预计2025年预计盈利飙升35倍。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，禾赛科技（NASDAQ：HSAI）于3月11日公布了2024年第四季度以及全年未经 审计的财务数据。 交付量 501,889 ª 连续 4 年交付量翻倍 综合毛利率 42.6% 全年净利润 (Non-GAAP 人民币) 1,369万元 全球首家目唯一全年盈利 现金储备 (人民币) 32.0亿元 打破多个激光雷达全球行业记录: 0 全球首个单日交付量招过 10 万会 ○ 全球激光雷达行业营收第一 ○ 全球首家目唯一全年盈利 ○ 全球首家全年经营和净现金流为正 2024 年， 禾赛收入创历史新高，年度交付量连续4年翻倍 ——具体来讲：禾赛在2024年第四季度 实现营收7.2亿元，全年实现营收20.8亿元，突破行业记录；第四季度的激光雷达总交付量为 222,054台，同比增长153.1%，这一数字已超过2023年全年。2024全年，激光雷达总交付量为 501,889 台 ， 同 比 增 长 126.0% 。 其 中 ， 第 四 季 度 ADAS 激 光 雷 达 交 付 量 ...

Core Insights - Hesai Technology has secured a new exclusive design win with a leading European OEM for advanced ultra-long-range automotive lidars, marking a significant milestone in the automotive lidar industry [1] - This multi-year program will extend into the next decade and is noted as the largest global program for automotive lidar [1] - The partnership underscores Hesai's reputation for performance and quality, reinforcing its position in the market [2] Company Overview - Hesai Technology is recognized as a global leader in lidar solutions, catering to a wide range of applications including passenger and commercial vehicles, autonomous driving, and robotics [3] - The company integrates in-house manufacturing with lidar R&D and design, allowing for rapid product iteration while maintaining high performance and affordability [3] - Hesai has established a global presence with offices in Shanghai, Palo Alto, and Stuttgart, serving customers in over 40 countries [3] Market Position - As of February 2025, Hesai has achieved 120 design wins across 22 automotive OEMs, indicating strong market penetration [2] - In December 2024, Hesai became the first lidar company to deliver over 100,000 units in a single month, showcasing its production capabilities [2]

Core Insights - Hesai Group achieved record-breaking lidar shipments in 2024, with total shipments exceeding 500,000 units, marking a doubling in shipments for four consecutive years [2][11] - The company reported full-year net revenues of RMB2,077.2 million (US$284.6 million), a 10.7% increase from the previous year, and became the first lidar company to achieve full-year non-GAAP net profits of RMB14 million [2][15] - The company anticipates significant growth in 2025, forecasting net revenues between RMB3.0 billion (US$411 million) and RMB3.5 billion (US$480 million) [3][16] Financial Performance - Quarterly net revenues for Q4 2024 were RMB719.8 million (US$98.6 million), up 28.3% from RMB561.2 million in Q4 2023 [12][15] - The gross margin for the full year of 2024 was 42.6%, an increase from 35.2% in 2023, attributed to effective cost and scale optimization [13][15] - The company reported a net income of RMB147.0 million (US$20.1 million) for Q4 2024, compared to a net loss of RMB140.9 million in the same period of 2023 [12][21] Business Developments - Hesai secured a groundbreaking, exclusive design win with a top European OEM, marking the largest global program for the automotive lidar industry [6][10] - The ATX long-range lidar is positioned to drive widespread adoption by offering cost-effective solutions for vehicle models priced as low as RMB100,000 [6][10] - The company has established partnerships with major domestic OEMs, including BYD, Great Wall Motor, and Changan, to enhance its market presence [2][10] Operational Highlights - In Q4 2024, ADAS lidar shipments reached 193,238 units, a 140.3% increase from the same period in 2023 [11][12] - Total lidar shipments for the full year of 2024 were 501,889 units, representing a 126.0% increase from 222,116 units in 2023 [11][15] - The company launched the JT series mini 3D mechanical lidar for Robotics, with mass production beginning in December 2024 [10][11] Market Outlook - The lidar industry is undergoing a transformation, with Hesai's products becoming essential for intelligent driving, akin to the importance of seat belts [2] - The company expects to continue its growth trajectory, with a forecasted increase in revenues and profitability for 2025 [3][16] - The Robotics market presents significant opportunities, with the company actively expanding its lidar applications in various sectors [2][10]

