Summary of Hesai Group Conference Call Company Overview - **Company**: Hesai Group (HSAI/2525.HK) - **Industry**: LiDAR solutions for Advanced Driver Assistance Systems (ADAS) and autonomous vehicles Key Points Market Potential and Financial Projections - **Overseas ADAS Contribution**: By 2030E, overseas ADAS opportunities are expected to account for 25% of Hesai's profit, with overseas ADAS LiDAR volume projected to reach 3 million units, similar to China's volume in 2025E [1][12] - **Revenue Forecast**: Hesai's revenue is forecasted to reach RMB 14 billion and net profit RMB 3 billion by 2030E, with a net margin of 21% [1][22] - **Target Price Increase**: The 12-month ADR target price has been raised to US$36 (previously US$26.3), and the H-share target price is set at HK$281, implying 24% and 23% upside respectively [2][59] Long-term Valuation Methodology - **Valuation Methodology**: Transitioning to a long-term valuation approach of 20X P/E on 2030E EPS, discounted back to 2026E with an 11% cost of equity [2][47] - **Net Profit Estimates**: Net profit estimates for 2026E-2027E have been increased by 11%-17% due to higher expected LiDAR penetration and mass production evidence from overseas OEMs [2][46] LiDAR Market Dynamics - **Mass Production Timeline**: Expectation for overseas mass production of LiDAR-equipped vehicles to commence in 2026E/2027E, particularly among European OEMs [3][11] - **Design Wins**: Hesai has secured design wins from a top European OEM for a multi-year program, with mass production starting on premium models in 2026 and mid-end models in 2027 [11][15] Competitive Landscape - **Cost Advantage**: Hesai is positioned with a strong cost advantage due to mature mass-production capabilities, which is expected to enhance its competitiveness in the overseas market [15][22] - **Market Share Goals**: Hesai aims to capture 33% of the overseas market share by 2030E, with projected sales volume contributions of 5,000 to 1 million units from 2026E to 2030E [18][22] Risks and Challenges - **Adoption Risks**: Potential slower adoption of LiDAR technology in both domestic and overseas markets could hinder growth [53][54] - **Intensified Competition**: Increased competition from other LiDAR suppliers, particularly Huawei and Robosense, may impact Hesai's ability to secure future design wins [56] - **Pricing Pressure**: Ongoing price competition among OEMs could exert pressure on Hesai's pricing and margins [56] - **Policy Risks**: Hesai's designation as a "Chinese Military Company" by the US Department of Defense poses potential risks to its business operations and partnerships with global OEMs [56] Financial Performance - **Revenue Growth**: Projected revenue growth of 63% in 2025E and 52% in 2026E, with a significant increase in net income expected [57][60] - **Gross Margin Expectations**: Anticipated gross margin of approximately 40% for overseas ADAS, compared to 30% domestically [22][23] Conclusion - **Investment Thesis**: Hesai is positioned to benefit from the accelerating adoption of LiDAR in the NEV market and overseas ADAS opportunities, with a strong growth outlook supported by new design wins and product launches [60][62]

来源：格隆汇APP 禾赛(HSAI.US)盘前涨超2%，报29.67美元。消息面上，摩根士丹利发布研报称，中国自动驾驶出租车 的车队规模与运营区域持续扩大。同时，全球自动驾驶出租车的竞赛已进入新阶段，成为推动中国向 L4+级自动驾驶发展的强大催化剂。该行预计，2030年L4+级自动驾驶计程车将占中国出租车或共用出 行车队总规模的8%。该行认为，在当前行业竞赛中，具有可扩展产品销售能力的头部硬体制造商，如 禾赛，将受惠于配置升级的加速。(格隆汇) ...

