国泰海通证券发布研报称，维持速腾聚创(02498)"增持"评级，目标价上调至43.36港元，公司积极探索 泛机器人及Robotaxi、Robovan市场应用且订单进展亮眼，第三季度泛机器人业务表现优异，以及EMX 产品强势的市场拓展与Robo+领域的拓展。 Robotaxi业务有望看到单车多颗激光雷达应用趋势 近期公司与滴滴宣布达成新一代车型定点合作，速腾聚创将为滴滴提供EM4+E1的组合方案，实现远距 精准识别+近距盲区消除的全向感知，首次采用单车10颗激光雷达方案，共同打造具备全天候可持续运 营能力的新一代自动驾驶标杆车型。此外，小马智行、文远知行、北美硅谷头部L4公司等业界知名车 企已与速腾达成合作。泛机器人第三季度交付激光雷达3.55万颗，同比大幅增长。在无人配送领域，速 腾聚创已成为多家无人配送研发商首选感知方案，包括京东、美团、新石器、九识、文远、菜鸟、 Coco等。EMX+E1R的产品组合成为城配的解决方案。公司于近期推出新品Fairy和AC2：Fairy是高精度 中长距数字化激光雷达Fairy，已应用于新石器无人车X3;AC2为集成dTOF、RGB双目、IMU为一体的传 感器，将推动公司从汽车 ...

Core Insights - RoboSense has partnered with Didi Autonomous Driving to develop a new generation of Robotaxi models, utilizing advanced digital lidar technology for enhanced perception capabilities [1] Group 1: Partnership and Technology - RoboSense will provide Didi Autonomous Driving with its EM4 and E1 lidar systems, enabling comprehensive perception through "long-distance precise identification + near-field blind spot elimination" [1] - The main configuration for the new Robotaxi perception solution consists of "4 EM4 and 4 to 6 E1 units," showcasing the industry's only mass-producible high-performance lidar technology [1] Group 2: Product Features and Market Position - The EM4 is recognized as the highest production line count and strongest ranging digital lidar in the industry, capable of accurately identifying small obstacles at a distance, thus providing vehicles with more reaction time [2] - The E1, a solid-state blind spot lidar, features a 120°×90° ultra-wide field of view, effectively eliminating near-field blind spots and becoming the preferred solution for Robotaxi deployment [2] - RoboSense has established partnerships with over 90% of leading Level 4 (L4) companies globally, with plans to expand the operational fleet of its North American Robotaxi and Robotruck clients by the end of the year [2]

Core Insights - The International Conference on Intelligent Robots and Systems (IROS 2025) will take place from October 19 to 25, 2025, at the Hangzhou International Expo Center, where SUTENG will launch its latest Active Camera series product, AC2 [1] - The company is expected to benefit significantly from the growth in its automotive and robotics sectors, with projected revenues of 2.5 billion, 3.42 billion, and 4.58 billion yuan for 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [1] - The AC2 product integrates advanced technologies such as dToF laser radar, dual RGB cameras, and IMU for motion compensation, providing a comprehensive solution for various 3D application scenarios [1] Group 1 - The AC2 product represents a significant upgrade over the AC1 series, featuring a much smaller form factor and comparable dimensions to widely used dual-vision sensors, offering millimeter-level ranging accuracy and robust RGBD data [1] - The AC series products are applicable across multiple sectors, including automotive, robotics, and consumer electronics, with the potential for a second growth curve in incremental robotic components [2] - The company has established a closed-loop system of "chip solutions-ecosystem-products" with its self-developed SPAD-SoC chip, enhancing detection performance and power efficiency [2] Group 2 - The company has integrated its technology with major ecosystems such as NVIDIA DRIVE, Jetson, and Omniverse, enhancing its visual capabilities and collaboration potential [2] - The company is also expanding its offerings in dexterous robotic components, which are expected to gradually increase in volume [2]

Core Insights - NVIDIA Corporation (NASDAQ:NVDA) is recognized as one of the best semiconductor stocks with significant upside potential [1] - The collaboration between NVIDIA and RoboSense enhances the development of autonomous driving systems by providing high-definition 3D perception data [1][2] - RoboSense's CEO highlighted that the integration of their LiDAR technology with NVIDIA's platform will accelerate the commercialization of intelligent vehicles, such as Robotaxis [2] Company Developments - The NVIDIA DRIVE AGX platform is now compatible with RoboSense's E1, EMX, and EM4 digital LiDARs, which are crucial for autonomous driving technology [1][2] - RoboSense is noted for manufacturing a unique >500-beam digital main LiDAR (EM4) and a fully solid-state blind-spot LiDAR (E1) [2] Market Impact - The EM4+E1 solution offers long-range precision and eliminates blind spots, making it a preferred choice for Robotaxi developers [3] - RoboSense's 520-beam LiDAR is being integrated into next-generation Advanced Driver Assistance Systems (ADAS) by automakers like Zeekr and IM, indicating strong market demand [3]

