值得注意的是，图达通的产品应用已从乘用车领域，拓展至商用车、机器人等更广阔的赛道。公开资料显示，图达通已获得深向Deepway、陕汽 重卡、赢彻科技、九识智能等行业头部企业的大规模订单。业内人士表示，这表明图达通不仅拥有可靠的技术，更为第二增长曲线做好了准备。 （原标题：港股异动 | 图达通(02665)午后涨超20% 公司为激光雷达头部企业 产品已拓展至机器人等领域） 智通财经APP获悉，图达通(02665)午后涨超20%，截至发稿，涨9.73%，报14.55港元，成交额2469.96万港元。 公开资料显示，图达通是全球图像级激光雷达解决方案提供商，作为激光雷达的头部企业，图达通凭借技术突破与量产能力，取得了多项行业领 先成就。据灼识咨询数据，图达通是全球首家实现车规级高性能激光雷达解决方案量产的供应商，2022年至2024年期间ADAS激光雷达解决方案 累计销售收入全球排名第二。 | 区川 20日 17 | | --- | | (产品代码: 516630) 宗： 中证云计算与大数据主题指数 and and and and the may | ...

（原标题：新股首日 | 图达通(02665)借壳TechStar上市 早盘高开10% 公司为激光雷达解决方案提供商） 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。 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。 fund 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%。 ...

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。 ...

Group 1 - The core point of the news is that TuDatong, a leading laser radar company in mainland China, has successfully passed the listing hearing and plans to merge with SPAC TechStar at a valuation of HKD 11.7 billion, marking the third De-SPAC case in the Hong Kong market [1] - TuDatong is expected to be listed on the main board of the Hong Kong Stock Exchange on December 10, joining other prominent laser radar companies like Hesai and Suton [1] - The company has secured approximately HKD 551.3 million from PIPE investors, including significant investments from Huangshan Construction Investment and Gong Hongjia's Fucai [1] Group 2 - Founded in 2016, TuDatong is a global leader in designing, developing, and producing automotive-grade laser radar solutions, with a product range that includes "Falcon," "Lynx," and "Jaguar" [2] - The company is projected to deliver over 230,000 automotive-grade laser radars in 2024, ranking fourth globally in sales revenue for ADAS laser radar solutions with a market share of 12.8% [2] - TuDatong has established stable partnerships in commercial vehicles and robotics, securing large orders from leading companies in logistics and sanitation applications [2] Group 3 - NIO is the largest customer for TuDatong during the reporting periods, with revenue from NIO accounting for 88.7%, 90.6%, 91.6%, and 86.2% of total revenue from 2022 to 2024 and the first five months of 2025, respectively [3] - TuDatong has been the exclusive supplier of laser radar solutions for NIO since 2022, having entered into two long-term framework procurement agreements with the company [3]

Core Viewpoint - The article discusses the upcoming listing of the lidar solution provider, TuDatong, on the Hong Kong Stock Exchange through a De-SPAC process, highlighting its market position and financial performance. Company Overview - TuDatong is a leading company in designing, developing, and producing automotive-grade lidar solutions, ranking fourth globally with a market share of 12.8% in ADAS lidar solution sales, delivering approximately 230,000 units in 2024 [6][8]. - The company was founded in 2016 by Dr. Bao and Dr. Li, initially operating in the United States before entering the Chinese market in 2018 to leverage emerging market opportunities [6][7]. Technology and Product Development - TuDatong utilizes a 1,550 nm short-wave infrared laser for long-distance detection and has developed a dual-axis mirror scanning technology, which it considers the best architecture for forward-looking lidar [6]. - The company has launched several lidar product series, including the Cheetah series in 2018 and the Falcon series in 2020, and has strategically chosen a 905 nm system for urban low-speed applications [6][9]. Market Position and Client Base - The company has delivered over 533,000 automotive-grade lidar solutions and has secured design approvals from 14 Chinese OEMs focused on commercial vehicles, passenger electric vehicles, and ride-hailing services [8][9]. - NIO is the largest customer, accounting for 88.7% to 91.6% of TuDatong's revenue from 2022 to 2024, with agreements in place for lidar solutions across nine vehicle models [13][14]. Financial Performance - TuDatong's revenues were $66.3 million, $121 million, and $160 million for 2022, 2023, and 2024, respectively, with losses of $188 million, $219 million, and $398 million during the same periods [16]. - The company has shown a trend of narrowing gross losses, achieving a gross profit of $670,000 in 2024, and has delivered approximately 181,131 units in the first nine months of 2025, a 7.7% increase year-over-year [16]. Fundraising and Future Plans - The net proceeds from the SPAC transaction are estimated to be approximately HKD 474 million, with plans to allocate 60% for R&D, 20% for upgrading production lines, and 10% each for global expansion and general corporate purposes [17][18].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the ongoing growth and technological advancements in the optical communication sector, driven by key catalysts such as increased capital expenditure from cloud service providers and strong performance from major tech companies [6][8] - The recent China International Optoelectronic Exposition showcased significant innovations across various fields, emphasizing the importance of optical communication and related technologies [4][5] Summary by Sections Industry Overview - The communication industry is experiencing a robust growth trajectory, particularly in the optical communication segment, which is expected to outperform the market benchmark [1][6] Recent Events - The 26th China International Optoelectronic Exposition took place from September 10 to 12, 2025, featuring over 5,000 exhibitors and showcasing cutting-edge products and technologies across eight major thematic areas [3][4] Market Trends - Key trends include the focus on high-speed optical interconnects, with significant products like 400G/800G/1.6T optical modules being highlighted at the expo [4] - The report identifies three main catalysts enhancing industry sentiment: Oracle's strong performance, increased capital expenditures from North American cloud providers, and positive long-term forecasts from Nvidia regarding AI infrastructure spending [6] Investment Recommendations - The report suggests monitoring specific companies within the optical communication space, including CPO manufacturers and optical chip producers, as well as IoT module and fiber optic cable companies [8]

