智通财经APP获悉，图达通(02665)借壳TechStar上市，公告显示，公司获准许股权融资股份数目3708.16 万股，每股价格10港元，所得款项净额 3.605亿港元。截至发稿，涨10%，报11港元，成交额191.95万 港元。 公开资料显示，图达通是一家图像级激光雷达及解决方案提供商。作为全球激光雷达市场里无法忽视的 头部玩家，图达通在2024年交付了约23万台汽车级激光雷达；按2024年车规级激光雷达解决方案的收入 计算，公司的全球市占率为12.8%。今年前9个月，图达通交付了约18.11万台车规级激光雷达，同比增 加7.7%。 乘用车领域，蔚来已选择在其9款车型上采用图达通的激光雷达解决方案，后者的超远距激光雷达猎鹰 系列累计交付超过60万台；商用车及物流领域，图达通与DeepWay深向、陕汽重卡、赢彻科技、小马智 行等达成稳定合作，持续拓展应用场景。机器人赛道方面，图达通已获得九识智能、中立股份、库萨科 技、驭势科技等头部企业的大规模订单，覆盖了物流、环卫、搬运等领域。 ...

图达通(02665)借壳TechStar上市，公告显示，公司获准许股权融资股份数目3708.16万股，每股价格10港 元，所得款项净额3.605亿港元。截至发稿，涨10%，报11港元，成交额191.95万港元。 公开资料显示，图达通是一家图像级激光雷达及解决方案提供商。作为全球激光雷达市场里无法忽视的 头部玩家，图达通在2024年交付了约23万台汽车级激光雷达；按2024年车规级激光雷达解决方案的收入 计算，公司的全球市占率为12.8%。今年前9个月，图达通交付了约18.11万台车规级激光雷达，同比增 加7.7%。 乘用车领域，蔚来已选择在其9款车型上采用图达通的激光雷达解决方案，后者的超远距激光雷达猎鹰 系列累计交付超过60万台；商用车及物流领域，图达通与DeepWay深向、陕汽重卡、赢彻科技、小马智 行等达成稳定合作，持续拓展应用场景。机器人赛道方面，图达通已获得九识智能、中立股份、库萨科 技、驭势科技等头部企业的大规模订单，覆盖了物流、环卫、搬运等领域。 ...

机器人端，公司依托硬件、芯片、AI 等技术，为机器人提供增量零部件及解决方案。2025 年10 月 IROS 大会期间，公司正式推出AC 平台第二款产品--"机器人操作之眼"Active Camera2。AC2 是业界首 款同时集成dTOF、RGB 双目、IMU 的超级传感器系统，能为机器人操作提供底层硬件融合的3D 空间 感知和6 自由度运动信息。 风险提示：原材料价格上涨，汽车价格竞争持续激化。 投资建议： 调整盈利预测，维持优于大市评级。考虑到公司下游需求波动， 我们下调收入预测， 预计 公司2025-2027 年营收为20.69/31.09/43.13 亿元（原预计2025-2027 年营收24.89/36.17/52.75亿元），考 虑到规模效应下公司产品毛利率持续提升，我们上调2025年净利润预期，预计公司2025-2027 年归母净 利润-2.5/0.6/4.6 亿元（原预计2025-2027 年归母净利润-2.8/0.6/4.6 亿元），维持优于大市评级。 2025Q3，公司毛利率同比提升6.5pct。2025Q3，公司毛利率23.9%，同比+6.5pct，环比-3.8ct，净利率 为-24. ...

