Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from the growth in intelligent driving and general robotics, marking 2025 as a pivotal year for commercial penetration in L4 applications [8] - The company has successfully transitioned its product offerings, with significant increases in sales volume for both intelligent driving and robotics sectors [8] - The company has established partnerships with major global automotive manufacturers, enhancing its product matrix and market reach [8] Financial Performance Summary - For Q1 2025, the company reported total revenue of $53 million, a year-on-year increase of 46.3% but a quarter-on-quarter decrease of 27.0% [8] - The net profit attributable to the parent company was a loss of $2 million, improving by 83.6% year-on-year but turning to a loss quarter-on-quarter [8] - The gross margin for Q1 2025 was 41.7%, reflecting a year-on-year increase of 3.0 percentage points and a quarter-on-quarter increase of 2.7 percentage points [8] Revenue and Profit Forecast - The company forecasts total revenue of $474.27 million for 2025, representing a year-on-year growth of 64.13% [1] - The net profit attributable to the parent company is projected to be $33.91 million in 2025, with a significant year-on-year increase of 338.10% [1] - The earnings per share (EPS) is expected to reach $0.26 in 2025, compared to a loss of $0.11 in 2024 [1] Market Position and Product Development - The company has seen a 178.5% year-on-year increase in the shipment of ADAS LiDAR units, totaling 146,000 units in Q1 2025 [8] - The company has launched several new LiDAR products aimed at L2-L4 applications, enhancing its competitive edge in the market [8] - The company has established collaborations with leading automotive manufacturers in both domestic and international markets, indicating strong demand for its products [8] Guidance and Capacity Expansion - The company maintains its revenue guidance for 2025 at $3 billion to $3.5 billion, corresponding to a year-on-year growth of 44% to 69% [8] - The company aims to achieve a production capacity of 2 million units per year by the end of 2025, with capital expenditures projected between $30 million to $50 million [8] - The company has signed a leasing agreement for overseas production capacity, expected to be operational by the end of 2026 or early 2027 [8]

经观汽车 4月21日，禾赛科技发布了面向L2辅助驾驶至L4级自动驾驶的激光雷达感知方案"千厘眼"，并推出三款 新一代车规级产品——ETX超远距激光雷达、AT1440超高清激光雷达及FTX纯固态补盲激光雷达。 随着全球自动驾驶技术从L2辅助驾驶向L4全自动驾驶加速演进，激光雷达作为核心传感器的需求呈现 结构性分化。L2级系统追求高性价比与可靠性，L3/L4级则对感知距离、精度及冗余度提出更高要求。 与此同时，激光雷达行业竞争白热化，国际厂商Luminar、国内的速腾聚创等均在推进高性能产品量 产，华为则以"降维"价格策略争夺市场份额。 机器人业务的拓展，可分散车载市场的周期性风险，为其技术提供多元落地场景。禾赛科技是全球唯一 一家通过德国VDA严苛审核的中国激光雷达企业，而以第四代芯片为基座，禾赛衍生出AT（超高 清）、ET（超远距）、FT（纯固态）、JT（迷你型）四大产品线，覆盖车载、机器人、工业等多场 景。 据了解，禾赛科技通过Pandar、QT等系列产品，覆盖配送、清扫、割草等场景，与追觅割草机器人、 九识无人车、群核科技、维他动力、宇树机器人等1700家企业合作。2024年，其机器人业务营收占比已 从5 ...