（原标题：图达通更新招股书：毛利率转正，新增国有车企定点订单） 8月26日，Seyond图达通更新港交所招股书，披露截至2025年3月31日的财务数据。 文件显示，图达通在2025年第一季度录得毛利润319.7万美元，毛利率达到12.6%，延续了去年四季度由负转正后的趋势。这一转折意味着，长期 处于高研发投入与亏损状态的激光雷达企业，正在进入一个新的阶段。 (产品代码: 515170) 图达通是全球图像级激光雷达供应商。2024年交付约23万台车规级产品，ADAS激光雷达累计销售收入排名全球第二，中国市场份额为20.7%。在 过去三年，其亏损逐步收窄，而今年一季度成本较上年同期下降36.9%，从3502.3万美元降至2209.9万美元。文件解释，这得益于产品设计优化、 规模化采购与生产效应的释放。 对整个行业而言，这些数字具有一定风向标意义。激光雷达作为智能驾驶系统的关键传感器，量产应用仍处早期阶段。大部分厂商依然面临成本 与量产的双重压力。图达通能够在短期内实现毛利率转正，既反映了供应链与规模化的成熟，也表明主机厂在新车型配置上对激光雷达的接受度 正在提高。 在客户拓展上，图达通的变化更为显著。其猎鹰系列已 ...

交银国际研究 公司更新 | 汽车 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 22 日 | | --- | --- | --- | --- | --- | | 港元 | 34.50 | 港元 41.89 | +21.4% | | | 速腾聚创 (2498 HK) | | | | | 2Q25 毛利率稳步提升，预计下半年机器人激光雷达迎交付高峰；维持买入 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -50% 0% 50% 100% 150% 200% 250% 300% 2498 HK 恒生指数 股份资料 | 52周高位 (港元) | 50.40 | | --- | --- | | 52周低位 (港元) | 11.02 | | 市值 (百万港元) | 16,208.79 | | 日均成交量 (百万) | 6.78 | | 年初至今变化 (%) | 12.38 | | 200天平均价 (港元) | 36.33 | | 资料来源 : FactSet | | 李柳晓, PhD, CFA joyce.li@bocomgroup.com (8 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported better-than-expected net profit, driven by growth in intelligent driving and robotics [2][7] - The company is positioned to benefit from the penetration of L4 commercial applications in intelligent driving and robotics [7] Financial Performance Summary - For Q2 2025, the company achieved total revenue of $71 million, a year-on-year increase of 53.9% and a quarter-on-quarter increase of 34.5% [7] - The net profit attributable to the parent company was $4.4 million, representing a year-on-year increase of 161.2% and a quarter-on-quarter increase of 351.2% [7] - The gross margin for Q2 2025 was 42.5%, slightly down from 45.1% in the same period last year but up 0.8 percentage points from the previous quarter [7] Market Position and Growth Drivers - The company maintained the top market share in ADAS (Advanced Driver Assistance Systems) with total deliveries of 352,000 units in the first half of 2025, a year-on-year increase of 275.8% [7] - The company has secured new contracts with nine major automotive manufacturers for 20 models, with plans for delivery between 2025 and 2026 [7] - In the robotics sector, product deliveries reached 48,500 units in Q2 2025, a year-on-year increase of 743.6%, marking a significant growth engine for the company [7] Profit Forecast and Valuation - The profit forecasts for 2025, 2026, and 2027 have been adjusted to $36 million, $79 million, and $130 million respectively [7] - The corresponding P/E ratios based on the closing price on August 15, 2025, are projected to be 94, 43, and 26 times for 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HK$42.54, up from a previous target of HK$23.46, reflecting an 81% increase [2][6][15]. Core Insights - The company's revenue for Q1 2025 was Rmb328 million, representing a decline of 9.2% year-on-year and 36.2% quarter-on-quarter. However, profitability improved with a gross profit of Rmb77 million and a gross profit margin of 23.5%, which is an increase of 11.17 percentage points year-on-year [3][13]. - The decline in revenue was primarily due to a drop in shipments of automotive ADAS LiDAR, attributed to a customer solution switch. Conversely, the overall margin improvement was driven by the high-margin Robotics segment [3][14]. - The company expects the EM series to reverse the growth slowdown in the automotive ADAS LiDAR segment, while the Robotics segment is poised for a significant volume ramp-up, creating a second growth curve [4][14]. Financial Performance Summary - Revenue projections for 2025-2027 are Rmb2.366 billion, Rmb3.138 billion, and Rmb5.195 billion, respectively, with corresponding EPS estimates of -0.42, 0.18, and 1.36 [6][15]. - The gross profit margin is expected to improve significantly, reaching 27.1% in 2025 and stabilizing around 31.3% by 2027 [8][11]. - The company anticipates a substantial increase in shipments of both ADAS and Robotics LiDAR products, with total revenue expected to grow significantly in the coming years [8][11].

Core Viewpoint - The company reported a revenue of 1.649 billion yuan for 2024, representing a year-on-year increase of 47.2%, with a significant reduction in net loss by 88.9% to 482 million yuan, indicating a positive trend in financial performance [2]. Group 1: Financial Performance - The total revenue for 2024 reached 1.649 billion yuan, up 47.2% year-on-year, primarily driven by high sales growth in ADAS laser radar products [2]. - The gross margin improved significantly to 17.2%, an increase of 8.8 percentage points year-on-year, mainly due to the enhanced gross margin of ADAS products [2]. - The net loss for the year narrowed to 482 million yuan, a reduction of 88.9% year-on-year, with adjusted net loss at 396 million yuan, down 90.8% [2]. Group 2: ADAS Business - The revenue from ADAS products reached 1.34 billion yuan in 2024, a year-on-year increase of 71.8%, with sales volume growing by 113.9% to 519,800 units [3]. - The average selling price (ASP) of ADAS products was slightly below 2,600 yuan, with the introduction of cost-effective new products leading to multiple OEM partnerships [3]. - The company accelerated its global layout, securing partnerships with eight overseas and joint venture brands, covering markets in Europe, North America, and Asia-Pacific [3]. Group 3: Robotics Business - Revenue from robotics and other products was 198 million yuan in 2024, reflecting a year-on-year increase of 6.4%, with a sales volume of 24,400 units, up 47.0% [4]. - The company expanded its product line with new offerings specifically designed for the robotics market, and by the end of 2024, it served over 2,800 clients across various scenarios [4]. - The company is actively pursuing innovations in embodied intelligence, launching new components and solutions for humanoid robots, and has established partnerships with over ten global humanoid robot companies [4]. Group 4: Investment Rating - The company maintains a strong investment rating due to its extensive layout in ADAS and robotics, leading in service to OEMs and Tier 1 suppliers, with improving profitability [5]. - The forecast for total revenue in 2024, 2025, and 2026 is projected to grow significantly, with expectations for continued rapid growth in ADAS product shipments and revenue [5].