Group 1: Industry Developments - Jingu Co. established a wholly-owned subsidiary, "Hangzhou Jingu Embodied Intelligence Technology Co., Ltd.," to enter the embodied intelligence sector, focusing on humanoid, quadruped, service, and specialized application robots, leveraging its material technology for cost-effective solutions [2] - The U.S. Department of Transportation plans to propose three new federal motor vehicle safety standards in Spring 2026, aimed at updating regulations for autonomous vehicles without manual controls, reflecting a commitment to reshape the regulatory framework for autonomous driving [2] - Tesla's Robotaxi service is now open to the public in the U.S., following a pilot program in Texas, which could accelerate the adoption of autonomous driving technology and reshape the global transportation landscape [3] Group 2: Strategic Partnerships and Collaborations - Pony.ai announced a partnership with Qatar's national transport company Mowasalat to advance autonomous driving technology in Qatar, adapting its technology to local conditions [4] - Changan Automobile launched the "Tianshu Intelligent" brand, planning to explore applications for industrial robots and family service robots by 2030, marking a shift from vehicle manufacturing to smart living services [5][6] - Uber and Momenta are set to test a joint Robotaxi project in Munich, Germany, with plans for a full launch in 2026, indicating a significant step for Chinese autonomous driving technology in international markets [9][10] Group 3: Regulatory and Safety Initiatives - The China Automotive Engineering Research Institute introduced a "smart driving pyramid grading evaluation system," providing a structured assessment of autonomous driving capabilities to guide industry development and consumer choices [7][8] - The Ministry of Industry and Information Technology is soliciting public opinions on mandatory national standards for intelligent connected vehicles, aiming to strengthen safety measures in the industry [19] - Xiaomi announced a recall of over 116,000 SU7 electric vehicles due to safety concerns with the L2 highway navigation assistance feature, demonstrating a commitment to consumer safety and industry standards [22] Group 4: Market Movements and Financial Activities - Hesai Technology completed a dual listing on the Hong Kong Stock Exchange, raising over 4.16 billion HKD, marking the largest IPO in the global lidar industry [17] - Alibaba Group made a strategic investment in Hello's Robotaxi business, enhancing collaboration in autonomous driving and accelerating the commercialization of Robotaxi services [20][21] - Horizon Robotics established its European headquarters in Munich, enhancing its operational capabilities for the global market and supporting Chinese automotive companies in Europe [11]

Core Viewpoint - Hesai Technology has officially listed on the Hong Kong Stock Exchange, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong, marking the largest IPO in the global lidar industry to date and the largest financing scale for a Chinese concept stock returning to Hong Kong in nearly four years [1] Group 1: Company Overview - Founded in 2014 in Shanghai, Hesai Technology's products are widely used in advanced driver-assistance systems (ADAS), autonomous vehicles, and various intelligent robotic applications [1] - The company holds the leading market share in the global lidar segments for automotive, ADAS, and L4 autonomous driving [1] Group 2: Dual Primary Listing Strategy - The strategic considerations for the dual primary listing include broadening capital channels, enhancing financing flexibility, optimizing investor structure, attracting global quality capital, and boosting global brand influence and market confidence [2] - The dual primary listing provides a new financing platform closer to Asian investors, enhancing the company's ability to respond to international capital market fluctuations and supporting ongoing investment in lidar core technology research and global market expansion [2] Group 3: Fund Utilization - Approximately 50% of the funds raised will be allocated to R&D investments, optimizing and upgrading ASIC pathways and other key technologies, while 35% will be used to enhance production capacity and streamline manufacturing processes [3][2] - The remaining 5% will focus on business development, improving product development and compliance with vehicle regulations, and building sales and customer service teams [2] Group 4: Financial Performance - In 2024, Hesai Technology achieved a revenue of 2.08 billion yuan, with annual delivery volume doubling for four consecutive years, making it the first and only publicly listed lidar company to achieve annual profitability [4] - The company’s revenue compound annual growth rate (CAGR) from 2021 to 2024 reached 42.3%, indicating robust growth [4] Group 5: Market Dynamics - The lidar market is experiencing rapid growth, with Hesai Technology capitalizing on this trend, as lidar has become a core factor in purchasing decisions [4] - In the first half of 2025, the total delivery volume of Hesai Technology's lidar exceeded 540,000 units, representing a year-on-year growth of over 270% [4] Group 6: Competitive Positioning - Hesai Technology claims to lead in both ADAS and robotics markets, supported by strong foundational capabilities and a robust talent team [5] - The company emphasizes that its pricing strategy is driven by technological innovation rather than a "price-cutting" approach, ensuring performance and reliability while maintaining cost advantages [5][6] Group 7: Potential Concerns - The company faces potential risks related to customer dependency, with a significant portion of revenue coming from a few major clients, which could impact financial stability if any major client reduces orders [7] - An increase in accounts receivable has also been noted, raising concerns about credit risk and the ability to recover outstanding debts [7]

