智通财经APP获悉，中金发布研报称，看好速腾聚创(02498)凭借数字化产品的优势卡位受益于下游需求 的快速增长，维持跑赢行业评级及目标价47.00港元，对应25/26年10.9/7.1倍P/S，较当前股价有43%的 上行空间。前股价对应25/26年7.6/5.0倍P/S。 中金主要观点如下： ADAS业务：新平台定点势如破竹，海外及合资品牌拓展打开新局面 EM平台数字化新品获客户认可，EM平台产品已获得13家车企共56款车型定点。其中，面向L2+的EMX 已收获49款车型定点，公司预计2026年进入集中量产阶段，该行认为EMX有望成为ADAS业务的主要支 撑;EM4已搭载于极氪9X、智己LS6/LS9等多款车型，有望成为L3车型的核心配置。此外，公司累计获 得12家海外及合资品牌多款车型定点，包括欧洲最大汽车集团的多个合资品牌(订单规模超50万台)及北 美新能源车企(订单规模超50万台)，该行看好海外业务成为新增长极。 机器人与其他业务：下游场景规模落地可期，第二成长曲线确立 根据公告，公司与滴滴达成合作，其新一代Robotaxi将搭载10颗公司的车规级数字化激光雷达;公司以 E1R及Airy切入割草机器人 ...

Core Viewpoint - Digital lidar has become a "necessity" for advanced driver assistance systems (ADAS) [2][6] Group 1: Policy and Market Opportunities - The Ministry of Industry and Information Technology and other departments issued a notification to promote the growth of the automotive industry, emphasizing the need for intelligent connected vehicles and the approval of L3-level models [2] - The notification includes specific requirements related to ADAS, such as improving traffic safety laws and accelerating breakthroughs in key technologies like automotive chips and artificial intelligence [2][3] Group 2: Technological Advancements - High-line count digital lidar, especially from leading manufacturers like Suoteng Juchuang, is recognized as essential for the deployment of L3 systems [3][4] - Suoteng Juchuang's 520-line digital lidar has been successfully mass-produced and is currently used in models like the IM LS6 and Zeekr 9X, showcasing significant improvements in vertical resolution and object detection capabilities [4][5] Group 3: Product Development and Market Position - Suoteng Juchuang's EM platform includes products that cover both L3 and L4 markets, making it a unique choice in the current market [5] - The company has developed the world's first SPAD-SOC chip, enhancing the performance and integration of lidar systems, allowing for higher pixel counts and improved perception capabilities [5][6] Group 4: Industry Collaborations - At the 2025 IAA Mobility event, Suoteng Juchuang announced its lidar products will integrate with NVIDIA DRIVE AGX platform, facilitating faster development and deployment of autonomous driving technologies [8] - This collaboration with a leading tech company reinforces the clarity and accuracy of Suoteng Juchuang's high-line count and digital technology strategy [8]