禾赛科技，成立以来便备受关注的激光雷达赛道龙头企业，2024年在全球激光雷达的收入市占率达到了33%，而在L4 Robotaxi市场市占率高达61%！ 但这样的激光雷达明星股也备受波折，继2024年初，当市场深陷"纯视觉方案与激光雷达"的技术争论时，禾赛科技的市值一度低谷徘徊——激光雷达成本 高企、车企搭载意愿低迷，而机器人和乘用车激光雷达赛道在技术路线出现分歧时市场空间不明朗，叠加美国国防部"黑名单"阴云，海外扩张前景蒙尘。 2. 禾赛为什么在2024年三季度后实现市值的爆发，禾赛做对了什么？ 3. 如何看待激光雷达的市场空间？ 4. 激光雷达赛道是否强者恒强？禾赛的龙头地位能维持吗？ 但仅仅半年后，禾赛又实现了在股价上的颠覆性逆袭。 而上一轮估值大涨的启动点就是行业的盈亏平衡点到来：2024年三季报，由于盈利能力超预期，股价就开始出现了大幅拉升，而四季报又再次以单季 Non-GAAP净利润1.7亿（超指引2000万美元）的大超预期表现，成为全球激光雷达赛道首家盈利的龙头。 而截至2025年7月14日收盘, 禾赛的股价涨幅相比去年三季报前的上一轮估值大涨启动点已经翻了有4倍！ 走向2025年，车企对于智驾的 ...

禾赛科技，成立以来便备受关注的激光雷达赛道龙头企业，2024年在全球激光雷达的收入市占率达到了33%，而在L4 Robotaxi市场市占率高达61%！ 但这样的激光雷达明星股也备受波折，继2024年初，当市场深陷"纯视觉方案与激光雷达"的技术争论时，禾赛科技的市值一度低谷徘徊——激光雷达成本高企、车 企搭载意愿低迷，而机器人和乘用车激光雷达赛道在技术路线出现分歧时市场空间不明朗，叠加美国国防部"黑名单"阴云，海外扩张前景蒙尘。 但仅仅半年后，禾赛又实现了在股价上的颠覆性逆袭。 而上一轮估值大涨的启动点就是行业的盈亏平衡点到来：2024年三季报，由于盈利能力超预期，股价就开始出现了大幅拉升，而四季报又再次以单季Non-GAAP净 利润1.7亿（超指引2000万美元）的大超预期表现，成为全球激光雷达赛道首家盈利的龙头。 而截至2025年7月14日收盘, 禾赛的股价涨幅相比去年三季报前的上一轮估值大涨启动点已经翻了有4倍！ 走向2025年，车企对于智驾的竞争日益激烈，从年初比亚迪用一场浩浩荡荡的"智驾平权"拉开帷幕，但小米SU7的智驾事故又给智驾浇了一盆冷水，本质仍然是智 驾技术的成熟度不足，但此次事故也进一步引发 ...

据了解，禾赛科技在去年1月被美国防部列入"中国军事企业清单"。同年5月，禾赛科技向美国法院起诉 美国防部，8月该公司被移出清单。但在同年10月，美国司法部在一份法庭文件中表示，美国防部"根据 现有的最新信息"重新决定将其列入清单。随后，禾赛科技方面表示将起诉美国政府。 路透社报道称，今年7月11日，美国一家法院裁定，禾赛科技在对美国政府提起的诉讼中败诉。 对于美国国防部将中企列入所谓"涉嫌帮助中国军方的企业清单"，中国外交部发言人曾表示，中方坚决 反对美方泛化国家安全概念，划设各类名目的歧视性清单，无理打压中国企业，破坏中美正常经贸合 作。美方做法违背其一贯标榜的市场竞争原则和国际经贸规则，打击外国企业在美投资经营信心，损害 美国企业和投资者利益，终将反噬自身。 根据禾赛科技投资者官方网站上发布的声明，禾赛科技首席执行官兼创始人李一帆表示，"我们对（美 国）地方法院的裁决深感失望，并对其决定持保留意见。我们认为（美国）国防部的认定缺乏事实和法 律依据""我们正在向美国上诉法院提起上诉，将积极寻求一切法律途径维护我们的声誉并寻求公平对 待"。 声明还表示，"至关重要的是，地方法院承认，（美国）国防部没有发现任何 ...

