行业层面也迎来政策东风，中国《智能网联汽车组合驾驶辅助系统安全要求》国标近日征求意见，首次 将激光雷达正式纳入中国智能网联汽车组合驾驶辅助系统的标准体系之中。核心技术突破、产品量产落 地与政策红利形成共振，正持续巩固速腾聚创的市场领先地位。 与此同时，公司在核心技术领域实现重大里程碑。速腾聚创上周宣布，其自研的SPAD-SoC芯片和二维 可寻址2D VCSEL芯片已成功通过AEC-Q系列车规认证。公司成为全球唯一实现数字激光雷达在发射、 接收、处理三大核心环节全链路自研芯片均达到车规标准的科技企业。 基于芯片级突破，其新一代EM平台全线产品已全面进入规模化量产。其中，EM4为当前唯一量产的500 线以上激光雷达，E1是目前唯一量产交付的全固态激光雷达。EM平台已斩获全球8家头部整车厂45款 车型定点，速腾聚创累计定点订单车型数达到133款。 智通财经APP获悉，10月17日，速腾聚创(02498)发布公告，宣布于当日斥资991.75万港元回购29万股股 份，回购价格区间为每股33.84至34.5港元。此次回购是公司基于对当前股价的判断以及对未来持续发展 的坚定信心，向市场传递积极信号。 ...

Core Insights - The rapid growth in the installation of LiDAR systems is transitioning them from optional features to essential components in automotive safety systems [1][3] - The demand for advanced driving assistance systems (ADAS) is driving the development of higher-level autonomous driving technologies, particularly L2++ and L3 levels [1][6] - The industry is shifting its competitive focus from hardware configuration to core competencies in chip self-research and system integration [1][3] Market Trends - The installation of LiDAR in China is projected to exceed 1.5 million units in 2024, representing a year-on-year growth of 179.7%, with expectations to reach 2.5 million units by the end of 2025 [1][2] - The penetration rate of L2 and above ADAS in passenger vehicles is expected to reach 55.7% in 2024, potentially approaching 65% by 2025 [2] Technological Developments - The cost of LiDAR systems has significantly decreased, with prices dropping from approximately $80,000 to $200 over the past decade, largely due to advancements in chip technology [2][7] - The transition to self-developed chips has led to reduced costs and improved performance, enabling mass production and wider application in lower-priced vehicles [2][4] Industry Standards and Certification - The reliability of LiDAR systems is becoming a baseline requirement for industry entry, necessitating compliance with stringent automotive safety certification standards [3][4] - Major companies are actively pursuing automotive-grade certifications for their products, with recent successes in achieving AEC-Q and ISO 26262 certifications [3][4] Future Projections - The market value of LiDAR is expected to grow from $1.181 billion in 2024 to $5.352 billion by 2029, with a compound annual growth rate of 35% driven by the demand for L3 and higher-level autonomous driving [8]

Core Viewpoint - RoboSense has achieved a significant milestone by having its two core chips for digital lidar pass the AEC-Q102 automotive reliability certification, making it the only company globally to have self-developed chips for the entire digital lidar link that meet automotive standards [1][4] Group 1: Certification and Technology - RoboSense's self-developed SPAD-SoC and 2D VCSEL chips have successfully passed the AEC-Q certification, marking a breakthrough in the global certification of digital lidar core chips [1][4] - The AEC-Q certification involves rigorous testing under extreme conditions, ensuring the reliability of automotive electronic components [4] Group 2: Performance and Innovation - The digital architecture established by RoboSense requires only two core chips to achieve the same functionality as traditional analog lidar, which typically needs seven key components [6] - The SPAD-SoC chip integrates SPAD receiving arrays with data processing SoC, enhancing target recognition rates by 99% and achieving a high sampling rate of 440 billion samples per second [6] - The 2D VCSEL chip is the world's only mass-produced two-dimensional addressable VCSEL emitting chip, which significantly improves laser emission efficiency and energy utilization [8] Group 3: Proprietary Technologies - RoboSense's proprietary technologies include Crosstalk Immunity Encoding, PicoSecond Timing Technology, and Adaptive Fusion Algorithm, which enhance signal processing and measurement accuracy while reducing power consumption [10][11] Group 4: Market Applications and Partnerships - RoboSense's digital lidar platforms have entered mass production, covering applications in Robotaxi, ADAS, and service robots [11] - The EM platform has secured contracts with eight major manufacturers for 45 vehicle models, including a significant partnership with a leading new energy vehicle company [13][14] - The combination of EM4 and E1 products is becoming the preferred choice for L3 and L4 autonomous driving applications, with multiple contracts from top Robotaxi clients [14][16]

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 ...