据悉，实施该事项旨在加快推进激光雷达业务板块产业布局，提升市场竞争力，进一步提升武汉万集的 综合实力。 万集科技（300552）(300552.SZ)公告，公司控股子公司武汉万集光电技术有限公司(简称"武汉万集")拟 通过增资扩股方式引入战略投资者武汉高科产业投资基金合伙企业(有限合伙)(简称"武汉高科")，武汉 高科以2000万元的价格认购武汉万集新增注册资本400万元，增资价款中超出注册资本的部分计入资本 公积。公司放弃对武汉万集本次增资所享有的优先认购权。本次增资完成后，武汉万集注册资本将由 7100万元增加至7500万元，公司持有武汉万集的股份比例将由84.51%下降至80%，武汉万集仍为公司控 股子公司。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][72] Core Insights - The company aims to become a global leader in robotic technology platforms, leveraging its advancements in AI and laser radar technology [25][72] - The company has seen a significant increase in laser radar sales, with a 34% year-on-year growth in total sales volume for Q3 2025 [1][9] - The company has a robust order book, benefiting from the rapid development of Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving [2][72] Financial Performance - In Q3 2025, the company reported revenue of 407 million yuan, a slight decrease of 0.2% year-on-year and a 10.6% decrease quarter-on-quarter [1][8] - The net profit for Q3 2025 was -101 million yuan, compared to -51 million yuan in Q2 2025 and -82 million yuan in Q3 2024 [1][8] - The gross margin for Q3 2025 improved by 6.5 percentage points year-on-year, reaching 23.9% [1][16] Product Development - The company has developed a unique digital laser radar matrix, including products like EM4, EMX, and E1, which have passed automotive standards certification [2][35] - The company launched the "Active Camera 2," a pioneering sensor system that integrates multiple technologies for enhanced robotic perception [3][54] - The company is actively expanding its product offerings in the robotics sector, focusing on components that enhance robotic capabilities [39][43] Market Position - The company has secured partnerships with over 90% of key players in the Robotaxi and Robotruck sectors, indicating strong market penetration [2][65] - The company has received orders from 32 automotive manufacturers for a total of 144 vehicle models, showcasing its competitive position in the market [58][60] - The company is positioned to benefit from the growing demand for digital laser radar in various applications, including autonomous vehicles and robotics [72][65]

据悉，实施该事项旨在加快推进激光雷达业务板块产业布局，提升市场竞争力，进一步提升武汉万集的 综合实力。 智通财经APP讯，万集科技(300552.SZ)公告，公司控股子公司武汉万集光电技术有限公司(简称"武汉万 集")拟通过增资扩股方式引入战略投资者武汉高科产业投资基金合伙企业(有限合伙)(简称"武汉高科")， 武汉高科以2000万元的价格认购武汉万集新增注册资本400万元，增资价款中超出注册资本的部分计入 资本公积。公司放弃对武汉万集本次增资所享有的优先认购权。本次增资完成后，武汉万集注册资本将 由7100万元增加至7500万元，公司持有武汉万集的股份比例将由84.51%下降至80%，武汉万集仍为公司 控股子公司。 ...

格隆汇12月9日丨万集科技(300552.SZ)公布，根据公司战略规划和经营发展需要，为加快推进激光雷达 业务板块产业布局，提升市场竞争力，公司控股子公司武汉万集光电技术有限公司（简称"武汉万集"） 拟通过增资扩股方式引入战略投资者武汉高科产业投资基金合伙企业（有限合伙）（简称"武汉高 科"），武汉高科以人民币2,000万元的价格认购武汉万集新增注册资本人民币400万元，增资价款中超 出注册资本的部分计入资本公积。公司放弃对武汉万集本次增资所享有的优先认购权。本次增资完成 后，武汉万集注册资本将由7,100万元增加至7,500万元，公司持有武汉万集的股份比例将由84.51%下降 至80%，武汉万集仍为公司控股子公司，公司合并报表范围不会发生变更。公司董事会同意武汉万集增 资扩股引入战略投资者，同意公司放弃对400万元新增注册资本的优先认购权，并授权公司管理层签 署、修订、接受与此次增资相关的协议、交易文件、法律文件或相关的交易安排。 ...

