放眼全球资本市场，今年来各路资本对于"硬科技"的投资热情都到了近乎无以复加的程度。就拿这其中颇具代表性的激光雷达来 说，目前整个产业正持续受益于"智驾平权"趋势和技术进步带来的成本大幅下降，行业已经在事实层面进入了放量兑现期。在此背 景下，产业链上相关标的的市场关注度也达到了空前的高度。 激光雷达概念股的投资热度持续攀升，与此同时，智通财经注意到还有一家激光雷达领域里的全球龙头即将登陆港股。10月14日， 图达通境外发行上市备案正式获得中国证监会批准。紧接着的11月12日，图达通顺利通过了港交所聆讯。这一系列关键进展既标志 着图达通自身的资本化进程将按下"加速键"；同时也预示着继速腾聚创与禾赛相继上市后，不日图达通也将登陆港股，届时香港股 市将集齐全球"激光雷达三强"。 考虑到现阶段全球投资者正对激光雷达企业进行系统性价值重估，图达通上市亦料将受到海外内资金的热捧。毕竟不论是从激光雷 达行业发展的趋势以及市场的竞争格局来说，抑或是就图达通自身的竞争优势而言，图达通未来的成长确定性及增长弹性均较高， 该公司算得上是十分符合资本市场审美的标的。后续完成上市后，图达通的表现自然分外值得期待。 全面进化的全球"激光雷 ...

激光雷达概念股的投资热度持续攀升，与此同时，智通财经注意到还有一家激光雷达领域里的全球龙头即将登陆港股。10月14日， 图达通境外发行上市备案正式获得中国证监会批准。紧接着的11月12日，图达通顺利通过了港交所聆讯。这一系列关键进展既标志 着图达通自身的资本化进程将按下"加速键"；同时也预示着继速腾聚创与禾赛相继上市后，不日图达通也将登陆港股，届时香港股 市将集齐全球"激光雷达三强"。 考虑到现阶段全球投资者正对激光雷达企业进行系统性价值重估，图达通上市亦料将受到海外内资金的热捧。毕竟不论是从激光雷 达行业发展的趋势以及市场的竞争格局来说，抑或是就图达通自身的竞争优势而言，图达通未来的成长确定性及增长弹性均较高， 该公司算得上是十分符合资本市场审美的标的。后续完成上市后，图达通的表现自然分外值得期待。 放眼全球资本市场，今年来各路资本对于"硬科技"的投资热情都到了近乎无以复加的程度。就拿这其中颇具代表性的激光雷达来 说，目前整个产业正持续受益于"智驾平权"趋势和技术进步带来的成本大幅下降，行业已经在事实层面进入了放量兑现期。在此背 景下，产业链上相关标的的市场关注度也达到了空前的高度。 全面进化的全球"激光雷 ...

Core Insights - The core highlight of the updated prospectus is that the company achieved a gross profit of $319.7 million with a gross margin of 12.6% in Q1 2025, continuing the positive trend from Q4 2024, indicating sustained profitability improvement [1][3] - The company has delivered approximately 230,000 automotive-grade LiDAR units in 2024 and ranks second globally in cumulative sales revenue for ADAS LiDAR, with a market share of 20.7% in China [1][3] - The company has made significant breakthroughs in various fields, including passenger vehicles, commercial vehicles, robotics, Robotaxi, and smart transportation, establishing a multi-dimensional growth pattern with diverse products, customers, and scenarios [1][4] Financial Performance - The company reported a significant reduction in costs, with Q1 2025 costs dropping by 36.9% year-on-year, from $35.02 million to $22.09 million, driven by product design optimization, enhanced bargaining power from increased procurement scale, and ongoing production scale effects [3] - The company has shown a continuous narrowing of losses from 2022 to 2024, reflecting significant improvements in cost control and operational efficiency, laying a solid foundation for long-term profitability [3] Market Expansion - The company has deepened its collaboration with NIO, with its Falcon series being used in over 500,000 vehicles, and has established stable partnerships in the commercial vehicle and logistics sectors with companies like Deepway, Shaanxi Heavy Duty Truck, and Pony AI [6] - The company has secured additional orders from ten OEMs and ADAS/ADS companies, including three state-owned automotive manufacturers and a leading joint venture, indicating strong market demand and growth potential [6][7] Technological Advancements - The company is the only global player with mature mass production capabilities for both 1550nm and 905nm LiDAR technologies, allowing it to meet high-end market demands while also catering to cost-sensitive applications [7] - The introduction of the new generation solid-state LiDAR, the Hummingbird D1, marks a significant technological breakthrough, reinforcing the company's industry position and accelerating the adoption of solid-state technology in mass production for passenger vehicles [7] Industry Outlook - The value of LiDAR technology is increasingly recognized amid the rise of new energy vehicles and the intelligentization wave across various industries, positioning the company favorably in high-growth markets [7] - The company's strategic focus on product innovation and market penetration is expected to enhance its revenue structure and create a robust competitive advantage through a "technology + scenario + ecosystem" approach [7]