Workflow
主动感知清洗产品
icon
Search documents
小马智行将开拓新加坡市场,无人驾驶前景广阔
Xuan Gu Bao· 2025-09-21 14:59
公司方面,据上证报表示, 北汽蓝谷:与小马智行基于极狐阿尔法T5车型平台和小马智行第七代自动驾驶软硬件系统技术,合作 研发全无人Robotaxi车型。 恒帅股份:主动感知清洗产品已通过客户对小马智行、滴滴、菜鸟、新石器、北美新能源客户等终端进 行适配交样。 据上证报报道,自动驾驶公司小马智行9月20日宣布与新加坡交通运营服务商康福德高合作,将在新加 坡部署自动驾驶车辆和相关服务。据介绍,康福德高拥有超过2.9万辆出租车的营运网络。小马智行已 在我国北京、上海、广州、深圳实现全无人驾驶出行服务商业运营,服务覆盖面积超2000平方公里,全 球累计自动驾驶测试里程突破5000万公里。 据弗若斯特沙利文预测,2025年全球和中国Robotaxi服务市场规模分别有望达2.9亿和1.6亿美元,2035 年全球和中国Robotaxi服务市场规模分别有望达3526亿和1794亿美元。华泰证券认为,要实现L4自动驾 驶所要求的高安全标准,"多样性与冗余性"是关键。Waymo、小马智行、文远知行等Robotaxi企业均采 用多模态传感器融合方案,包括摄像头、毫米波雷达和激光雷达,且每类传感器均配置多个单元,充分 体现"多样性与冗 ...
恒帅股份(300969):双业务阶段性承压,ADAS清洗及电机业务待放量
Huaan Securities· 2025-05-13 10:11
Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company's revenue and profit are under pressure due to challenges in both business segments, with traditional cleaning facing intensified competition and the motor segment experiencing a short-term decline. The company has also paused supply to some overdue customers due to accounts receivable risk and payment term management considerations [5][7] - The Q1 2025 financial results show a revenue of 203 million yuan, down 16.04% year-on-year and 21.44% quarter-on-quarter, with a net profit of 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [4][5] - The company is focusing on expanding its product offerings in the cleaning and motor sectors, with new products expected to drive profitability in the long term. The proactive sensing cleaning products are anticipated to enhance market share and revenue growth [6][8] Summary by Sections Business Performance - The revenue decline is primarily attributed to the overall operating environment and fluctuations in downstream customer demand, particularly in the traditional cleaning business. The motor segment has also seen a short-term decline [5] - The gross margin for Q1 was 32.22%, a decrease of 4.57 percentage points year-on-year and 0.28 percentage points quarter-on-quarter, influenced by the pressure on traditional cleaning system products [5][10] Financial Forecast - Revenue projections for 2025 to 2027 are estimated at 1.101 billion yuan, 1.337 billion yuan, and 1.702 billion yuan, respectively, with corresponding net profits of 239 million yuan, 290 million yuan, and 385 million yuan [7][10] - The company is expected to maintain a price-to-earnings ratio (P/E) of 27.76x, 22.84x, and 17.25x for the years 2025 to 2027 [7][10] Product Development - The traditional cleaning business faces challenges, while proactive sensing cleaning is expected to open new opportunities. The company plans to expand its partnerships with automotive manufacturers and enhance its global production layout [8] - The motor business is leveraging its core technologies to expand into various electric motor categories, including high-torque harmonic brushless motors and other automotive applications [8]