Investment Rating - The report indicates a strong growth potential for the LiDAR industry, with a projected market size increase from $300 million in 2020 to $17.1 billion by 2029, reflecting a compound annual growth rate (CAGR) of 60.6% [4]. Core Insights - The global LiDAR market is experiencing rapid growth, transitioning from mechanical to semi-solid and eventually to fully solid-state technologies, with costs significantly reduced to the "thousand-yuan level," facilitating adoption in mainstream vehicles and expanding into robotics and industrial automation [4]. - The upstream core components (lasers, detectors) have a low domestic production rate, dominated by companies from Europe, the US, and Japan, while the midstream market is primarily occupied by Chinese firms, which hold over 60% of the global market share [4]. - The primary application of LiDAR is in the automotive sector, with increasing demand driven by the penetration of L2+ intelligent driving systems, while robotics is emerging as a second growth driver, expected to reach a market size of $5.1 billion by 2029 [4]. Summary by Sections 1. Introduction to LiDAR - LiDAR is a sensing technology that uses pulsed laser beams to measure distances, providing high-resolution data unaffected by lighting or weather conditions [5]. 2. Advantages of LiDAR Products - LiDAR excels in three-dimensional perception and all-weather night vision capabilities, outperforming other sensors like millimeter-wave radar and cameras in terms of resolution and adaptability [11]. 3. Technological Pathways - The technology has evolved from mechanical scanning to semi-solid and fully solid-state systems, with significant improvements in size, cost, and performance [14]. 4. Industry Development - The LiDAR industry has progressed through four phases: technology emergence (pre-2007), automotive-driven growth (2010-2021), cost reduction and expansion (2022-2024), and the transition to fully solid-state technology (2025 and beyond) [17]. 5. Market Size - The global LiDAR market is expected to grow from $300 million in 2020 to $1.6 billion by 2024, with a CAGR of 52%, and further to $17.1 billion by 2029, indicating a high growth phase [18]. 6. Industry Value Chain - The LiDAR industry encompasses upstream components, midstream product integration, and downstream applications, with a focus on ADAS and robotics [24]. 7. Upstream Industry - The upstream segment is characterized by low domestic production rates of core components, with most high-end parts sourced from foreign companies [25]. 8. Midstream Industry - The midstream sector is highly concentrated, with four out of the top five global suppliers being Chinese companies, reflecting a significant shift in market leadership [26]. 9. Downstream Applications - Automotive applications dominate the LiDAR market, with the share of automotive use expected to rise from 50% in 2022 to over 63% by 2024, driven by the adoption of intelligent driving technologies [32]. 10. Future Opportunities - The industry is poised for growth due to economies of scale, policy support for intelligent driving, and advancements in digital chip technology [49]. 11. Challenges Ahead - Despite significant cost reductions, LiDAR remains more expensive than alternatives like millimeter-wave radar, posing challenges for broader adoption [51].

消息面上，速腾聚创宣布，获得一汽丰田一款知名畅销车型前装量产全新定点，五年累计订单规模近百 万台。这是速腾聚创继获得一汽丰田某纯电车型三年独家定点后，再次凭借数字化激光雷达的领先技 术，与一汽丰田达成又一款重磅车型的全新合作。据悉，速腾聚创已经连续获得奥迪、大众、北美新能 源等国际车企定点，累计订单超100万。 公开资料显示，11月激光雷达交付突破150,000台。依托全栈自研芯片与先进数字化架构，RoboSense数 字化激光雷达在全球汽车及机器人市场持续放量，交付规模与协同生态同步拓展。 速腾聚创(02498)再涨近4%，截至发稿，涨3.16%，报33.9港元，成交额1.14亿港元。 ...

Core Viewpoint - RoboSense has secured a new mass production contract with FAW Toyota for a well-known bestselling model, with a cumulative order scale of nearly 1 million units over five years, showcasing its leading technology in digital lidar [1] Group 1: Company Developments - RoboSense's stock has seen an increase of nearly 4%, currently trading at 33.9 HKD with a transaction volume of 114 million HKD [1] - The company has previously secured a three-year exclusive contract for a pure electric model from FAW Toyota, indicating strong partnerships with major automotive manufacturers [1] - Cumulative orders from international automakers such as Audi, Volkswagen, and North American new energy companies have exceeded 1 million units [1] Group 2: Industry Performance - In November, the delivery of lidar units surpassed 150,000, indicating robust growth in the market [1] - The global automotive and robotics markets are experiencing continuous expansion, supported by RoboSense's self-developed chips and advanced digital architecture [1]