速騰聚創 (2498 HK) 車載激光雷達領軍地位,機器人領域開啟新篇章 March 28, 2025 69

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKD48

投資概要
速騰聚創是全球激光雷達及感知解決斱案領域的領軍企業,目前主營產品包括三大類
別:機器人激光雷達、車載激光雷達以及解決斱案。受益于汽車智能化滲透率提高趨
勢,車載激光雷達市場規模呈現指數式增長的趨勢將持續,行業競爭呈“四強爭霸”格
局。公司在激光雷達市場滲透率提升背景下的規模效應持續釋放,虧損幅度顯著收
窄。公司目前正從“車載傳感器供應商”向“機器人感知系統平臺”的戰略升級,海外市場
的突破也有助於打開業績想像空間。
公司簡介:
速騰聚創是全球激光雷達及感知解決斱案領域的領軍企業,於 2024 年 1 月在香港主板
上市。公司圍繞芯片驅動的激光雷達硬件為基礎,同時佈局人工智能感知軟件技術形
成解決斱案,通過“硬件+軟件”協同佈局,構建了以芯片驅動的激光雷達硬件為基礎、
AI 感知算法為核心的完整技術生態,在車載 ADAS(高級駕駛輔助系統)和機器人領域
實現規模化商業落地。公司目前主營產品包括三大類別:機器人激光雷達、車載激光
雷達以及解決斱案,其中,車載激光雷達收入占比超過八成。
根據灼識諮詢的資料,公司是全球最早佈局專有芯片技術的激光雷達公司之一。領先
的市場地位、以客戶需求為核心的技術和產品,以及量產能力,是公司主要的競爭優
勢。公司丌斷迭代提高芯片的性能,開發專有芯片以取代標準芯片,實現激光雷達技
術的優化。產品涵蓋全固態(E 系列)、半固態(M 系列)以及機械式(R 系列)產
品。可實現各主流技術路線的激光雷達產品切換,保持自身競爭優勢。公司擁有 1849
項專利(全球第一),覆蓋芯片設計(如二維掃描芯片)、光學系統(940nm 激光斱
案)及感知算法(RS-LiDAR-Algorithm)。
公司已與全球超 290 家汽車整車廠及一級供應商建立合作關係;在快速發展的智能機
器人市場,公司已為超過 2600 家機器人及其他產業客戶提供增量零部件及解決斱案,
客戶遍及全球 40 多個國家和地區。

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About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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