The development of the laser radar industry has undergone a process from the luxury era to the light luxury era, and then to the era of equal rights. Starting in 2024, laser radar will break through from the price range of 200,000 to 300,000 yuan for passenger cars to 150,000 to 200,000 yuan, achieving the democratization of technology and intelligent driving.
Laser radar technology, as a key component in the fields of autonomous driving and intelligent vehicles, continues to create market myths. According to the latest financial report released by Speedeng Chuangchuang, the sales of automotive laser radar reached 116,000 units in the first quarter of 2024, achieving an astonishing year-on-year growth of 542%.
Image: Schematic diagram of automotive laser radar (Image from the Internet)
Speedeng Chuangchuang's performance in the capital market is also remarkable. On January 5th, after its listing on the Hong Kong Stock Exchange, the company's market value reached HK$19.32 billion, making it the world's highest-valued listed laser radar company. On March 27th, according to the annual report released by Speedeng Chuangchuang, it sold 259,500 laser radars in 2023, with a year-on-year revenue growth of 111%. In the first quarter, the company's revenue reached 361.1 million yuan, and its market value once exceeded HK$30 billion, firmly occupying the throne of the world's highest-valued laser radar enterprise.
Despite the high market enthusiasm, the market penetration rate of laser radar is far below expectations. In 2023, the market penetration rate of laser radar was only 3%, and in the calculation of the domestic automobile market ownership, the penetration rate even fluctuated between 1% and 2%. Compared with mature technologies such as millimeter-wave radar and cameras, the potential for laser radar to be installed in vehicles is enormous.
Speedeng Chuangchuang and Hesai Technology, as the "two giants" of the domestic laser radar industry, showed similar performance in revenue in the first quarter, but Speedeng Chuangchuang's sales growth was more rapid, reaching 116,000 units, a year-on-year increase of 542%. This is due to Speedeng Chuangchuang securing more targeted projects, cooperating with 22 global OEMs and Tier-1 suppliers, and obtaining designated models for 71 vehicles.
Speedeng Chuangchuang CEO Qiu Chunchao predicts that the sales of automotive laser radar in the second quarter will remain flat with the first quarter, but may continue to grow significantly in the third and fourth quarters. In terms of gross profit margin, Speedeng Chuangchuang has achieved a steady increase in the gross profit margin of its core product ADAS laser radar, from a gross loss rate of 58.5% in the first quarter of 2023 to a gross profit margin of 10.6% in the first quarter of 2024.
Laser radar manufacturers are actively compressing space, optimizing costs, and maintaining performance. Speedeng Chuangchuang and Hesai Technology have respectively released new products MX and ATX to meet the needs of the 200,000 yuan market. Speedeng Chuangchuang's MX is only 25mm thick, with power consumption as low as 10W, and adopts 2D MEMS mirror chip, achieving a more efficient optical system. Hesai Technology's ATX is characterized by "quietness" and "cabin installation".
The challenge for laser radar manufacturers is how to maintain performance and continue to reduce costs while shrinking in size. Speedeng Chuangchuang, through its combined capabilities in platform-based research and development, manufacturing, and market analysis, is ready for the comprehensive penetration of laser radar.
The development of the laser radar industry has undergone a process from the luxury era to the light luxury era, and then to the era of equal rights. Starting in 2024, laser radar will break through from the price range of 200,000 to 300,000 yuan for passenger cars to 150,000 to 200,000 yuan, achieving the democratization of technology and intelligent driving.
Laser radar manufacturers such as Speedeng Chuangchuang and Hesai Technology are promoting the popularization and application of laser radar technology through continuous technological innovation and product iteration, contributing to the development of intelligent vehicles. With the continuous maturity of laser radar technology and the reduction of costs, laser radar is expected to be applied in a wider range of vehicle models in the future, providing consumers with a safer and smarter driving experience.
