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激光雷达“双雄”对垒 禾赛与速腾盯上机器人
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-22 10:39
Core Viewpoint - The laser radar industry, a key upstream sector for electric and intelligent connected vehicles, is undergoing significant changes due to cost reductions and price declines driven by economies of scale [1] Group 1: Market Dynamics - Hesai Technology (NASDAQ: HSAI) and RoboSense (2498.HK) dominate the global automotive laser radar market, holding over 60% market share combined [2] - In the first half of this year, Hesai regained the top position with a 33% market share, while RoboSense held 26% last year [2] - The competition in the automotive market is intensifying, leading both companies to explore robotics as a new growth avenue [2][10] Group 2: Financial Performance - Hesai reported a revenue of 706 million yuan in Q2 2025, a 53.9% year-on-year increase, and a net profit of 44.1 million yuan, recovering from a loss of 72.1 million yuan in the same period last year [4] - RoboSense achieved a total revenue of 780 million yuan in the first half of 2025, a 7.7% increase year-on-year, but reported a net loss of 149 million yuan, although this was an improvement from a loss of 268 million yuan the previous year [5] Group 3: Product Strategy - Hesai's strategy focused on low-cost products, successfully penetrating the 100,000 yuan vehicle platform, leading to a 276.2% increase in total deliveries to 547,900 units in the first half of the year [6][7] - RoboSense's ADAS revenue declined by 17.9%, with a 6% drop in ADAS laser radar sales, attributed to reduced purchases from major automotive clients [8][10] Group 4: Robotics Business - RoboSense's robotics business saw explosive growth, with sales reaching 46,300 units, a 420.2% increase year-on-year, contributing approximately 150 million yuan in revenue [10] - Both companies are launching new products targeting the robotics sector, with RoboSense's average price for robotics laser radar dropping by 44.8% to 4,800 yuan [11] - Hesai also reported significant growth in its robotics sector, delivering 48,500 units, a 743.6% increase year-on-year [13]