智通财经APP获悉，华西证券发布研报称，首次覆盖，给予禾赛-W(02525)"买入"评级，其为全球领先 的激光雷达企业，凭借其自主开发的ASIC技术和平台化架构，提供了在性能、质量和成本间取得平衡 的AT系列等明星产品，公司在ADAS领域已获得22家主机厂的120个车型定点，量产数量排名第一;在机 器人市场，其单月出货量曾超2万台，同时是无人出租车领域市场份额超过55%的关键供应商。 华西证券主要观点如下： 全球领先的激光雷达研发与制造企业 公司成立于2014年，2023年于美股上市，2025年于港股上市。公司产品广泛应用于支持高级辅助驾驶系 统(ADAS)的乘用车和商用车，以及自动驾驶汽车和配送机器人、移动机器人等各类机器人应用。凭借 先进的ASIC及其他激光雷达技术、专有的自主设计及生产能力以及平台化架构，公司向不断扩大的 ADAS及机器人市场提供兼顾性能、质量及成本的激光雷达产品，并与诸多头部主机厂商达成紧密合 作。 技术优势：凭借公司ASIC路径，据灼识咨询数据，禾赛成为行业中唯一一家所有关键部件(包括激光 器、探测器、激光驱动器、仿真前端、模数转换器、数字信号处理器及控制器)均自主开发的激光雷达 公 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][3]. Core Viewpoints - The company is a leader in the LiDAR market, focusing on high-definition 3D perception technology to enable safer and smarter applications in intelligent driving and robotics [1][13]. - The demand for LiDAR is rapidly increasing due to advancements in intelligent driving and robotics, supported by cost-reduction innovations that enhance the cost-effectiveness of LiDAR as a sensor [1][2]. - The company is expected to reach a total revenue of approximately 31.5 billion, 45.7 billion, and 60.6 billion RMB from 2025 to 2027, with significant growth rates of 52%, 45%, and 33% respectively [2][3]. Summary by Sections Company Overview - The company was established in 2014 and has focused on LiDAR research and manufacturing for ten years, achieving global leadership in shipment volume [1][13]. - The company has a comprehensive product system and a broad customer base, with significant partnerships in the automotive and robotics sectors [23][28]. Financial Performance - The company is projected to have revenues of approximately 12.0 billion, 18.8 billion, and 20.8 billion RMB from 2022 to 2024, driven by the growth in LiDAR product shipments [34]. - The company’s gross margin is expected to improve from 35.2% in 2023 to 42.6% in 2024 due to effective cost-reduction measures and economies of scale [37]. - The company is anticipated to reach a non-GAAP net profit of approximately 0.14 billion RMB in 2024, indicating a turning point towards profitability [37]. Industry Analysis - The global market for automotive LiDAR is expected to reach 50 billion RMB by 2030, while the market for robotic LiDAR is projected to reach 10 billion RMB [1][2]. - The report highlights the diverse product paths available in the LiDAR market, including mechanical, semi-solid, and solid-state solutions [44].