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]

涵盖「千厘眼 A」、「千厘眼 B」、「千厘眼 C」三种解决方案。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao AT1440是全球最高线数的车规级超高清激光雷达 ，达到 1440线，搭载禾赛第四代自研芯片，测距 达300米@10%反射率。其采用前沿的高效感光和超高并行处理技术，激光雷达线数相比市场上同类 产品提升10倍，引领激光雷达进入千线超高清时代。这款激光雷达的点频超过3400万点每秒，是当 前主流车载激光雷达的45倍以上，能够精准捕捉复杂城市街道的细小物体以及路面微小的起伏和坑 洼。 AT1440将于2025年下半年开始量产 。 据 IPO早知道消息， 禾赛科技（纳斯达克： HSAI） 于 4月21日 发布了面向 L2到L4的激光雷达感 知方案「千厘眼」，并正式发布了新一代车规级激光雷达产品ETX车规级超远距激光雷达、AT1440 车规级超高清激光雷达和FTX车规级纯固态补盲激光雷达。 极远的感知距离 、 厘米级别 的 感知精度 面向 L2到L4 提供不同 激光雷达组合 「千厘眼」谐音 "千里眼"，寓意其拥有极远的感知距离，同时感知精度可达厘米级别，为自动驾驶 ...