Core Viewpoint - Hesai Group has filed a Notice of Appeal to challenge a U.S. District Court ruling that upheld the Department of Defense's designation of the company under the National Defense Authorization Act, asserting that the ruling lacks factual and legal basis [1][2]. Company Overview - Hesai Group is a global leader in lidar solutions, providing products for various applications including passenger and commercial vehicles, autonomous driving, and robotics [5]. - The company integrates in-house manufacturing with lidar R&D and design, ensuring rapid product iteration and high performance [5]. - Hesai has established offices in Shanghai, Palo Alto, and Stuttgart, serving customers in over 40 countries [5]. Legal Context - The District Court's ruling was based on the geographic location of Hesai's R&D centers and the theoretical military applications of lidar technology, rather than any evidence of military use or connection to the Chinese military [3]. - The company has consistently maintained that it has never developed or supplied products for military use, focusing solely on civilian and commercial applications [4]. Company Response - The CEO of Hesai expressed disappointment with the District Court's ruling and emphasized the company's commitment to defending its reputation and pursuing legal remedies [2][4]. - Hesai remains focused on delivering advanced lidar solutions and maintaining transparency and good corporate governance as a Nasdaq-listed entity [4].

China Automobiles 11 July 2025 | 9:25AM CST 2H25 outlook mgmt call series: Expect continued subsidies and ongoing competition We hosted our China Autos 2H25 Management Outlook Call Series with 6 companies including OEMs (BYD, XPeng, Nio, Leapmotor), suppliers (Hesai) and dealers (Zhongsheng) during Jul 8-9. Key takeaways include: (1) Demand & stimulus: Managements generally believe government support will not terminate abruptly and effective per vehicle purchase cost will not increase from the consumer's pe ...

Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFLYTEK, and highlights potential in AI hardware applications with recommendations for companies like Yingshi Network, Hongsoft Technology, and Hesai [2] Core Insights - The report emphasizes that the AI industry is currently in a relatively chaotic fundamental period, with some high-frequency data showing resilience, while investor expectations remain low. The willingness to use AI products is increasing, but payment capabilities are still limited, necessitating further breakthroughs in large models [11][12] - It identifies high-growth sectors for 2025, including AI computing power and lidar, while noting that AI applications are accelerating upward. Stable growth is expected in software outsourcing, financial IT, quantum computing, data elements, EDA, and overseas expansion [11][12] Summary by Sections Industry Perspective - The report discusses the launch of Tencent's 3D generative model Hunyuan3D-PolyGen, which can generate complex geometric models with thousands of faces, and highlights the advancements of Musk's Grok 4 model, which has shown significant improvements in training efficiency [11] - It notes that the computer industry is expected to perform better in the second half of the year due to base effects, new technology/product launches, and policy implementations [11] Subsector Insights - The report categorizes the computer industry into various subsectors with their respective growth outlooks: - High growth maintained: AI computing power, lidar - Accelerating growth: AI applications - Stable growth: Software outsourcing, financial IT, quantum computing, data elements, EDA, overseas expansion, and domestic innovation [10][12] - Turning points: Education IT, cybersecurity, enterprise services - Stabilizing: Smart transportation, government IT, security, construction real estate IT - Slightly pressured: Industrial software, medical IT [10][12] Market Performance Review - From July 7 to July 11, 2025, the computer industry index (Shenwan) rose by 3.22%, outperforming the CSI 300 index by 2.40 percentage points, ranking 6th among 31 Shenwan first-level industry indices [13] Upcoming Key Events - The report highlights upcoming events such as the second AI glasses industry innovation application summit and the 2025 World Artificial Intelligence Conference, suggesting that investors pay attention to related industry chain opportunities [25][26]

我们预计，长期，车载激光雷达 2030 年全球市场规模有望达 500 亿 人民币，机器人激光雷达 2030 年则亦有望达 100 亿人民币。 证券研究报告 | 首次覆盖报告 gszqdatemark 2025 07 10 年 月 日 禾赛（HSAI.O） 赋能机器，感知世界 禾赛：激光雷达领军者。禾赛成立于 2014 年，十年来专注激光雷达的 研发与制造，专利成果遍布全球。禾赛以高清三维感知技术，赋能更安 全更智能的智能驾驶和机器人应用，历经市场验证，出货量全球领先。 禾赛 2022 年-2024 年各出货约 8 万/22 万/50 万颗激光雷达产品，总 收入约 12.0/18.8/20.8 亿人民币，归母净利约-7.5/-4.8/-1.0 亿元，non- GAAP 归母净利约-2.0/-2.4/+0.14 亿元人民币，已经达到盈利拐点。 从智驾到具身智能，激光雷达需求快速增长。我们认为，需求角度：智 驾平权推动了车载激光雷达的需求快速增长、具身智能的发展也推动 各场景机器人激光雷达的需求增加。供给角度：有效的降本创新，使得 激光雷达成为传感器越来越具性价比的选择。 持续降本创新，巩固龙头地位。禾赛在性能突破 ...