Core Insights - Chinese autonomous driving companies are increasingly entering international markets, shifting from technology importers to exporters, and becoming essential partners in global collaborations [1][2][3] Group 1: International Expansion - Hesai Technology signed a laser radar order worth over $40 million with a leading US Robotaxi company [1] - Momenta plans to start L4 autonomous Robotaxi testing in Munich, Germany, in 2026, having established deep partnerships with over 20 global automakers [2] - Companies like Baidu and Xiaoma Zhixing are also expanding their Robotaxi services internationally, with plans to launch in various regions by 2025-2026 [2][3] Group 2: Technological Advancements - Chinese companies are leveraging complex road environments to develop superior algorithms, enhancing their problem-solving capabilities [4] - Momenta's "data flywheel" approach allows for continuous training and optimization of its algorithms using data from over 400,000 vehicles [4] - The shift from high-precision maps to "mapless" solutions is gaining traction, with Chinese firms leading this technological transition [5] Group 3: Cost Reduction and Commercial Viability - The cost of manufacturing Robotaxis has decreased by 80% over the past five years, making them more competitive globally [6] - Companies like Hesai Technology are producing high-performance laser radars at significantly lower costs, enabling larger fleet deployments [6] - The total cost of Xiaoma Zhixing's seventh-generation autonomous driving suite has decreased by 70%, with substantial reductions in key components [6] Group 4: Market Dynamics and Future Outlook - The capital market's focus is shifting from technology feasibility to commercialization timelines and cash flow expectations [7] - A potential wave of mergers and acquisitions may occur as companies with specific technological expertise seek partnerships with larger firms [7] - Collaborations between tech companies and ride-hailing platforms like Uber are expected to accelerate profitability in the autonomous driving sector [7][8]

Core Insights - Hesai Group (NASDAQ:HSAI) is recognized as a leading lidar stock, recently expanding its production agreement with a prominent robotaxi company in the US [1][2] - The new lidar supply deal is valued at over $40 million, with deliveries expected to be completed by the end of 2026, reinforcing Hesai's position in the autonomous vehicle market [2] - Hesai commands approximately 61% of the global L4 autonomous driving lidar market share, positioning the company to benefit from the growing robotaxi market [3] Company Overview - Hesai Group designs and manufactures high-performance lidar sensors for various applications, including autonomous driving, advanced driver-assistance systems (ADAS), and robotics [4] - The company integrates in-house manufacturing with research and development to produce high-quality lidar solutions for vehicles, last-mile delivery robots, and industrial robots [4] Market Position - The expanded agreement with the robotaxi firm highlights the confidence in Hesai's technology, which is characterized by performance, reliability, and scalable manufacturing [4] - As the industry transitions from pilot programs to large-scale deployments, Hesai aims to deliver lidar solutions that meet high standards of quality for safe and reliable driverless mobility [4]

Core Viewpoint - Hesai Technology (HSAI.US) shows a positive market response with a 3% increase in stock price, reaching $29.67, supported by a report from CMB International that highlights the company's robust fundamentals and upward adjustments in revenue and profit forecasts [1] Group 1: Financial Performance - CMB International raised the target price for Hesai Technology from $27.52 to $34.66 based on a DCF model [1] - Revenue forecasts for 2026 and 2027 were increased by approximately 2%, projected at $4.434 billion and $5.775 billion respectively [1] - Net profit estimates were raised by about 6%, expected to be $441 million and $624 million for the same periods [1] Group 2: Business Developments - Hesai Technology officially listed on the Hong Kong Stock Exchange on September 16, becoming the first lidar company to achieve a dual listing in both the US and Hong Kong [1] - The company is expanding its focus from solely automotive lidar to new fields such as robotics [1] - In the first half of the year, Hesai Technology's lidar shipments in the robotics sector reached 98,000 units, marking a significant year-on-year growth of 692.9% [1]