Group 1 - The article focuses on the investment service "Asia Value & Moat Stocks," which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The analyst has upgraded the rating for Hesai (HSAI) from Hold to Buy, anticipating that the upcoming Q2 '24 financial results will impress investors [1] Group 2 - The investing group provides a range of watch lists with monthly updates, specifically focusing on investment opportunities in the Hong Kong market [1]

Group 1 - Hesai Group Sponsored ADR (HSAI) has shown strong year-to-date performance, returning approximately 37.1%, significantly outperforming the Auto-Tires-Trucks sector, which has returned an average of -16.6% [4] - The Zacks Consensus Estimate for HSAI's full-year earnings has increased by 340% in the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [4] - HSAI currently holds a Zacks Rank of 2 (Buy), suggesting it is poised to outperform the broader market in the near term [3] Group 2 - Hesai Group is part of the Automotive - Original Equipment industry, which consists of 50 stocks and is currently ranked 167 in the Zacks Industry Rank [6] - The Automotive - Original Equipment industry has gained about 4% year-to-date, indicating that HSAI is performing better than its peers within this specific group [6] - Another stock in the Auto-Tires-Trucks sector, Mister Car Wash (MCW), has also outperformed the sector with a year-to-date return of 3.7% and holds a Zacks Rank of 2 (Buy) [5][7]

Core Insights - Hesai Technology is the global leader in lidar technology for automotive mobility and robotics applications, holding the largest number of published patent applications for lidar globally [1][2] - As of December 2024, Hesai has nearly 1,800 patents and patent applications worldwide, with over 1,500 published patent applications specifically for the lidar industry and more than 600 granted global patents [2] - The company has strategically acquired Swiss digital lidar patents, enhancing its intellectual property portfolio and solidifying its position as an innovation powerhouse in the lidar market [1][2] Patent and Technology Development - SPAD (Single Photon Avalanche Diode) technology is a core component of digital lidar, and Hesai began research in this area in 2016, making it one of the first companies to do so [3] - The acquisition of Fastree3D, a pioneer in SPAD technology, allows Hesai to integrate advanced SPAD core patented technology into its proprietary fourth-generation platform, set to enter production in 2025 [3][4] - This new platform aims to produce high-quality, high-performance, and affordable lidar products, accelerating the large-scale development of the lidar industry [4] Product Features and Capabilities - Hesai's next-generation solid-state FTX lidar features an industry-leading field of view (FOV) of 180° x 140°, with a range of 30 m at 10% reflectivity and a point rate of 492,000 points per second, which is 2.5 times higher than the previous generation [5] - The FTX lidar is designed to be compact, weighing 66% less than its predecessor, and has a reduced exposed window area by 40% [5] - Hesai's solid-state FTX lidar, along with mini JT128 and JT16 domed lidars, can be integrated into various intelligent robots, providing a cost-effective alternative to traditional 2D lidars or cameras [6] Market Performance and Expectations - In December 2024, Hesai delivered over 20,000 lidar units to robotics customers and expects to ship over 1 million lidar units in 2025, supported by its in-house mass production capabilities and ongoing innovation [7]