Core Insights - The company, Seyond, has updated its prospectus, indicating a positive trend in revenue and gross profit for the first quarter of 2025, with revenue reaching $25.296 million and a gross profit of $3.197 million, resulting in a gross margin of 12.6% [2][3] - The company has successfully integrated its lidar solutions into various models and ADAS systems for several major automotive manufacturers, including NIO and others, and has begun mass production and delivery of these solutions [3][4] Financial Performance - Revenue for the fiscal year ending December 31 has shown significant growth from $66.302 million in 2022 to an expected $121.108 million in 2023 and $159.575 million in 2024 [3] - The company reported a gross loss of $41.321 million in 2022, which improved to a gross loss of $42.359 million in 2023, and is projected to further improve to a gross profit of $3.197 million in 2025 [3] - The gross margin has improved from -62.3% in 2022 to -35.0% in 2023, and is expected to reach 12.6% in 2025 [3] Market Position and Prospects - The company has secured design wins from ten additional automotive manufacturers and ADAS companies, indicating strong market demand for its lidar solutions [4] - The historical conversion rate of design wins to purchase orders suggests that these design wins are likely to convert into sales orders within a year [4]

Core Viewpoint - The company has demonstrated significant growth in revenue and profit in 2024 and Q1 2025, driven by increased demand in the consumer electronics sector and strategic expansion into new markets and product lines [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.566 billion yuan, a year-on-year increase of 24.51% - The net profit attributable to shareholders reached 201 million yuan, up 173.04% - The net profit after deducting non-recurring items was 174 million yuan, growing by 228.14% - For Q1 2025, the company reported a revenue of 349 million yuan, a 16.41% increase year-on-year - The net profit attributable to shareholders was 62 million yuan, up 105.70% - The net profit after deducting non-recurring items was 56 million yuan, increasing by 214.99% [1]. Industry Trends and Developments - The consumer electronics industry is experiencing a recovery, with the company expanding its business beyond mobile phones to other terminal products in North America - The demand for new cooling solutions is rising due to AI-driven product iterations in consumer electronics and digital infrastructure [2]. - The company has strengthened its position in the artificial synthetic graphite materials sector and is enhancing its market share in die-cut components [3]. Strategic Initiatives - The company is actively pursuing industry solutions and core materials for computing power devices, creating new growth avenues - It has achieved product certification and mass production for its integrated VC module products in the data center communication sector [3]. - The company is expanding its international presence, establishing Singapore as its overseas headquarters and Thailand as a production base [3]. Profitability and Investment Outlook - The company has maintained a gross margin of 30.95% in 2024, an increase of 5.84 percentage points year-on-year - The net profit margin reached 12.80%, up 7.08 percentage points year-on-year - The company is expected to see continued profit growth, with projected net profits of 266 million, 320 million, and 373 million yuan for 2025-2027, respectively [2][4].