首次覆盖报告：赋能机器，感知世界

请仔细阅读本报告末页声明我们认为，需求角度：智2025E2026E2027E3,1484,5676,06052%45%33%2705951,0114277781,19314%17%20%3.15.68.64826176.54.53.4 买入（首次）07月03日收盘价（美元）总市值（百万美元）总股本（百万股）其中自由流通股（%）30日日均成交量（百万股）夏君执业证书编号：S0680519100004邮箱：xiajun@gszq.com刘玲执业证书编号：S0680524070003邮箱：liuling3@gszq.com禾赛科技纳斯达克指数 作者分析师分析师相关研究 P.2财务报表和主要财务比率资产负债表（百万元）会计年度2023A2024A流动资产4,3984,683现金1,5582,843应收票据及应收账款525787其他应收款预付账款208193存货496482其他流动资产1,611377非流动资产1,2651,307长期投资3232固定资产872944无形资产7977其他非流动资产283254资产总计5,6635,990流动负债1,3351,629短期借款112345应付票据及应付账款617690其他流动负债607593非流动负债465429长期借款286269其他非流动负债179160负债合计1,8002,058少数股东权益股本0.10.1资本公积7,4247,577留存收益-3,307-3,410归属母公司股东权益3,8623,932负债和股东权益5,6635,990现金流量表（百万元）会计年度2023A2024A经营活动现金流5764净利润-476-102折旧摊销86132财务费用投资损失-15-0营运资金变动147-136其他经营现金流315171投资活动现金流-1,060956资本支出-415-271长期投资-6221,227其他投资现金流-24-筹资活动现金流1,590251短期借款112116长期借款265100普通股增加1,225-重组相关现金流--其他筹资现金流-1234现金净增加额5871,270资料来源：Wind，国盛证券研究所注：股价为2025年07月03日收盘价 P.3内容目录1.禾赛：激光雷达领军者......................................................................................................................51.1公司产品：产品体系完善、客户基础广泛.....................................................................................51.2组织架构：团队技术背景卓越......................................................................................................81.3财务状况：销量及收入高增.........................................................................................................92.行业分析：激光雷达赋能驾驶感知.....................................................................................................112.1供给端：产品路径多元..............................................................................................................112.2需求端：解决Corner Case的必要安全件.....................................................................................123.增长驱动：赛道需求持续增长，降本创新巩固格局..............................................................................153.1激光雷达市场规模有多大...........................................................................................................153.1.1车载激光雷达：2030年全球规模或超500亿元...................................................................153.1.2机器人激光雷达：2030年全球规模或超100亿...................................................................173.2持续降本创新、龙头格局稳定.....................................................................................................193.2.1芯片自研、架构创新，打通降本路径..................................................................................193.2.2行业集中度高，龙头格局稳定...........................................................................................224.财务预测及估值................................................................................................................................23风险提示..............................................................................................................................................26图表目录图表1：禾赛大事记..............................................................................................................................5图表2：禾赛产品：构成........................................................................................................................5图表3：禾赛产品：激光雷达盘点...........................................................................................................6图表4：禾赛产品：千厘眼方案A...........................................................................................................7图表5：禾赛产品：千厘眼方案B...........................................................................................................7图表6：禾赛产品：千厘眼方案C...........................................................................................................7图表7：禾赛下游：ADAS车企...............................................................................................................8图表8：禾赛下游：机器人及工业...........................................................................................................8图表9：禾赛高管团队简介.....................................................................................................................8图表10：禾赛股权架构.........................................................................................................................9图表11：禾赛激光雷达出货量（台）：2022-2024.....................................................................................9图表12：禾赛激光雷达均价（千美元）：2022-2024..................................................................................9图表13：禾赛收入构成：2022-2024......................................................................................................10图表14：禾赛毛利率：2022-2024.........................................................................................................10图表15：禾赛归母净利润：2022-2024..................................................................................................10图表16：激光雷达分类：按扫描方式.....................................................................................................11图表17：禾赛AT128：一维转镜方案.....................................................................................................12图表18：禾赛AT128：发射模块采用VCSEL，接受模块采用SiPM..............................................