Core Viewpoint - Hesai Group, a leader in lidar solutions, will report its fourth quarter and full year 2024 unaudited financial results on March 10, 2025, after U.S. market close [1] Financial Results Announcement - The earnings conference call is scheduled for 9:00 PM U.S. Eastern Time on March 10, 2025, which corresponds to 9:00 AM Beijing/Hong Kong Time on March 11, 2025 [2] - Participants can join the call by pre-registering and must dial in 5 minutes before the call starts [2] Conference Call Details - A live and archived webcast of the conference call will be available on the Company's investor relations website [3] - Replay of the conference call will be accessible approximately one hour after the call until March 18, 2025, with specific dial-in numbers provided for different regions [3] Company Overview - Hesai is recognized as the global leader in three-dimensional lidar solutions, with applications in passenger and commercial vehicles, advanced driver assistance systems (ADAS), and autonomous vehicle fleets [4] - The Company has strong R&D capabilities and integrates lidar designs with in-house manufacturing, ensuring high performance and quality [4] - Hesai has established relationships with leading automotive OEMs and robotics companies across over 40 countries as of December 31, 2024 [4]

供货数量将达到几十万台。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，禾赛科技（纳斯达克：HSAI）日前宣布，将加深与全球新能源市场领军者比亚 迪在智驾方面的合作，并即将进入大规模量产上车阶段。2025 年，比亚迪旗下十余款车型将搭载禾 赛激光雷达陆续上市。 2024年，比亚迪全球销量427万辆，同比增长41.26% ，一举拿下中国汽车市场的车企销量冠军、 中国汽车市场品牌销量冠军以及全球新能源车市场销量冠军。 同时，比亚迪在智能化领域全面发力，董事长兼总裁王传福表示，将投入1000 亿元用于实现整车全 面智能化进阶。2025年，比亚迪提出希望通过自研的"天神之眼"高阶智能驾驶辅助系统，让每一位 用户都能体验到高阶智驾的便捷。目前，比亚迪智驾车型搭载量已突破400万辆，位居中国第一。 禾赛激光雷达也将赋能智驾安全，加速助力比亚迪实现"智驾平权"的目标 —— 今年 ， 将有十余款 车型搭载禾赛激光雷达陆续上市 ， 包括比亚迪、腾势品牌的大部分新车型都将搭载禾赛ATX激光雷 达，供货数量将达到几十万台。 2024 年年底， 禾赛成为了全球首个单月交付 ...

Group 1 - Hesai Group Sponsored ADR (HSAI) is a notable stock within the Auto-Tires-Trucks sector, currently outperforming the sector with a year-to-date gain of 23.7% compared to the sector's average return of -8.3% [4] - The Zacks Rank for HSAI is 2 (Buy), indicating a favorable outlook based on earnings estimate revisions and improving earnings sentiment [3] - The Zacks Consensus Estimate for HSAI's full-year earnings has increased by 866.7% in the past quarter, reflecting a positive trend in analyst sentiment [4] Group 2 - The Auto-Tires-Trucks group ranks 12 within the Zacks Sector Rank, which assesses the strength of 16 sector groups based on the average Zacks Rank of individual stocks [2] - Hesai Group is part of the Automotive - Original Equipment industry, which consists of 50 stocks and currently ranks 159 in the Zacks Industry Rank, with an average gain of 2.5% year-to-date [6] - Another stock in the Auto-Tires-Trucks sector, Phinia (PHIN), has also shown positive performance with a year-to-date increase of 2.3% and a Zacks Rank of 2 (Buy) [5]

Company Developments - Hesai Technology will deepen cooperation with BYD, providing automotive lidar for over 10 BYD models expected to enter mass production in 2025 [1] - Hesai has achieved over 100 design wins across 22 automotive OEMs, including notable companies like Chery, Great Wall Motors, and Changan [5] - Hesai's ATX lidar, which offers powerful performance in a compact form, will enter mass production in Q1 2025, with multiple companies incorporating it into standard configurations for mass production models [6] Industry Trends - BYD sold over 4 million intelligent driving-equipped vehicles in 2024, surpassing all domestic competitors [2] - The automotive lidar market in China is experiencing strong growth, with installation volume exceeding 1.5 million units in 2024, more than double the volume in 2023 [3] - Hesai became the first lidar company to deliver over 100,000 units in a single month in December 2024, with planned annual production capacity expected to exceed 2 million units in 2025 [4]