激光雷达：AEBS新规催化标配预期，割草机+无人城配快速放量

Summary of Key Points from Conference Call Industry and Company Involved - The conference call focuses on the LiDAR (Light Detection and Ranging) technology industry, particularly its applications in the automotive sector and emerging markets like smart lawn mowers and unmanned urban delivery vehicles. Core Insights and Arguments 1. Impact of AEBS Regulations: The release of the AEBS (Advanced Emergency Braking System) regulation draft is expected to catalyze the adoption of LiDAR in L2 and below vehicles, enhancing basic safety and perception functions [3][12][10]. 2. Market Growth in Smart Lawn Mowers: The demand for LiDAR in smart lawn mowers and unmanned urban delivery is rapidly increasing, with expected shipment volumes to expand significantly by 2025, potentially reaching a market size of 5 to 6 billion [5][17]. 3. High Potential in LiDAR Market: The global automotive-grade LiDAR market is projected to cultivate companies with a market value of hundreds of billions of RMB, although current valuations of leading companies like Hesai and RoboSense do not fully reflect their growth potential [6][9]. 4. Concentration of Supply and Demand: The supply side is highly concentrated with strong certainty, while the pricing and valuation have not yet fully captured the accelerating demand, indicating a high potential for returns [8][7]. 5. Trends in LiDAR Technology: LiDAR technology is trending towards downscaling, diffusion, and high-end applications, with prices rapidly decreasing, making it more accessible for various vehicle types [4][14][16]. 6. Unmanned Delivery Vehicles: The use of LiDAR in unmanned delivery vehicles (RoboVan) is justified by significant cost savings in last-mile delivery, with potential reductions in delivery costs by 67% [19][20]. 7. Growth of Unmanned Freight Vehicles: The unmanned freight vehicle market is expanding quickly, with major companies planning substantial deliveries in 2025, indicating a market potential of 200 to 400 billion [21][23]. 8. Technological Advancements: The latest models of unmanned freight vehicles are equipped with multiple LiDAR units, with costs decreasing significantly, enhancing their commercial viability [22][23]. 9. Future Market Dynamics: The future of the unmanned delivery vehicle market is promising, with a focus on cost control and the need for stricter automotive-grade requirements as speeds increase [24][25]. Other Important but Possibly Overlooked Content 1. LiDAR's Role in Technology: LiDAR is crucial for simulating human interaction with the environment, serving as a key technology in various sectors including smart driving and safety monitoring [2]. 2. Market Penetration of LiDAR in Smart Lawn Mowers: The penetration rate of LiDAR in smart lawn mowers is expected to rise significantly, with a notable increase from 10% to 30% in just one year [18]. 3. Regulatory Changes: The shift of AEBS from a recommended to a mandatory standard will require M1 and N1 class vehicles to install AEBS systems, directly impacting the adoption of LiDAR technology [12]. 4. Long-term Investment Opportunities: Companies like Hesai and RoboSense are positioned for long-term growth, with the potential for significant returns in the high-risk, high-reward segments of the market [26].