【券商聚焦】交银国际维持禾赛(02525)买入评级指公司毛利率保持稳健

金吾财讯

Nov 14, 2025

金吾财讯 | 交银国际研报指，禾赛(02525)3季度出货量延续高速增长态势，预计全年出货量约164万台。2025年前三季度禾赛收入20.3亿元（人民币，下同），同比49.3%；3季度收入8.0亿元，同/环比+47.5%/+12.6%，基本符合预期。前三季度禾赛合计出货量达989,311台，3季度激光雷达总交付量为441,398台，同比增长229%。该机构上调对其2025年的出货量预测至164万台（原为140万台）。该机构指，公司毛利率保持稳健，GAAP盈利超预期，上调全年利润指引。3季度毛利率42.1%，环比-0.4ppts，维持行业领先水平；净利润2.6亿元，超市场预期，其中部分受益为处置一家早期科技公司股权投资获得的收益。公司上调全年净利润指引至3.5-4.5亿元。行业层面，建议重点关注L3级自动驾驶法规的落地进度，这有望加速激光雷达渗透并提升单车搭载量，并成为未来一年汽车自动驾驶相关零部件（包括激光雷达）的催化剂。综合考虑规模效应以及3季度盈利表现，上调禾赛2025-27年净利润预测至4.1/4.6/5.4亿元。基于DCF估值模型，维持目标价34.66美元/269.66港元，维持买入评级。

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