金吾财讯 | 招商证券发研报指，速腾聚创(02498)是国内激光雷达及感知解决方案市场的领导厂商，围绕芯片驱动的激光雷达硬件为基础，同时布局AI感知软件形成解决方案。汽车业务方面，2025年智驾平权浪潮带来车载激光雷达广阔需求，公司24年装机量份额位居第一，25年有望充分受益于核心大客户比亚迪智驾渗透及小鹏、极氪等客户应用放量。机器人业务方面，机器人市场高速增长，公司凭借智能汽车技术外溢快速切入机器人赛道，感知、操作、控制多环节布局，有望打造集团第二成长曲线。该行指，速腾聚创深耕激光雷达行业，在ADAS/机器人多应用领域开展广泛布局，服务OEM/Tier1、定点车型、SOP数量居于全球领先地位，盈利能力持续向好。该行认为伴随2025年起高阶智驾加速下探至10-20万车型、终端客户持续导入，公司ADAS产品出货及营收有望持续快速提升；同时公司在机器人领域全面布局，以激光雷达为核心，横向拓展灵巧手、力传感器等机器人零部件产品技术，25年机器人业务相关订单有望实现高增长，中长期成长空间广阔。该行预计公司2024-2026年总收入16.54/27.11/43.03亿元，净利润-4.56/-2.17/0.68亿元，对应PS11.6/7.1/4.5倍。首次覆盖，给予“增持”评级。
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