| --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|------------------------------------|-------------------------------------------------------------------|--------------------------------------------------------|--------------------------------------------------------|---------------| | | | | | | | | | 2024 年 7 月 23 ...

Performance 1 mth 3 mth 6 mth 1 year H F NGO, Brian, CFA LIDAR SOLUTIONS MARKET 15 +852 3896 2965 2701 – 2703, 27/F, Infinitus Plaza, 199 Des Voeux Rd Central, Sheung Wan, HK 0.0000 10.0000 20.0000 30.0000 40.0000 50.0000 60.0000 70.0000 80.0000 90.0000 100.0000 2024-07-22 2024-07-11 2024-06-202024-07-02 2024-06-11 2024-01-242024-02-022024-02-152024-02-262024-03-062024-03-152024-03-262024-04-092024-04-182024-04-292024-05-092024-05-212024-05-30 2024-01-15 1 Table of Contents BUSINESS OVERVIEW 3 LIDAR PLATFOR ...

13 | 研究報告 公開發售前，公司完成一系列融資活動，該等投資者於上市後的禁售期為六個月。前期投資者 包括北京汽車、阿里巴巴、中國移動、華興資本、中國國有企業結構調整基金、Fortune Athena 及 Fortune Miner、復星、浙江吉利控股、Gortune、海通、Kinzon、立訊、OFC、普禾、尚頎 管理、Smart Han、漢石、小米、雲鋒、宇通客車等。 2024 年 1 月，速騰聚創(02498.HK)在香港主板上市，引入南山戰略新興產業投資作為基石投 資者，上市價格為每股 43.0 港元。計及超額配股權獲行使，速騰聚創(02498.HK)上市的估值 約為 193.9 億港元。 圖: 上市後股權架構 資料來源: 公司資料、西牛證券 14 | 研究報告 行業概覽 激光雷達解決方案市場 激光雷達是一種利用激光束來計算物體到目標表面的可變距離的傳感器。激光雷達解決方案與 人工智能感知軟件結合，能夠收集、分析信息，實現自動化，應用於汽車及非汽車行業，如機 器人、智慧城市及 V2X 等。 根據灼識諮詢報告，2022 年全球激光雷達解決方案市場規模為 120 億元人民幣，預計到 2030 年將增加至 ...

2.2.1 产业图谱：上游光学/电子元件制造商+中游集成商+下游车企/智能驾驶厂商 .............................24 2.4.1 车载激光雷达市场规模：2026 年我国市场规模有望达 103 亿元，全球市场规模有望达 114 亿元 .............................................................................................................................................................29 2.5.2 车厂定点：公司定点合作车厂及车型数量位居全球第一............................................................32 2.5.4 机器人市场份额：公司位居全球机器人高端激光雷达市场份额第一............................................................................................. ...

