Core Insights - Hesai Group has launched its innovative lidar solution, Infinity Eye, designed for L2 to L4 autonomous driving, along with three next-generation automotive-grade lidar products: ETX, AT1440, and FTX [1][2] Product Overview - Infinity Eye A is tailored for L4 autonomous driving, combining four AT1440 lidars and four FTX lidars for full 360° coverage and zero blind spots, ensuring comprehensive awareness for applications like Robotaxis and Robotrucks [3] - Infinity Eye B is designed for L3 conditional autonomous driving, featuring a long-range ETX lidar and two FTX lidars for blind-spot detection, balancing extended range and wide-angle perception [7] - Infinity Eye C is optimized for L2 ADAS, utilizing the compact ATX lidar with a 200-meter range and up to 256 channels, ensuring accurate detection of distant obstacles [9][10] Technical Specifications - The AT1440 lidar boasts 1,440 channels, a 300-meter range at 10% reflectivity, and a point rate exceeding 34 million points per second, providing over 45 times the point cloud density of mainstream automotive lidars [4][5] - The FTX lidar features a 180° × 140° field of view, more than double the resolution of its predecessor, and effectively covers blind spots while detecting low-profile obstacles [6] - The ETX lidar achieves a 400-meter range at 10% reflectivity and has secured multi-year nominations from a leading European OEM, with mass production set for late 2026 [8] Technological Advancements - Hesai's fourth-generation technology platform enhances lidar performance, size, and manufacturability, integrating advanced photonic sensing and signal processing [12] - The Intelligent Point Cloud Engine (IPE) processes 24.6 billion samples per second, filtering out over 99.9% of environmental noise for reliable all-weather perception [13] Market Position and Production Capacity - Hesai's scalable portfolio supports diverse applications across automotive, robotics, and industrial markets, with over 85% component commonality across product lines [14][15] - The company projects deliveries of 1.2 to 1.5 million lidar units in 2025, supported by fully automated production lines capable of producing 2 million units annually [15] Robotics Applications - Hesai's sensor portfolio is widely adopted in robotics for applications such as autonomous delivery and logistics, collaborating with over 1,700 partners globally [16]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Insights - The company is a global leader in lidar technology, achieving its first Non-GAAP profit in 2024 and maintaining a strong market position with a 61% share in L4 and 26% in ADAS segments [8][40]. - The company has made three key strategic decisions that have significantly contributed to its growth: entering the smart driving sector, developing in-house chips to reduce costs, and pursuing a global business strategy to enhance profit margins [14][22]. Summary by Sections Investment Logic - The company is projected to achieve revenues of 32.6 billion, 47.3 billion, and 63.0 billion yuan from 2025 to 2027, with net profits of 2.7 billion, 6.5 billion, and 10.8 billion yuan respectively [3]. Company Overview - The company transitioned from producing laser gas analyzers to becoming a leader in smart driving technology, launching its first lidar product in 2016 and rapidly gaining market share [15][26]. - The company has maintained a gross margin above 35% since 2019, outperforming its competitors [56]. Market Trends - The total addressable market (TAM) for lidar technology is expected to expand significantly, with projections indicating a potential increase from 60 billion yuan to over 180 billion yuan [8][22]. - The company has successfully penetrated the global market, with 25.7% of its revenue coming from overseas in 2024, indicating a strong international presence [8][22]. Financial Projections - The company anticipates achieving approximately 32.6 billion yuan in revenue and a GAAP net profit of 2.7 billion yuan by 2025 [3][37]. - Earnings per share (EPS) are expected to rise from 2.06 yuan in 2025 to 8.24 yuan by 2027 [3]. Strategic Decisions - The company has made significant advancements in technology by developing its own chips, which has led to a reduction in production costs and improved product performance [19][45]. - The strategic shift to focus on smart driving has allowed the company to capture a significant share of the L4 market, with a consistent increase in lidar shipments projected for the coming years [20][55].

Core Insights - Hesai Group has announced the integration of its advanced ATX lidar solution into the newly launched luxury sedan, Zeekr 007GT, marking a significant milestone in their strategic partnership [1][3] - The ATX lidar is characterized by its small size, ultra-high-definition, and long-range capabilities, utilizing Hesai's fourth-generation proprietary architecture [2] - The Zeekr 007GT features NVIDIA DRIVE dual Orin-X chips, providing up to 508 TOPS of computing power, and includes a total of 31 high-performance perception sensors, enhancing detection accuracy in various challenging scenarios [3] Company Developments - As of March 2025, Zeekr's AEB function has successfully intervened to mitigate collision risks over 3.61 million times, highlighting the importance of lidar technology in enhancing vehicle safety [4] - Hesai's ATX lidar has been selected by 11 leading domestic and international OEMs for various models, with large-scale production and deliveries commencing in Q1 2025 [5] - The partnership with Zeekr is part of Hesai's mission to drive the mass adoption of lidar technology for intelligent driving, with ongoing collaborative projects advancing towards mass production [3][5]

禾赛科技系列 车中旭霞 行业深度 2024年中国乘用车激光雷达搭载率突破5%关键节点，产业链日趋成熟，2025年起伴随BYD（天神之眼）、零跑、长 安、吉利等中低端车型智驾平权，激光雷达有望全面渗透至15万元级别车型，行业渗透率加速提升，我们预计全球乘 用车激光雷达市场规模将由2024年的617亿元增至2027年的1358亿元，CAGR为30%，竞争格局方面，全球市场，参考 Yole数据，2024年，ADAS 乘用车激光雷达主要玩家为禾赛科技（26%）、速腾聚创（26%）、华为（24%），L4 自 动驾驶激光雷达主要玩家为禾赛科技（61%）、Waymo（14%）、速腾聚创（12%）。 芯片化设计+平台化产品+自动化产线，助力激光雷达加速放量 产品端， 面对无人驾驶、高级辅助驾驶、服务机器人等领域对激光雷达的多样化需求，公司推出立体化产品矩阵 （AT、FT、JT、XT、OT、PANDAR、QT、ET系列），涵盖机械旋转、转镜、电子扫描（纯固态）等技术方案。 技 术端， 禾赛科技的核心激光雷达技术包括芯片化设计能力（专用集成电路（ASIC）的架构）、产品平台化、感知算 法技术、车规级能力，芯片化设计+产品平台化+ ...