Group 1: Company Overview - Hesai Technology, headquartered in Shanghai, specializes in LiDAR solutions primarily for automotive ADAS, autonomous driving, and robotics [3][4] - The company is the first to list on the Hong Kong Stock Exchange via the "Specialized Technology Route" and is the first Chinese concept stock to return to Hong Kong from the US in two years [4][5] Group 2: IPO Details - Hesai's IPO was completed in just half a month, setting a new record for IPO review efficiency in Hong Kong [5] - The IPO was highly successful, with a subscription rate of 169 times, raising HKD 4.16 billion, marking the largest financing scale for a Chinese concept stock returning to Hong Kong in four years [9] - The company plans to allocate 50% of the IPO funds to R&D, 35% to enhance production capacity, 5% for business development, and 10% for working capital [9] Group 3: Market Performance and Strategy - Following its return to Hong Kong, Hesai aims to mitigate uncertainties in the US market and enhance liquidity and valuation [8] - The stock price of Hesai in the US has increased by 57% since August, reaching USD 29.80 on September 16 [8] Group 4: Financial Performance - In the first half of 2023, Hesai achieved profitability, with a significant increase in LiDAR shipments from 8.04 million units in 2022 to 22.21 million units in 2023 [12][14] - The company's revenue from LiDAR products is projected to grow significantly, with a compound annual growth rate of 57.6% from USD 300 million in 2020 to USD 1.71 billion by 2029 [12] Group 5: Product and Industry Trends - The global LiDAR market is experiencing explosive growth, with Hesai being the largest supplier by revenue from 2022 to 2024 [12][14] - The average selling price of Hesai's LiDAR products has decreased significantly, from approximately USD 10,000 to USD 200, enabling widespread adoption in vehicles [14]

禾赛(HSAI.US)盘前涨2.57%，报29.53美元。交银国际发报告，认为禾赛科技Robotaxi业务订单持续落 地，基本面维持稳健，基于DCF模型上调美股目标价，由27.52美元上调至34.66美元。该行还调高禾赛 科技2026至2027年收入预测约2%，至44.34亿及57.75亿元；净利润预测调高约6%，至4.41亿元及6.24亿 元。根据数据显示，今年上半年在前装量产领域，禾赛装机量市占率约33%，居行业第一。(格隆汇) | HSAI 天赛 | 0 | | --- | --- | | 28.790 ↓ -1.010 -3.39% | | | 29.530 + 0.740 +2.57% 盘前价 09/18 04:10 美东 | | | 一 24 4 5 8 8 同 ♥ 白选 ● 快捷交易 | | | 最高价 29.570 开盘价 29.570 成交量 359.79万 | | | 最低价 28.120 昨收价 29.800 成交额 1.03亿 | | | 平均价 28.598 市盈率TM 254.78 总市值 38.48亿 (--) | | | 振 幅 4.87% 市盈率(静) 亏损 总股本 1.34 ...

Group 1 - The core viewpoint of the articles highlights the robust growth and strategic partnerships of Hesai Technology in the Robotaxi sector, with significant orders and market leadership in lidar shipments [1][2] Group 2 - Hesai Technology signed a lidar order worth over $40 million (approximately 285 million RMB) with a leading US Robotaxi company, becoming its sole supplier for long-range and short-range lidar products, with delivery planned by the end of 2026 [1] - In the first half of 2025, Hesai's lidar shipment volume reached 550,000 units, representing a year-on-year increase of 276.2%, with ADAS deliveries at 450,000 units (up 237.5%) and robotics deliveries at 98,000 units (up 692.9%) [1] - The company achieved a 33% market share in the front-mounted production sector in the first half of 2025, ranking first in the industry [1] Group 3 - The introduction of L3 autonomous driving regulations is expected to accelerate lidar penetration and increase the number of lidar units per vehicle, serving as a catalyst for the automotive autonomous driving components market [2] - The target price for Hesai has been raised, reflecting a 2% increase in revenue forecasts for 2026-27 due to ongoing order acquisition and expanded market opportunities following the L3 regulations, with net profit forecasts increased by 6%-7% [2] - Hesai's profitability is noted as leading the industry, with the company being recognized for its technological and cost advantages as a market leader [2]