Robotaxi 业务：技术领先，商业化进程加速。凭借自研SPAD-SOC芯片推出的E 平台全固态激光雷达， 公司在Robotaxi 领域优势明显。 首款全固态激光雷达E1 实现量产，成为行业首个大规模商业化的全固态激光雷达。目前，EM4+E1 产 品组合已与全球8 家头部Robotaxi客户（如滴滴自动驾驶、百度、小马智行等，覆盖全球L4 领域超90% 的领先企业）完成产品量产验证并进入深度合作。预计今年底头部Robotaxi 客户启动"EM4+E1"量产落 地，全年出货量达万台级别，有望带动业绩进一步增长。同时，公司在海外Robotaxi 市场也有所突破， 北美硅谷头部Robotaxi 及Robotruck 公司计划年底扩大搭载E1、EM4 激光雷达的车队规模。 投资建议 我们预计公司2025/2026/2027 年分别实现收入24.33/37.39/52.21 亿元，分别实现归母净利润-1.8/0.63/4.03 亿元，首次覆盖，给予"增持"评级。 风险提示 机构：中邮证券 研究员：吴文吉 事件 公司发布2025 年半年度报告：2025H1 实现营业收入7.83 亿元，同比增长7.7%；归属于上市公司股 ...

该行表示，机器人及其他领域成为公司上半年增长的最大亮点，该领域激光雷达产品收入达2.21亿元， 销量从2024年同期的8900台激增至4.63万台，同比增幅高达420.2%，2025Q2销量魏3.44万台，同比 +631.9%。毛利率方面，2025H1机器人激光雷达毛利率从去年同期的26.1%提升至45.0%，规模效应凸 显。在客户拓展上成果丰硕，与多家全球领先割草机器人制造商达成合作，订单规模突破七位数。如与 库犸科技签订三年120万台全固态激光雷达战略合作协议。在无人配送领域，和北美COCORobotics、北 美2家头部外送平台，以及国内美团、新石器、白犀牛等企业建立深度合作;在具身智能方向，与宇树科 技、越疆等公司紧密协作，市场前景广阔。 中邮证券发布研报称，首次覆盖速腾聚创(02498)，给予"增持"评级，预计公司2025/2026/2027年分别实 现收入24.33/37.39/52.21亿元。公司发布2025年半年度报告：2025H1实现营业收入7.83亿元，同比增长 7.7%;毛利率从去年同期的13.6%提升至25.9%。 报告中称，凭借自研SPAD-SOC芯片推出的E平台全固态激光雷达，公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 780 million yuan for H1 2025, a year-on-year increase of 7.7%, with a net profit attributable to shareholders of -150 million yuan, narrowing the loss by 43.9% year-on-year. In Q2 2025, revenue reached 460 million yuan, up 24.1% year-on-year and 38.9% quarter-on-quarter, with a gross margin of 27.7%, exceeding expectations [7] - The gross margin for ADAS (Advanced Driver Assistance Systems) significantly increased, with Q2 2025 revenue at 270 million yuan, down 10.6% year-on-year but up 18.3% quarter-on-quarter. The shipment volume was 123,800 units, a year-on-year increase of 4.6% and a quarter-on-quarter increase of 28%. The average price per unit was 2,189 yuan, down 7.6% quarter-on-quarter, with a gross margin of approximately 19.4%, up 4.3 percentage points quarter-on-quarter [7] - The company has entered a high-growth phase in the general robotics sector, with Q2 2025 revenue of 150 million yuan, a year-on-year increase of 286.9% and a quarter-on-quarter increase of 101.4%. The shipment volume was 34,400 units, a year-on-year increase of 631.9% and a quarter-on-quarter increase of 189.1%. The average price per unit was 4,273 yuan, down 30.3% quarter-on-quarter, with a gross margin of approximately 41.7%, down 10.4 percentage points quarter-on-quarter [7] - The company is expected to see a significant increase in its general robotics business and improve its overall gross margin. The net profit forecasts for 2025, 2026, and 2027 have been adjusted to -228 million yuan, 58 million yuan, and 379 million yuan, respectively. The price-to-sales ratios for 2025, 2026, and 2027 are projected to be 8.1, 5.2, and 4.1 times, respectively, indicating a strong long-term growth potential [7] Financial Summary - The total revenue forecast for 2025 is 2,171 million yuan, with a year-on-year growth rate of 31.63%. The net profit attributable to shareholders is expected to be -228 million yuan, with a significant improvement in profitability forecasted for subsequent years [1][8] - The gross margin is projected to improve to 26.21% in 2025, with further increases expected in the following years [8]