行业研究 不止于车载传感器，非车赛道激光雷达加速放量背景下，重点推荐全球激光雷达龙头速腾聚创、禾赛。 智能驾驶技术路线改变；L3/L4 渗透率不及预期；泛机器人视觉方案出现变动；国际关系端影响海外销售风险。 敬请参阅最后一页特别声明 1 行业研究 内容目录 | 1. 车规市场：AEBS 新规有望推动激光标配，下沉化+高端化或牵引量价齐升 5 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1.1 ≤L2 辅助驾驶：AEBS 系统或将升级为强制性国标，标配车载激光雷达或提上日程 5 | | | | | | | | | 1.2 L3 有条件的自动驾驶："接管缓冲期+责任转移"，单车 4-5 颗激光雷达或为刚需 8 | | | | | | | | | 自动驾驶：Robotaxi 落地车型搭载 颗激光雷达，中美主流厂商进展提速 9 1.3 L4 7-10 | | | | | | | | | 1.4 规模扩容：成本下探+政策催化激活中低端市场，L3/4 高阶智驾有望构筑"通胀引擎" 10 | | | | | | | | | 2. 割 ...

阿里股价下跌 5月15日，阿里巴巴公布了2025财年第四季度及全年财报。第四季度，阿里营收为2364.54亿元，同比增长7%。不按美国通用会计准则non-GAAP， 净利润为298.47亿元，同比增长22%。 市场延续了电风扇行情，题材加速轮动，机器人产业链掀涨停潮；高位股抱团加剧，成飞集成走出8连板；汽车产业链集体大涨，豪恩汽电、万安 科技等多股涨停。 业绩不及预期吗？ 另外每季度的13F报告，都是投资者观察顶级资金动向的窗口最近，巴菲特又有了新动作。 01 今日A股缩量调整，市场逾3000股飘红，全天成交1.09万亿元，较上一日缩量629亿。截至收盘，沪指跌0.40%，深证成指跌0.07%，创业板指跌 0.19%。 A股昨天涨幅榜领涨的银行、消费、外贸、港口今天领跌。 2025财年全年，阿里营收为9963.47亿元，同比增长6%。不按美国通用会计准则，净利润为1581.22亿元。 值得一提的是，包括淘宝、天猫、闲鱼、1688等在内的淘天集团Q4营收1013.69亿元，同比增长9%。全年营收为4498.27亿元，同比增长3%。 | | | 截至3月31 日止三個月 | | | | --- | --- | - ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 49.00 [1] Core Insights - The company achieved significant breakthroughs in its pre-installation business, leading to rapid profit growth in Q1 2025 [1][6] - In 2025, the company reported total revenue of 2.777 billion yuan, a year-on-year increase of 63.45%, and a net profit attributable to shareholders of 290 million yuan, up 184.50% year-on-year [4][7] - The company's main business revenue reached 1.974 billion yuan in 2025, growing by 32.73%, with overseas revenue showing a remarkable increase of 44.99% [5] Financial Performance - The company’s gross profit margin improved to 47.95%, an increase of 2.85 percentage points year-on-year [5] - R&D expenses for 2024 were 284 million yuan, a 15.14% increase, while the R&D expense ratio decreased from 16.57% in 2023 to 14.37% in 2024 [5] - The company’s Q1 2025 gross margin was 47.71%, reflecting a year-on-year increase of 5.49 percentage points [5] Revenue Forecast - The company is projected to achieve revenues of 2.634 billion yuan, 3.394 billion yuan, and 4.242 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 413 million yuan, 590 million yuan, and 797 million yuan for the same years [6][7]