Financial Data and Key Metrics - The company reduced the price of its lidar products from 3500 yuan to 2000+ yuan in 2024, while significantly improving gross margins [3] - The company's gross margin has recovered to nearly 13% as sales volume increased, with expectations of narrowing losses in 2024 and achieving profitability by 2025 [15] - The company's lidar sales in the first half of 2024 reached nearly five times the total sales of 2023, with total sales exceeding 580,000 units and a market share of nearly 50% [18] Business Line Data and Key Metrics - The company's lidar shipments in the automotive sector reached nearly 250,000 units last year, with a global market share of nearly 50% [8] - In the robotics sector, the company shipped less than 20,000 lidar units last year, but the gross margin was significantly higher than in the automotive sector [20] - The company's AI solutions generated revenue of approximately 100 million yuan last year, with expectations for this segment to occupy a larger share of revenue in the future [10] Market Data and Key Metrics - The penetration rate of lidar in the automotive sector is currently less than 1%, but there is significant growth potential as new energy vehicles and intelligent driving accelerate [5] - The company has secured an OEM order from an overseas automaker with annual sales of 10 million units and has deep collaborations with companies like Baidu, Didi, and Pony.ai in the Robotaxi sector [10] - The company has established offices in Detroit, Silicon Valley, and Stuttgart, with a strategic focus on expanding overseas markets [16][21] Company Strategy and Industry Competition - The company aims to become a global leader in lidar and robotics solutions, with a focus on maintaining leadership in automotive lidar and expanding into robotics and other fields [6][17] - The company has invested heavily in AI and chip development, with at least 50% of R&D spending allocated to these areas, aiming to provide end-to-end solutions from sensors to AI to chips [4][25] - The company believes that multi-sensor fusion will be the mainstream trend in autonomous driving, offering higher safety and reliability compared to pure vision solutions [14][29] Management Commentary on Operating Environment and Future Outlook - The company expects 2026 to be a turning point for Robotaxi, with L4 lidar becoming a necessary sensor, requiring 3 to 5 units per vehicle, and offering a different business model and gross margin compared to L2 autonomous driving [19][25] - The company is optimistic about the future of the robotics industry, particularly with the emergence of humanoid robots, and sees lidar as an essential sensor in this field [24][27] - The company believes that good products and technology will be recognized globally, despite current geopolitical pressures [33] Other Important Information - The company has a strong competitive advantage in cost control, achieved through in-house chip development, highly integrated system architecture, and large-scale production automation [26] - The company's core competitiveness in the lidar industry includes self-developed chips, a highly integrated system architecture, and the ability to adapt quickly to market demands [12][27] - The company is exploring various lidar technologies, including MEMS, Flash, and FMCW, and will continue to innovate to meet performance and cost requirements [14][23] Q&A Session Q: How is the company performing in the automotive lidar market? - A: The company has a strong market position, with nearly 250,000 lidar units shipped last year and a global market share of nearly 50% [8] Q: What are the company's advancements in robotics lidar applications? - A: The company has shipped nearly 20,000 lidar units in the robotics sector, with higher gross margins than in the automotive sector [20] Q: What is the company's investment in AI and chips? - A: The company has invested heavily in AI and chip development, with at least 50% of R&D spending allocated to these areas [4][25] Q: How does the company view the competition in the automotive lidar sector? - A: The company believes its self-developed chips and highly integrated system architecture give it a competitive edge, and it aims to make lidar a universal sensor like cameras [7][27] Q: What is the company's view on the future of autonomous driving and Robotaxi? - A: The company expects 2026 to be a turning point for Robotaxi, with L4 lidar becoming a necessary sensor, and believes multi-sensor fusion will be the mainstream trend [19][25][29] Q: What is the company's strategy for cost control? - A: The company has achieved cost leadership through in-house chip development, highly integrated system architecture, and large-scale production automation [26] Q: What are the company's plans for overseas markets? - A: The company has established offices in Detroit, Silicon Valley, and Stuttgart, with a strategic focus on expanding overseas markets [16][21] Q: What is the company's outlook on lidar technology and pricing? - A: The company has developed two products, one for high-end autonomous driving and another targeting affordability, with the goal of making lidar accessible to vehicles priced around 150,000 yuan [31] Q: What is the company's personnel growth plan for 2024-2025? - A: The company plans to focus on increasing talent density and efficiency, with a focus on AI and chip development, but does not expect significant headcount growth [32]

第一是王茜文与研究员孙凯奇相信大家都注意到了近日罗勃快跑在武汉订单量暴增但日单车订单峰值超过了20单已经达到了传统出租车的平均日单量水平这也引起了市场对自动驾驶以及罗勃开斯的广泛关注同时我们也注意到近期政策端利好消息频发比如在今年的5月 深圳市全市自动驾驶开放道路里程已经达到了944公里那么在今年7月上海也于世界人工智能大会上发布了首批无驾驶人的智能网联汽车许可我们认为自动驾驶从1到N的关键拐点有望到来而激光雷达正是自动驾驶落地最关键的设备之一 肃成剧创是全球领先的激光雷达以及赶集的解决方案的提供商也是我们港股上市的激光雷达第一股值得一提的是本次出圈的萝卜快跑部分车型也搭载了公司的前向激光雷达相关产品在本周三也就是昨天公司也发布了上半年的业务更新24年前6个月公司的激光雷达销量已经逼近了23年全年 车载激光雷达销量近五倍增长激光雷达总销量已经累计超过了58万台可以说是相当亮眼了那么在今天呢我们也很荣幸的邀请到了速腾剧创的董事长兼首席科学家邱淳星董来为大家分享公司的喜人进展以及行业观点同时参与本次会议的还有速腾剧创CEO助理朱柏柱总速腾剧创Robotessi团队业务负责人徐玉冰总 咱们今天的交流主要分为两个环节 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is recognized as the global leader in the laser radar and perception solutions market, with a focus on developing and selling intelligent laser radar systems that integrate hardware, perception software, and chips [6][19]. - The company has achieved significant growth in laser radar delivery, with annual sales increasing from 0.72 million units in 2020 to 25.6 million units in 2023, alongside revenue growth from 1.71 billion RMB to 11.20 billion RMB during the same period [6][30]. - The company has secured 65 model orders from 22 automotive manufacturers and Tier 1 suppliers, facilitating mass production for 25 models [6][30]. Summary by Sections 1. Market Position and Growth - The company is the highest-valued laser radar enterprise globally, with a market capitalization exceeding 19.3 billion HKD upon its IPO on January 5, 2024 [40]. - The laser radar market is projected to grow significantly, with expected shipments of 57 million units in 2023, 268 million in 2024, and 703 million in 2025 [34][78]. 2. Financial Performance - The company reported total revenues of 11.20 billion RMB in 2023, reflecting a year-on-year growth of 111.22% [30][45]. - The forecasted revenues for 2024, 2025, and 2026 are 27.18 billion RMB, 42.14 billion RMB, and 60.67 billion RMB, respectively, with expected net profits turning positive in 2026 [6][16]. 3. Product Development and Innovation - The company has developed proprietary chips and a comprehensive safety system, enhancing product performance and reliability [6][19]. - The introduction of AI perception software and customized solutions positions the company favorably in the market, catering to a diverse customer base including major automotive manufacturers [6][17]. 4. Industry Trends and Regulatory Environment - The report highlights a favorable regulatory environment for advanced autonomous driving, with pilot programs initiated for L3 and L4 autonomous vehicles [6][85]. - The demand for laser radar technology is expected to rise as automotive manufacturers increasingly adopt advanced driver-assistance systems (ADAS) and autonomous driving technologies [6][78].