将投中网设为"星标⭐"，第一时间收获最新推送 "最懂科技"和"最理解创业者"的投资人。 来源丨 投中网 从早期投资美团、拼多多，瞄准移动互联网时代的商业创新；到提前布局硬科技隐形冠军中际旭创、 禾赛科技、汉朔科技，再到不断迭代技术认知，持续捕捉前沿科技的创新机遇 …… 此外， 在他看来，真正要做好早期投资，不仅要懂最新的技术，更要能预判未来的技术和行业发展 趋势。 投资禾赛科技正是基于这样的逻辑。 在此之前，宓群对激光雷达行业做了长时间的研究，从 10 年前就开始在全球范围内寻找合适的激光 雷达创业公司。直到他看到禾赛科技在实验室里开发有别于业内做传统机械雷达的固态激光雷达技 术。在做了技术论证和实验室雏形的测试后，他果断下注，于 2018 年主导投资了禾赛科技，并在 此后连续投资 5 轮。 眼下， 中际旭创成长为千亿市值的全球光通信巨头，禾赛科技已实现全球车载激光雷达营收市占率 第一。 凭借丰富的行业背景和对行业的深厚认知，通过前瞻性的判断，宓群持续关注那些增长潜力 大的新兴赛道，寻找那些尚未被广泛认知，但有可能成为行业领头羊的公司，在行业爆发前更快、更 精准地捕捉优质项目并持续加码，帮助企业走向全球市场。 ...

点击蓝字 关注我们 目 录 行业信息 1、前 4 月陕西汽车产量同比增长 33.3% 2、中国汽研与华为旗下引望签署战略合作 3、英伟达对华芯片供应最新消息：售价将大幅低于先前的 H20 芯片 预计最快于 6 月 开始量产 4、新疆霍尔果斯口岸 1-4 月出口汽车 10.6 万辆 5、5分钟充电 70%,广州企业领跑新能源车超快充赛道 6、车规芯片企业创展完成近亿元天使+轮融资 7、宁德时代:全固态电池 2027年有望实现小批量生产 8、吉利集团旗下电池公司吉曜通行:预计到 2027年形成 70GWh 电池产能规模 9、禾赛科技 Q1 营收 5.3 亿,交付量达 19.58 万台,毛利率 41.7% 10、小马智行与迪拜 RTA 达成战略合作,25 年将启动 Robotaxi 测试运营 11、德国首启 L4 自动驾驶载客公交测试项目,最高时速 130公里 12、英伟达 Q1 营收 440.62 亿美元,汽车芯片业务激增 72% 13、瑞银调查:电动汽车销售仍有望保持增长趋势 14、小马智行与广州公交集团达成战略合作 共同推动自动驾驶商业化 15、欧盟乘用车和厢式货车碳排放法规修正通过,桑性化对车企规制 16、 ...

Investment Rating - The report maintains a "Buy" rating for Hesai, with a 12-month price target of US$23.3, implying an upside of approximately 9% from the current price of US$21.45 [3][32]. Core Insights - Hesai's 1Q25 results showed revenue in line with expectations and a net profit that exceeded forecasts, primarily due to a higher gross margin of 41.7% and lower operating expenses [1][3]. - The adoption of LiDAR technology in the Chinese automotive market has accelerated, leading to an increase in projected automotive LiDAR volumes for 2025 and 2026 by 23% and 37%, respectively [2][8]. - The company is well-positioned to benefit from the growing demand for advanced driver assistance systems (ADAS) and autonomous mobility, with a significant market share of 37% in 2023 [33]. Financial Performance - In 1Q25, Hesai reported revenue of Rmb525 million, a 46% increase year-over-year, with a gross profit of Rmb219 million, reflecting a 57% increase year-over-year [7]. - The non-GAAP net profit for 1Q25 was Rmb9 billion, a significant improvement compared to previous estimates of a net loss [1][7]. - The company ended 1Q25 with Rmb2.3 billion in net cash, indicating a stable financial position despite longer receivable days [4][6]. Guidance and Future Outlook - For 2Q25, management expects revenue between Rmb680 million and Rmb720 million, representing a 53% year-over-year increase [30]. - Full-year guidance for 2025 remains unchanged, with projected revenue of Rmb3 billion to Rmb3.5 billion and total shipments of 1.2 million to 1.5 million units [30]. - The company anticipates maintaining a gross margin of around 40% and achieving GAAP net profit between Rmb200 million and Rmb350 million for 2025 [30][31]. Market Trends and Competitive Position - The report highlights the rapid adoption of LiDAR in premium and mass-market vehicle models, which is expected to drive further growth in the sector [2][8]. - Hesai has secured design wins with 23 OEMs globally, indicating strong demand for its products in the ADAS segment [30]. - The company is entering a new product cycle with its ATX series, which is expected to enhance revenue growth and profitability [33].