, and Pony.ai, and has been selected by NVIDIA as a lidar partner for the "NVIDIA DRIVE AGX Hyperion 10 platform." Additionally, Hesai's JT series lidar is widely used in the robotics and industrial markets, with cumulative shipments exceeding 200,000 units, including applications in mowing robots, smart companion robots, and 3D spatial digitization devices [5]

量产交付能力领先行业；国内外产能稳步推进 公司2025年全年交付量超160万台，截至1月5日公司已获24家主机厂超120个车型的量产定点。公司规划 年产能将由2025年的200万台提升至2026年的400万台、实现翻倍增长，公司预计泰国曼谷伽利略工厂将 在2027年初投产。该行认为，公司在手订单充沛、国内外产能拓展积极，有望带动未来出货量及收入高 增。 智通财经APP获悉，中金发布研报称，维持禾赛-W(02525) 2025年营收预测不变，上调2026年营收预测 6.4%至45.3亿元，首次引入2027年营收预测60.0亿元。维持跑赢行业评级。当前港/美股分别对应6.0/5.8 倍2026年P/S。考虑到智驾及机器人板块估值中枢上移，该行上调港/美股目标价32.1%/34.3%分别至 241.10港币/31.56美元，对应7.5倍2026年P/S，较当前股价分别有24.3%/30.1%的上行空间。 中金主要观点如下： 公司近况 2026年1月，禾赛科技在CES 2026上展示最新激光雷达技术成果，并更新了交付量、产能规划、战略合 作等经营情况。 2025年12月15日，工信部首次批准L3级有条件自动驾驶车型在 ...

Core Viewpoint - RoboSense achieved a record delivery of over 180,000 LiDAR units in December, setting a new monthly delivery record [1] Company Summary - RoboSense's LiDAR delivery in December surpassed 180,000 units, indicating strong demand and operational efficiency [1]

速腾聚创12月激光雷达交付突破180,000台，再度刷新单月交付纪录。凭借全球唯一实现全链路自研芯 片均通过AEC-Q车规认证的体系化优势，速腾聚创数字化激光雷达产品矩阵正在持续加速进化，为工 业安全、智能汽车及各类机器人等细分应用领域提供全面领先的感知方案。 ...

速腾聚创(02498)12月激光雷达交付突破180,000台，再度刷新单月交付纪录。凭借全球唯一实现全链路 自研芯片均通过AEC-Q车规认证的体系化优势，速腾聚创数字化激光雷达产品矩阵正在持续加速进 化，为工业安全、智能汽车及各类机器人等细分应用领域提供全面领先的感知方案。 ...

智通财经APP获悉，速腾聚创(02498)12月激光雷达交付突破180,000台，再度刷新单月交付纪录。凭借 全球唯一实现全链路自研芯片均通过AEC-Q车规认证的体系化优势，速腾聚创数字化激光雷达产品矩 阵正在持续加速进化，为工业安全、智能汽车及各类机器人等细分应用领域提供全面领先的感知方案。 ...