金吾财讯 | 交银国际研报指，速腾聚创(02498)2Q25激光雷达合计销量158,200台，同/环比+29%/46%。机器人激光雷达销量34,400台，同/环比+632%/+189%。3季度末开始，割草机器人进入生产季，该机构预计下半年公司机器人激光雷达将迎来交付高峰。2季度机器人业务毛利率41.5%，处于行业内较高水平，ADAS业务毛利率19.4%，环比提升4.3ppts，带动整体毛利率环比升4.2ppts至27.7%。期内净亏损5139万元（1Q25：净亏损9959万元），季度亏损进一步收窄。随着EMX在3季度量产交付，该机构预计规模效应下公司2025-27年综合毛利率维持在26%-27%，并有望于2026年实现盈利。该机构看好平台化、芯片化和规模效应对公司盈利能力产生的积极作用，并维持2026年盈利的预期。机器人领域公司亦有深度布局，有望分享具身智能量产落地带来的发展红利，维持买入评级。基于DCF模型，维持目标价41.89港元，对应4.9倍2026年市销率。
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