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]

Investment Rating - The report indicates a strong investment outlook for the automotive sector, particularly in the areas of advanced driving and humanoid robotics, driven by technological advancements and market dynamics [3][7]. Core Insights - Embodied intelligence is identified as the strongest industrial trend in the automotive sector, with smart driving and humanoid robots being the two key directions [3]. - The report forecasts a significant increase in the penetration rate of advanced driving systems, expected to exceed 15% by 2025, with a year-on-year growth of 200% [3][10]. - The supply chain for smart driving components, including chips and lidar, is highlighted as a high-value investment area due to its explosive growth potential [4][27]. Summary by Sections Advanced Driving - Advanced driving is entering a phase of explosive growth, with a projected penetration rate of over 70% in the next 2-3 years [3]. - The report emphasizes the importance of the Tier0.5 model versus full-stack self-research in data acquisition and customer response speed, with full-stack self-research expected to gain a competitive edge [3][20]. - The Robotaxi segment is anticipated to reach a tipping point by 2025, with operational costs aligning with traditional ride-hailing services [3][26]. Humanoid Robotics - The humanoid robotics sector is on the verge of commercialization, with significant advancements expected by 2025, particularly in high-cost scenarios [5][35]. - The report identifies key components such as dexterous hands and sensors as critical to the humanoid robotics supply chain, with high average selling prices (ASP) and barriers to entry [5][48]. - The Chinese supply chain is expected to rise significantly, contributing to the cost reduction and mass production of humanoid robots [5][48]. Supply Chain Dynamics - The report highlights the increasing penetration and localization rates of smart driving chips, with Nvidia and Tesla leading the market [27][29]. - The laser radar market is also projected to see significant growth, with major players like Hesai and RoboSense capturing substantial market shares [31][33]. - The anticipated reduction in costs for smart driving systems is expected to make advanced driving features standard in vehicles priced above 200,000 RMB by 2025 [30][34].

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: Apple and Nvidia Developments - Apple has transported five cargo planes filled with iPhones from India to the U.S. between March 27 and 29 to avoid tariffs, with a potential loss of $8 million per day for delays [2] - Apple currently holds over $15 billion worth of iPhone inventory in the U.S., which is three times the sales volume in the last quarter of the previous year [2] - Nvidia has acquired Lepton AI, founded by a former Alibaba executive, for several hundred million dollars, enhancing its AI infrastructure capabilities [2] Group 2: AI and Automotive Innovations - A report from Stanford University indicates that the performance gap between U.S. and Chinese AI models has nearly closed, with significant advancements in AI systems and benchmarks [3] - Amazon's Zoox is set to test autonomous vehicles in Los Angeles, expanding its testing operations beyond several U.S. cities [3] - Leapmotor and Hesai Technology have entered a strategic partnership, with plans to procure approximately 200,000 units of Hesai's ATX LiDAR for future vehicle models [5] Group 3: Semiconductor and Robotics Developments - Silan Microelectronics is accelerating its SiC chip technology development, achieving a monthly production capacity of 9,000 6-inch SiC MOS chips [7] - Zhongwei Company has signed a project for a micro-processing equipment R&D center in Nanchang, focusing on third-generation semiconductor devices [8] - Infineon Technologies announced the acquisition of Marvell's automotive Ethernet business for $2.5 billion to enhance its software-defined vehicle capabilities [8] Group 4: Corporate Restructuring and Acquisitions - Deep Kangjia A is planning a professional integration with another state-owned enterprise, which may lead to a change in its controlling shareholder [9] - Chenghe Technology is planning to acquire at least 51% of Yingri Technology, with an estimated valuation of 1.8 billion RMB for the entire company [9]

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]