2025 年 8 月 24 日 行业研究 速腾聚创 2Q25 亏损显著收窄，机器人战略转型加速推进 ——智能驾驶系列报告：激光雷达行业动态跟踪（六） 要点 事件：速腾聚创发布 2Q25/1H25 业绩。营收方面，2Q25 公司实现总收入 4.55 亿元，同比/环比增长 24%/39%，主要系机器人收入高速增长。利润方面， 2Q25 实现毛利 1.3 亿元，同比/环比增加 133%/64%，对应毛利率 27.7%， 实现连续 6 个季度环比上升；2Q25 实现净亏损 0.5 亿元，同比 2Q24 1.4 亿 元净亏损大幅收窄 63.6%，核心受益于 SoC 等核心技术自研带来的规模经济。 机器人业务成为公司核心驱动引擎，全球合作与新品落地加速。2Q25 公 司的机器人及其他产品的销售收入约为人民币 1.47 亿元，同比大幅提升 285.2%。毛利率为 41.5%，同比上升 18.3pct，核心受益于生产规模增长 带来的原材料采购成本及生产费用降低。公司机器人业务进程全面提速， 业务布局已覆盖工业仓储、无人配送等垂直领域，服务全球客户突破 3200 家，其中，割草机器人赛道表现尤为突出，公司与多家全球 Top5 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][3]. Core Viewpoints - The company aims to become a leading global robotics technology platform, focusing on laser radar products and solutions for intelligent vehicles and robots [1][13]. - The laser radar market is expected to see significant growth, with projections indicating that the market for automotive laser radar could exceed 50 billion yuan by 2030, and the market for robotic laser radar could surpass 10 billion yuan [1][2]. Financial Summary - The company is projected to achieve revenues of approximately 1.65 billion yuan in 2024, representing a year-on-year growth of about 47% [1][26]. - The revenue breakdown for 2024 is expected to be 93% from products, 6% from solutions, and 1% from services [1][26]. - The adjusted net loss for 2024 is estimated at around 396 million yuan, showing a reduction in losses compared to previous years [1][26]. - The company anticipates laser radar shipments of approximately 544,200 units in 2024, with 519,800 units for ADAS and 24,400 units for robotics [1][31]. Industry Analysis - The laser radar industry is characterized by high barriers to entry and a stable oligopoly, with the company positioned as one of the industry leaders [2]. - The report highlights the potential for significant demand growth in the laser radar market, driven by advancements in technology and cost reductions [2][38]. - The competitive landscape is noted for its high concentration, indicating a stable oligopoly structure within the industry [2]. Product and Solution Overview - The company offers a range of laser radar products, including R, M, E, and EM series, as well as Active Camera and dexterous hands for robotics [1][19]. - Solutions provided include hand-eye coordination, intelligent mobility, and related toolchains, aimed at enhancing the functionality of robotic systems [1][19]. Future Projections - The company forecasts laser radar shipments to reach 780,000 units in 2025, 1.52 million units in 2026, and 2.26 million units in 2027 [2]. - Revenue projections for the company are estimated at 2 billion yuan in 2025, 3.1 billion yuan in 2026, and 3.9 billion yuan in 2027, with respective year-on-year growth rates of 23%, 52%, and 28% [2].