投资逻辑 预计公司 2025~2027 年营业收入分别为 32.6/47.3/63.0 亿 元，归母净利润分别为 2.7/6.5/10.8 亿元，EPS 分别为 2.06/4.94/8.24 元。采用市销率法，给予公司 25 年 6 倍 PS 估值，目标 21.28 美元/股。首次覆盖，给予"买入"评级。 风险提示 智能驾驶渗透率提升不及预期；国际关系趋紧影响海外销售； BlueOrca 做空以及管理层减持对股价造成大幅波动的风险。 0 100 200 300 400 500 600 700 3.00 7.00 11.00 15.00 19.00 23.00 27.00 240418 240718 241018 250118 美元(元) 成交金额(百万元) 成交金额 禾赛 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 12/23A | 12/24A | 12/25E | 12/26E | 12/27E | | 营业收入(百万元) | | | 1,876.99 2,077.16 3,255.84 4,733.25 6 ...

SHANGHAI, April 16, 2025 /PRNewswire/ -- Hesai Group (Nasdaq: HSAI), the global leader in lidar technology for automotive mobility and robotic applications, today announced that its advanced ATX lidar solution will be integrated as standard into the newly launched luxury shooting brake sedan, Zeekr 007GT. This marks a significant milestone in the strategic partnership between Hesai and Zeekr. In the future, additional Zeekr models will integrate this advanced lidar technology, solidifying Hesai's brand's po ...

SHANGHAI, April 15, 2025 /PRNewswire/ -- Hesai Group (Nasdaq: HSAI), the global leader in lidar technology for automotive mobility and robotic applications, today announced that its long-range automotive lidar AT128 has been selected as the lidar solution for the first L4 production-ready Robotaxi jointly unveiled by Didi Autonomous Driving, the self-driving technology arm of DiDi Global ("DiDi"), and GAC Aion New Energy Automobile Co., Ltd. ("GAC Aion"), a Chinese electric vehicle manufacturer and a subsid ...

PALO ALTO, Calif., April 11, 2025 /PRNewswire/ -- Hesai Group (Nasdaq: HSAI), the global leader in lidar technology for automotive mobility and robotics application, has been named the top automotive lidar company by market share for the fourth consecutive year by Yole Group, a global advisory and market analysis firm recognized for its expertise in the semiconductor, photonic, and electronic sectors. The report highlights Hesai's continued leadership in the global lidar industry, emphasizing its market-lea ...

Group 1 - The Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Hesai Group due to allegations of materially misleading business information [1] - Investors who purchased Hesai securities may be entitled to compensation through a class action without any out-of-pocket fees [2] - Blue Orca Capital published a report claiming that Hesai is a "Nasdaq-listed Chinese scam" and provided evidence of its involvement with Chinese military vehicles, leading to a 7.8% drop in Hesai's stock on March 18, 2025 [3] Group 2 - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements in recovering significant amounts for investors [4]

Core Insights - Hesai Technology's lidar solution has been selected by WeRide to power autonomous vehicles operating on Uber's platform in Dubai, marking a significant advancement in autonomous transportation in the Middle East [1][2] Group 1: Company Developments - Each autonomous vehicle will be equipped with four Hesai automotive-grade long-range lidars, supporting Dubai's goal to transform 25% of all journeys into autonomous trips by 2030, indicating a substantial market opportunity for autonomous vehicle services [2] - WeRide secured the UAE's first national license for self-driving vehicles on public roads in July 2023, a historic achievement in the Middle East and globally, covering all types of autonomous vehicles [3] - Hesai and WeRide have collaborated since 2019, integrating Hesai's lidars into WeRide's autonomous driving fleets, and entered a strategic cooperation agreement in April 2022 to promote hybrid solid-state lidar on L4 autonomous vehicles [4] Group 2: Strategic Importance - The partnership between Hesai and WeRide aims to leverage advanced autonomous driving technology and operational experience to serve millions of consumers globally, enhancing mobility in the Middle East [4] - Hesai's lidar solution is recognized for its exceptional safety and performance in autonomous driving applications, contributing to Dubai's vision of becoming a global leader in smart transportation [4] - WeRide operates in over 30 cities across 10 countries, holding driverless permits in multiple regions, showcasing its leadership in the autonomous driving industry [6]

Apollo Go has commenced 100% fully driverless operations across multiple cities in China and continues to expand. Apollo Go has achieved over 150 million kilometers of safe driving and provided more than 10 million rides to the public. SOURCE Hesai Technology "This historic deployment underscores Hesai's pivotal role in driving the global expansion of autonomous mobility, coming at a moment when L4 autonomous driving is turning into a commercial reality," said Hesai CEO and Co-Founder David Li. "Our lidar s ...

Core Insights - Hesai Technology has secured an exclusive series production partnership with Chery Automobile's new energy brand, iCAR, to integrate its ATX Lidar in new vehicles, with mass production set to begin in Q4 2025 [1][2] Company Developments - The ATX Lidar is a compact, ultra-high-definition, long-range sensor that will enhance the perception capabilities of iCAR vehicles in complex scenarios such as active braking, adaptive cruise control, urban navigation, and smart parking [2] - Hesai has achieved design wins with 22 automotive OEMs for over 120 vehicle models globally, and in December 2024, it became the first lidar company to deliver more than 100,000 units in a single month [3] Industry Context - The partnership aligns with Chery's intelligent mobility strategy aimed at establishing leadership in smart mobility ecosystems [2][3]

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Hesai Group due to allegations of materially misleading business information issued by the company [1] Group 1: Legal Actions and Investigations - Investors who purchased Hesai securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees, as the Rosen Law Firm prepares to seek recovery of investor losses [2] - Blue Orca Capital published a report claiming that Hesai is a "Nasdaq-listed Chinese scam" and provided evidence of its alleged connections to the Chinese military, leading to a 7.8% drop in Hesai's stock price on March 18, 2025 [3] Group 2: Rosen Law Firm's Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved the largest settlement against a Chinese company at the time and being ranked No. 1 for the number of securities class action settlements in 2017 [4] - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone, and has consistently been recognized for its success in this field [4]

Core Viewpoint - The electric vehicle (EV) sector may be more suitable for long-term traders, especially amid ongoing tariff tensions between the U.S. and China, which are impacting various market sectors [1]. Group 1: U.S.-China Trade Tensions - Technology has been a contentious issue between the U.S. and China since the Cold War, with recent tariff threats exacerbating the situation [2]. - The U.S. government's blacklisting actions have contributed to the struggles of Chinese tech companies, including Hesai Group [3]. Group 2: Hesai Group Overview - Hesai Group (NASDAQ:HSAI), a lidar systems manufacturer, has a market cap of $2.45 billion and has seen a 12-month gain of 260% [3]. - The prices for lidar sensors have significantly decreased, with the product now present in approximately 74% of global robotaxis [4]. Group 3: Financial Performance and Market Sentiment - Hesai Group's stock experienced a 50.4% increase following its earnings report, despite a revenue miss, driven by a 28.3% revenue boost and a partnership with Mercedes-Benz [5]. - Short interest in Hesai Group has surged by 400% over the past two reporting periods, indicating a potential for a short squeeze [6]. Group 4: Investment Opportunities - The current geopolitical tensions have led some investors to consider overseas equities, with China-based companies like Hesai Group presenting attractive valuations [7].