金吾财讯 | 中邮证券研报指出，禾赛(02525)为全球领先的激光雷达研发与制造企业，产品广泛布局自动驾驶、具身智能等多领域。截止2025年，公司全球车载激光雷达市占率第一、全球ADAS激光雷达市占率第一、全球L4自动驾驶激光雷达市占率第一。公司激光雷达产品已实现从气体检测、到智能驾驶、再到机器人领域的跨越，正演进为物理AI的通用传感器。公司通过自研芯片化等大幅降本，为高毛利带来保障。硬件的降本来自设计，公司 2017 年开始专注自研芯片，2025 年宣布禾赛的高性能智能主控芯片费米 C500，补齐了禾赛全栈自研的最后一块拼图。公司成为目前行业唯一 7 大关键部件全栈自研的激光雷达公司。该机构表示，预计公司 2025-2027 年营业收入分别为 30.9、41.0、54.1 亿元，同比增加 48.7%/32.8%/31.8%。GAAP 净利润分别为 4.2/6.8/9.2 亿元，25-27 年同比增加 508.5%、61.6%、36.2%。首次覆盖，给予“买入”评级。
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