Core Insights - Hesai Group's AT128 lidar has been selected for the first L4 production-ready Robotaxi developed by Didi Autonomous Driving and GAC Aion, marking a significant advancement in autonomous vehicle technology [1][3] - The Robotaxi features four AT128 lidar sensors, providing a 360° blind-spot-free perception system with a resolution of 1200×128 and the ability to capture 1.53 million data points per second, enhancing safety in various driving environments [2] Company Overview - Hesai Group is a global leader in lidar technology, focusing on applications in automotive mobility, robotics, and other sectors, with a commitment to high performance, quality, and affordability [5] - DiDi Autonomous Driving, established in 2016, aims to develop advanced Level 4 autonomous driving technologies and has obtained public road testing licenses in multiple locations, including Beijing and California [6] Product Features - The AT128 lidar offers a long detection range of up to 200 meters and a 120° field of view, which significantly improves obstacle detection and safety in urban and highway scenarios [2] - The Robotaxi integrates a total of 33 sensors, utilizing a heterogeneous sensor fusion architecture for real-time situational awareness, enhancing navigation through complex traffic environments [2] Strategic Collaboration - The development of the L4 Robotaxi is the result of a multi-year collaboration between Didi Autonomous Driving and GAC Aion, combining advanced safety platforms and autonomous driving software [3] - Hesai's collaboration with Didi and GAC Aion exemplifies the synergy between lidar technology and autonomous driving systems, showcasing the potential for transforming transportation [3][4]

行业唯一一个连续四年获 "多项全球第一"殊荣的企业 。 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， Yole Group 日前 发布 的 《 2025 年全球车载激光雷达市场报告》指出，禾 赛在车载激光雷达市场摘得三项全球第一：全球车载激光雷达市占率第一、全球 ADAS 激光雷达市 占率第一、全球 L4 自动驾驶激光雷达市占率第一，也成为了行业唯一一个连续四年获"多项全球第 一"殊荣的企业 。 同时， 禾赛 还 再次蝉联全球 ADAS 激光雷达市占率第一的佳绩。 《报告》显示，作为全球激光雷达应用的核心增长引擎，中国正实现将激光雷达延伸至更亲民的 10 万元级车型。2024 年，中国激光雷达制造商供应了全球乘用车市场 92% 的激光雷达，其中 ADAS 领域同比增长 68%。以比亚迪和理想汽车为代表的行业头部企业正持续引领这一浪潮——比亚 迪"天神之眼"智驾系统已在主流车型实现规模化部署，理想汽车宣布将在 2025 年全系车型实现激 光雷达标配，标志着高阶智驾技术向大众市场加速渗透。 禾赛科技凭借革命性产品 ATX 在这一浪潮中实现了关键突 ...

Core Insights - Hesai Group has been recognized as the top automotive lidar company by market share for the fourth consecutive year by Yole Group, highlighting its leadership in the global lidar industry [1][2][6] - The company captured 33% of the global lidar market by revenue in 2024, with the overall market experiencing a significant growth of 60% year-on-year, reaching a value of $859 million [2][6] - In the robotaxi market, Hesai holds a commanding 61% market share, supplying major industry players [5][6] Market Position and Growth - Hesai's design wins with 22 OEMs across over 120 models have solidified its position as a top supplier in the automotive lidar segment [2][4][6] - The ADAS-enabled passenger vehicle market is expanding rapidly, particularly in China, with a year-on-year growth of 68% in 2024 [3][4] - The adoption of lidar technology is moving beyond luxury vehicles to more affordable models, indicating a democratization of the technology [3][4] Strategic Partnerships and Innovations - Strategic partnerships with leading global OEMs and ongoing technological innovations have bolstered Hesai's market leadership [1][5][6] - Industry leaders such as BYD and Li Auto are driving momentum, with BYD's intelligent driving system now available in mass-market models [4][5] Future Outlook - Yole Group anticipates that the adoption of lidar-based ADAS systems will push installations beyond three million units by 2025, further solidifying Hesai's leadership position [5][6] - The company has achieved full-year non-GAAP profitability and reported the strongest revenue among competitors, indicating a robust business model [6]

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]

Core Insights - Hesai Technology, a leader in lidar technology, announced its lidar solution will support Apollo Go's expansion into Dubai, promoting the global adoption of driverless solutions [1][3] - The partnership with Baidu Apollo, established in July 2024, aims to scale the fleet to 1,000 vehicles, showcasing the effectiveness of Hesai's lidar technology for L4 autonomous driving in complex environments [2] - Apollo Go's robotaxis have achieved a 60% cost reduction compared to previous models, indicating significant operational efficiency [2] Company Highlights - Hesai's lidar technology is recognized for its exceptional range, resolution, and reliability, essential for safe autonomous operations in urban settings [3] - The company supports Apollo Go's fully driverless operations, which have already completed over 150 million kilometers of safe driving and provided over 10 million rides in China [3]