那么在Alice车载激光雷达的交付量上也是突破了11.6万台的另外就是一个数字上的更新就是我们在截至5月份那么我们已经获得了22家汽车诊车厂还有Taiwan的71款的车型的定点订单并且已经为25款的车型实现了量产交付这个也是我们最新的一个客户端的数据更新 那么另外呢就是我们的这个六大投资亮点着重给大家介绍一下第一点第二点以及第四点是我们跟之前的这个版本具有这个更新的首先就是刚刚提到的这个在客户端的我们的领先的这个市场地位首先我们是依然保持了这个数字上的三个全球第一 我们是目前在服务汽车审车厂还有T1的定点数量最多的有22家那么车型定点数量71款SOP的车型是25款那么除却在车贵市场方面我们在非车贵市场也就是机器人市场上面也在全球服务了超过2400家的客户那么根据相较于23年第一季度增加了400家 我们在机器人市场上面目前也在着重的发力但是如果要体现在具体的revenue上面可能要等到今年的Q4或者是明年的Q1上半年我们才会看到在这个财报上的一个体现目前我们也是在深度的布局机器人的领域另外就是我们跟之前相比 获得了一个在海外市场上面除了这个Lucy以外我们也获得了这个全球销贯这个来自日本的一家OEM的一个最新的 ...

2024 年 5 月 23 日 星期四 李京霖 852-25321539 行业 股价 68.00 港元 2024 年 Q1 公司实现营收 3.6 亿元人民币，同比增加 149.1%，其中 ADAS 产品收入 3.1 亿元，同比增长 327%。公司毛利率提升达到 12.3%，同比改善 16.4 个百分 点,ADAS 产品毛利率达到 10.6%，同比大幅改善 69.1%。经调整后净亏损约 0.8 亿 元，同比收窄 11.5%。 2024 年 Q1 公司激光雷达产品总销量约 120,400 台，同比增长 457.4%，接近 2023 年一半销量，应用于 ADAS 领域的激光雷达产品销量约为 116,200 台，同比增长 542.0%。24 年第一季度公司激光雷达产品装机量超 11.6 万台，市场份额 51.6%占 据榜首。 /33.00 港元 股价表现 截至 24 年 5 月 17 日，公司已取得 22 家汽车整车厂及 Tier1 的 71 款车型量产定 点订单，今年公司已与智己汽车、小鹏汽车全新车型定点。截至第一季度末，已 有 12 家客户的 25 款车型实现大规模量产交付。 公司于北京车展期间发布新一代中长距激 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of HK$48.26 [52][68]. Core Insights - The company is positioned as a leader in the global LiDAR and perception solutions market, benefiting from the growing demand for LiDAR technology driven by advancements in autonomous driving and ADAS [53][64]. - The company has established a strong customer base, having secured 63 mass production models from 22 automotive manufacturers and tier-one suppliers as of February 29, 2024 [89]. - The report anticipates significant growth in LiDAR shipments, projecting 950,790 units in 2024, 1,431,663 units in 2025, and 2,027,610 units in 2026, representing year-on-year growth rates of 266.3%, 50.6%, and 41.6% respectively [67]. Summary by Sections Investment Overview - The report highlights the rapid transition of the automotive industry towards electrification and automation, with LiDAR technology being a critical component for advanced industrial products like cars and robots [88][94]. Competitive Advantages - The company has a robust production capacity supported by its expertise in product validation, design, and manufacturing, which enhances its scalability in production and logistics [90]. - The integration of self-developed hardware and AI perception software into LiDAR solutions provides a significant competitive edge, allowing the company to cater to diverse customer needs [66][65]. Financial Analysis - Revenue projections for 2024, 2025, and 2026 are estimated at RMB 29.05 billion, RMB 45.14 billion, and RMB 74.70 billion, respectively, with year-on-year growth rates of 159.4%, 55.4%, and 65.4% [67][54]. - The company is expected to achieve a NON-GAAP net profit of -RMB 2.9 billion in 2024, -RMB 0.29 billion in 2025, and RMB 4.1 billion in 2026, indicating a significant turnaround in profitability [67][54]. Market Outlook - The global LiDAR market is projected to reach approximately RMB 1.3 trillion by 2030, with an average annual growth rate of 78.8% from 2022 to 2030, driven by the increasing adoption of autonomous vehicles [44][64].