2025年12月10日，全球图像级激光雷达解决方案提供商图达通正式登陆香港交易所主板。作为港交所第 三家以De-SPAC模式成功上市的企业，图达通与已上市的禾赛科技、速腾聚创齐聚资本市场，标志着国 产激光雷达"三强"格局在资本层面正式成型。 上市首日，图达通开盘股价上涨超10%，市值升至150亿港元以上。这一积极的市场反应，为其作为上 市公司的全新发展阶段揭开了序幕。 市场对其的看好并不奇怪，作为目前激光雷达领域的头部玩家之一，图达通不仅成长性凸显，而且已经 具备出众的自我造血能力，这也是其能够在激烈的竞争中率先突围的关键。 放眼更长远的未来，图达通上市之后值得期待吗？ 01 双线破局：构筑量产时代的核心壁垒 上市其实是一次严选，是对企业战略路径、商业模式、财务健康性、市场竞争优势、所处赛道前景的一 次全方位检阅。 公开资料显示，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。业绩表现上， 2022年至2024年，其ADAS激光雷达解决方案累计销售收入全球排名第二；2024年全年交付约23万台车 规级激光雷达，凭借硬核产品实力与规模化交付能力，与华为、禾赛科技、速腾聚创共同跻身ADAS激 光雷达 ...

Core Viewpoint - The laser radar industry is experiencing unprecedented growth opportunities as it becomes a crucial component in the development of autonomous driving technology, with significant interest from capital markets in hard technology sectors [1]. Group 1: Industry Overview - The recent listing of TUTD on the Hong Kong Stock Exchange marks it as the third Chinese laser radar company to enter the market, following Hesai Technology and RoboSense, indicating a strong consensus on the growth potential in the smart driving sensor sector [2]. - The Chinese automotive industry is projected to see a penetration rate of over 50% for new energy vehicles by 2025, shifting the competitive landscape from electrification to intelligence, with advanced driver-assistance systems (ADAS) rapidly becoming mainstream [3]. - The application scenarios for laser radar are expanding beyond autonomous vehicles to include robotics, smart transportation, and industrial automation, with a forecast of 400,000 units shipped in the global robotics sector by 2025 [4]. Group 2: Company Performance - TUTD's gross margin reached 12.9% in the first five months of 2025, and it has achieved positive gross profit for four consecutive quarters from Q4 2024 to Q3 2025, showcasing a significant transition from technological breakthroughs to commercial realization [3]. - TUTD has delivered 181,100 ADAS-grade laser radars in the first nine months of 2025, reflecting strong technical output and commercialization capabilities [4]. - The company has established a diverse product matrix covering various scenarios, including long-range and near-field radar, and has received significant orders from major automotive manufacturers and robotics companies, enhancing its customer base and reducing dependency on single clients [6][7]. Group 3: Technological Advancements - TUTD is one of the few companies globally that has mastered both 1550nm and 905nm technology routes, enabling it to deliver high-performance long-range detection solutions and cost-effective products for mass application [6]. - The introduction of the solid-state laser radar, the Hummingbird D1, has been recognized by leading manufacturers, indicating TUTD's competitive edge in solid-state technology [6]. Group 4: Future Outlook - TUTD's entry into the Hong Kong market is timely, coinciding with the acceleration of smart driving and the breaking of policies for L3 autonomous driving, positioning the company to capitalize on the impending industry explosion [8]. - With the increasing penetration of intelligent driving and the expansion of application scenarios, TUTD is expected to leverage technological reuse and scale effects to seize this historic opportunity [9].

Core Insights - The article discusses the partnership between Tudatong and a leading Chinese automotive group, marking a significant milestone in Tudatong's commercialization process, with the company becoming the exclusive supplier of 905nm Lingque E1X laser radar products for multiple vehicle models [2]. Group 1: Partnership and Product Details - Tudatong has secured a partnership with a top automotive group in China, which ranks high in overall vehicle sales for 2024, covering various brands including domestic, global, and new energy vehicles, with production expected to start in 2026 [2]. - The models involved in this partnership are projected to achieve sales of several hundred thousand units over the next three years, indicating a strong market demand [2]. Group 2: Technology and Market Trends - The Lingque E1X product has already been recognized by another leading new energy vehicle manufacturer and has begun mass production this year, showcasing its advantages such as high resolution, long detection range, compact size, and low energy consumption [3]. - Some models in this partnership will feature laser radar as standard equipment, while others will include it for the first time, indicating a shift towards broader market adoption of laser radar technology [4]. Group 3: Regulatory and Market Dynamics - Recent regulatory developments, such as the draft for mandatory installation of Automatic Emergency Braking (AEB) systems, are expected to drive the demand for laser radar, which plays a crucial role in enhancing AEB functionality and reducing accident rates [4]. - The combination of technological maturity, surging demand, and regulatory support is seen as a catalyst for the explosive growth of laser radar in the automotive industry, with Tudatong positioned as a leader in high-performance automotive laser radar solutions [4].