Group 1 - The Ministry of Industry and Information Technology and eight other departments have issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)", which aims to promote the approval and road testing of intelligent connected vehicles and conditionally approve the production access of L3 autonomous driving models, marking a new phase in China's autonomous driving development [1] - The core of L3 autonomous driving is the transfer of responsibility from the driver to the vehicle manufacturer when the system is operating within its responsibility domain, requiring manufacturers to build ultra-redundant perception systems, which imposes unprecedented demands on perception capabilities [1] - High-line-count digital lidar has become an essential safety component for the implementation of L3 autonomous driving, with companies like Suoteng Juchuang (02498) expected to benefit significantly as they are leading manufacturers in this field [1] Group 2 - Multiple models equipped with Suoteng Juchuang's high-line-count digital lidar are set to be launched in the second half of this year, with companies like Didi, Xiaoma Zhixing, and WeRide adopting their lidar products for new-generation Robotaxi services [2] - Suoteng Juchuang's new generation of vehicle-mounted digital lidar platform, the EM platform, has entered large-scale production, with EMX targeting the L2 auxiliary driving market and EM4 being the only mass-produced lidar supporting 520 to 2160 lines for high-level autonomous driving scenarios [2] - With the clarification of L3 autonomous driving policy thresholds and the continuous maturation of technology, the lidar market is expected to experience broader growth opportunities [2]

Core Insights - RoboSense has announced that its E1, EMX, and EM4 digital LiDARs are compatible with the NVIDIA DRIVE AGX platform, enhancing the development and testing cycles for autonomous driving technologies [1][2] - The integration of RoboSense's LiDARs with NVIDIA's platform aims to accelerate the commercialization of Robotaxi and intelligent vehicles, marking a significant shift in the automotive industry towards more advanced autonomous driving systems [2][3] Company Overview - RoboSense, founded in 2014, is an AI-driven robotics technology company based in Shenzhen, China, with a mission to become a global leader in robotics technology platforms [6] - The company has established a strong presence in the automotive sector, being the only one to mass-produce a digital main LiDAR with over 500 beams and a fully solid-state blind-spot LiDAR [3] Product Details - The EM4 LiDAR, which will enter mass production in Q3 2025, utilizes an integrated SPAD-SoC and VCSEL chip to deliver superior performance for intelligent vehicles and Robotaxi applications [3] - RoboSense's dual-LiDAR solution (EM4+E1) provides both long-range perception and near-field blind-spot elimination, making it a preferred choice among leading automotive players [3][5] Industry Trends - The automotive industry is transitioning from Level 2 (L2) to Level 3/4 (L3/L4) autonomous driving, necessitating higher performance sensors and AI computing platforms with greater processing capabilities [2] - The collaboration between RoboSense and NVIDIA is indicative of a broader trend towards deep integration of advanced sensors and AI technologies in the development of autonomous driving systems [2][4] Market Adoption - Multiple automakers are adopting RoboSense's EM4 or EM4+E1 LiDAR for next-generation advanced driver-assistance systems (ADAS) and autonomous vehicle products, with several new models already launched [5] - Notable examples include the Zeekr 9X and the new-generation IM LS6, both of which integrate RoboSense's 520-beam LiDAR in their ADAS solutions [5]

Core Viewpoint - RoboSense (速腾聚创) is experiencing significant growth in both its ADAS and robotics businesses, driven by the successful implementation of digital lidar technology and advancements in chip development [3][13][15]. Financial Performance - In Q2 2025, RoboSense reported total revenue of approximately 460 million yuan, representing a year-on-year increase of 24.4% and a quarter-on-quarter increase of 38.9% [3]. - The overall gross margin improved from 12.3% in Q1 2024 to 27.7% in Q2 2025, marking six consecutive quarters of growth [3]. - The robotics segment achieved a gross margin of 41.5%, with product sales reaching 34,400 units, a year-on-year increase of 631.9% and a quarter-on-quarter increase of 189.1% [6]. Business Segments ADAS Business - RoboSense's EM platform has secured contracts with eight OEMs for 45 vehicle models, including 32 models for a leading global EV manufacturer [9]. - The company has achieved a total of 133 contracts for mass production vehicles, including projects with eight overseas and joint venture brands [9]. - RoboSense has reached a milestone of producing its one-millionth vehicle-mounted lidar, maintaining its leadership in the global market [11]. Robotics Business - The robotics business has expanded to over 3,200 global customers, with significant growth expected in the coming months [17][24]. - The E1 lidar has become the preferred solution for Robotaxi applications, with successful mass production validation with eight leading global clients [18]. - The company anticipates a surge in demand for its robotics products, particularly in the lawn mowing sector, with a production peak expected in Q4 2025 and Q1 2026 [24]. Technological Advancements - RoboSense has pioneered the digital lidar industry with its E platform, which includes the E1 lidar, the first mass-produced solid-state lidar [13]. - The EM platform, designed for long-range lidar, is set to begin mass production with the EM4 model in Q3 2025 [14]. - The company emphasizes that the future competition in lidar technology will focus on chip-level capabilities, with its self-developed SPAD-SoC chip expected to drive continuous product iterations and market leadership [15]. Market Position - RoboSense has established partnerships with over 90% of leading L4 companies globally, expanding its operational network in key markets [22]. - The company is also making strides in the consumer-grade robotics market, with significant orders in the lawn mowing and delivery sectors [22][23].

