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激光雷达(汽车电子·自动驾驶感知)

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·激光雷达(汽车电子·自动驾驶感知) ·内部研究

Aeva Technologies: A Genuine LiDAR Re-Rating, Priced As If 2028 Is Already Won

Aeva builds FMCW 4D LiDAR sensors and perception software for automotive, trucking, and industrial customers, converting technical differentiation into early commercial wins like Nikon and NVIDIA Hyperion. Q1 2026 revenue grew 86% to $6.3 million but stayed service-heavy, while the stock's roughly $1.64 billion valuation already prices in 2028 production ramps that remain contractually unproven. Rating Watch: real technology validation, but no margin of safety until shares fall toward the $8-10 conservative range.

AEVA.US Aeva Technologies, Inc. #FMCW LiDAR#Autonomous Trucking#NVIDIA Hyperion#SPAC Rerating#Dilution Risk#Valuation Gap
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·激光雷达(汽车电子·自动驾驶感知) ·内部研究

Ouster: A Much Better Lidar Company, Priced Like the Transition Is Already Won

Ouster is a digital-lidar and perception supplier that has broadened from a single-product sensor maker into an industrial-automation and smart-infrastructure platform, with 2025 revenue of $169.4 million (up from $83.3 million in 2023) and Q1 2026 revenue of $49 million, up 49% year over year, alongside a 43% GAAP gross margin. Rating Watch: the July 2, 2026 $200 million common-stock offering at $55.22 per share confirms management will dilute shareholders whenever the stock is rich, and at the July 3 close of $49.84 the market is already paying for sustained 30%-50% growth and a clean path to profitability, leaving the ideal buy zone at $20 to $22.

OUST.US Ouster, Inc. #Physical AI Narrative#Post-SPAC Recovery#Equity Dilution Risk#Industrial Lidar Niche#Chinese Lidar Competition#Perception Platform Expansion
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·激光雷达(汽车电子·自动驾驶感知) ·内部研究

速腾聚创深度研究：车载与机器人双轮驱动的激光雷达供应商

速腾聚创是车载 ADAS 与机器人双轮驱动的激光雷达供应商，靠自研芯片压成本上规模。2025 年收入 19.41 亿元、毛利率升至 26.5%，第四季度首次单季盈利；2026 年一季度毛利率又回落到 21.7%、再亏 6332 万元，规模拐点已现，利润拐点未坐实。研报评级观察：机器人放量兑现，但稳定盈利仍待验证，现价高于理想买入区 19–23 港元。

2498.HK 速腾聚创 RoboSense Technology Co., Ltd. #激光雷达#智能驾驶#机器人#汽车电子#芯片化降本#港股
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·激光雷达(汽车电子·自动驾驶感知) ·内部研究

禾赛科技(HSAI) 横纵研报

禾赛科技是全球车载激光雷达龙头，2014 年创立于上海，2023 年上市纳斯达克、2025 年港股双重主要上市。纯激光雷达硬件供应商，产品横跨 ADAS 前装、Robotaxi/L4 与机器人三大场景，客户含 40 个汽车品牌与全球多数头部 Robotaxi 公司。2025 年出货 162 万台、营收约 4.33 亿美元（约 30 亿元人民币），是全球首家实现全年 GAAP 盈利的激光雷达企业，账上净现金约 9.4 亿美元。

HSAI.US 禾赛科技（Hesai Group） #激光雷达#自动驾驶#Robotaxi#ADAS#智能驾驶#中概股#双重上市#净现金#盈利质量#地缘风险#观察
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