Core Insights - The humanoid robot industry has seen significant order growth since 2025, shifting market focus from technology development to practical application and delivery capabilities [1][2] - There remains a gap between rapid order growth and actual delivery, with challenges related to supply chain capacity and technology maturity [1][3] - Major application scenarios for humanoid robots include industrial, guiding, research, education, and healthcare [1] Order and Market Dynamics - As of mid-2025, over 83 humanoid robot projects have been publicly disclosed in China, with a total contract value of nearly 330 million yuan, marking an increase from the previous year [2] - Leading companies such as UBTECH, Yushutech, and Zhiyuan Robot have captured 60% of the total transaction value, with Yushutech leading in the number of bids [2] - A notable contract of 124 million yuan was awarded to Yushutech and Zhiyuan Robot for humanoid biped robot manufacturing services for China Mobile [2] Commercialization and Delivery Challenges - Companies like UBTECH aim to deliver hundreds of humanoid robots this year, with expectations of increasing efficiency in industrial applications [4] - Zhiyuan Robot has achieved significant milestones, including the mass production of over 1,000 robots, with plans for thousands more in 2025 [5] - The industry is experiencing a surge in smaller contracts, with projects under 1 million yuan making up 60% of the total [3] Industry Trends and Future Outlook - The humanoid robot market is projected to see substantial growth, with global sales expected to reach 12,400 units by 2025 and 340,000 units by 2030 [13] - Companies are focusing on industrial applications first, followed by commercial and household uses, indicating a strategic approach to market entry [8] - The lack of standardization in the humanoid robot industry poses challenges for mass production and integration, which companies are actively working to address [14][15]

Core Viewpoint - The company Creality, a leading provider of consumer-grade 3D printing products and services, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its growth trajectory and global expansion [2][5]. Company Overview - Creality is recognized as the largest provider of consumer-grade 3D printing products and services globally, with a market share of 27.9% from 2020 to 2024 [2]. - The company was founded in 2014 by four co-founders who identified a gap in the consumer-grade 3D printer market and started with an initial investment of 300,000 RMB [6][12]. - Creality has evolved from its early days of limited resources to becoming a major player in the 3D printing industry, launching several successful products, including the CR-10, which significantly disrupted pricing in the overseas market [9][11]. Financial Performance - The company's revenue projections for 2022, 2023, and 2024 are 1.346 billion RMB, 1.882 billion RMB, and 2.288 billion RMB, respectively, reflecting a compound annual growth rate of 30.4% [14]. - The profit figures for the same years are projected to be 104 million RMB, 129 million RMB, and 88.66 million RMB [14]. - The gross profit and gross margin have shown a steady increase, with gross profits of 387.8 million RMB in 2022 and a gross margin of 28.8% [14]. Market Position and Strategy - Creality's market position is strong, with the company holding the second-largest market share in consumer-grade 3D printers, the largest in consumer-grade 3D scanners, and the third-largest in consumer-grade laser engraving machines as of 2024 [14]. - The company has expanded its product line to include 3D scanners, laser engraving machines, and a new e-commerce platform focused on 3D creative products [12]. - The online sales channel has seen significant growth, increasing from 13.5% of total revenue in 2022 to 47.9% in the first quarter of 2025 [15]. Investment and Funding - Prior to the IPO, Creality secured 508.5 million RMB in a Series A funding round in 2021, with notable investments from top-tier venture capital firms in Shenzhen [3][17]. - The company plans to use the funds raised from the IPO primarily for research and development, global brand promotion, and sales channel development [28]. Competitive Landscape - The 3D printing industry is experiencing increased competition, with several new entrants and established players vying for market share [21][24]. - Creality's early entry into the market and established brand recognition provide it with a competitive edge, but the company must continue to innovate and adapt to maintain its position [29].

速腾聚创已布局行业最全的数字化激光雷达产品矩阵。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，RoboSense速腾聚创于4月21日正式发布真192线车载高性能数字化激光雷达 EMX，为数字化激光雷达普及树立新标杆。EMX拥有真192线高线数扫描，具备每秒高达288万点的 高清点云、0.08°×0.1°全局角分辨率，提供最远300米的探测距离、最高20Hz帧率，且高度集成， 是 目前最小巧的车载数字化主激光雷达 。EMX已获得多家整车厂定点合作，将于年内量产上车。 凭借全面数字化带来的优势，RoboSense速腾聚创将EMX、EM4等数字化激光雷达新品定义为"基 于行业理解推出的标杆设计参考"。 根据市场不同需求，RoboSense速腾聚创可以快速定制不同造 型、线数、帧率、探测距离、FOV等参数的数字化激光雷达，覆盖从96线到2160线等不同规格 。 同时， RoboSense速腾聚创CEO邱纯潮还分享了数字化激光雷达产品的最新应用进展 ——2025年 4月，滴滴自动驾驶与广汽埃安的首款L4前装量产车型亮相，搭载了6颗RoboSense速腾聚 ...