Core Viewpoint - Hesai Group is facing significant scrutiny and pressure on its stock following allegations from short seller Blue Orca Capital, which claims the company is misleading investors regarding its ties to the Chinese military and its financial disclosures [1][2]. Financial Concerns - Blue Orca Capital has accused Hesai of providing suspect financials and lying about its involvement with the Chinese military, deeming the company untrustworthy and uninvestable [2]. - The short seller highlighted that Hesai's profitability, reported late last year, may have been artificially inflated by a $20 million break-up fee from its largest customer, which was not disclosed to investors [6]. - Concerns were raised about inconsistent purchasing volumes relative to reported sales and unexplained margin expansion, alongside the withdrawal of the company's IPO in China [8]. Military Allegations - Allegations have been made that Hesai has misled both investors and U.S. authorities regarding the use of its lidar technology for military applications, with evidence presented showing a military vehicle equipped with Hesai's lidar system [3]. - The Department of Defense designated Hesai as a "Chinese military company" in January 2024, and the company is currently suing to be removed from this list, with expectations that it may lose the case [4]. Revenue Impact - Blue Orca estimates that Hesai could lose a customer segment that historically accounted for 40% of its revenues and approximately 57% of its gross profit due to its military designation [5]. - Following a recent surge in stock price due to a reported multi-year deal with Mercedes-Benz, skepticism remains regarding the exclusivity of this deal, as Mercedes has not publicly confirmed it [7]. Stock Performance - Hesai Group's stock has seen a nearly 300% increase over the past year, but it was down 8.5% to $20.39 at the time of the report's publication [9].

聚集源头工厂的 1688 因低价吸引消费者。2023 年 11 月，阿里将 1688 列为四大 "战略级创新业务" 之一，并称其将以 3 - 5 年为周期持续投入。2024 年，1688 活跃买家数同比增长 55%。截至 2025 年 2 月，1688 年度活跃买家数（AAC）超过 1 亿。 巴菲特增持 5 家日本商社股票，4 家持股比例超过 9%。 巴菲特的公司伯克希尔·哈撒韦 3 月 17 日的财务文件显示，公司已增持 5 家日本商社（三井物产、 三菱商事、住友商事、伊藤忠商事和丸红）股票，在其中四家持股比例超过 9%。公司曾说，自己 持有的日本股票总价值 "远超伯克希尔持有的美国以外任何其他国家的股票总价值"，并计划 "长 期" 持有，比例可能高达 9.9%，但需要董事会特别批准。巴菲特今年 2 月在致股东信中说到，五 大商社同意对伯克希尔 "适度放宽" 持股比例 10% 以下的限制。 松绑 "仅退款" 的平台又多一家。阿里旗下 B2B 电商平台 1688 将于 3 月下旬取消仅退款政策。 此前，买家因质量问题发起仅退款申请后，平台会介入，进行退款，无需商家同意。仅退款政策取 消后，再发生类似情况，平台 ...

Investment Ratings - The report maintains a "Buy" rating for several companies including Zijin Mining, Weichuang Electric, Ideal Auto, and Honghua Wisdom Energy [22][24][26][36] Core Insights - The macroeconomic environment shows signs of recovery, with consumer demand beginning to stabilize, particularly in the real estate and automotive sectors [2][4] - The report highlights a positive outlook for the consumer sector driven by government initiatives aimed at boosting consumption, including the "Consumption Promotion Special Action Plan" [17] - The technology sector, particularly companies like NVIDIA, is expected to benefit from upcoming product launches and advancements in chip technology [28] Summary by Sections Macro Overview - The report indicates that the U.S. economic growth expectations are being downgraded, while Germany's fiscal expansion plans are gaining traction [2] - Consumer demand is showing marginal improvement compared to the previous year, with signs of recovery in housing transactions and automotive sales [2][4] Sector Analysis - The consumer sector is expected to see a shift from "repair growth" to "endogenous expansion," with a focus on service consumption and quality improvement [17] - The report emphasizes the potential for structural investment opportunities in sectors such as AI-driven consumption and the aging population market [17][18] Company-Specific Insights - Zijin Mining is projected to maintain strong growth with a forecasted CAGR of 14% for net profit from 2025 to 2028 [22] - Weichuang Electric is recognized for its leadership in industrial control and is expected to expand into new markets, maintaining a "Buy" rating [22] - Ideal Auto's revenue is expected to grow significantly, with new models set to launch in 2025 [24] - Honghua Wisdom Energy reported a substantial increase in core profits, with a projected dividend yield exceeding 6% [29] Market Trends - The A-share market is anticipated to continue its upward trend, supported by a favorable macro environment and active market sentiment [7] - The report notes that the technology sector remains a key focus for investment, with expectations of strong performance in the coming quarters [5][6]

Investment Rating - The report indicates a strong investment trend in the automotive sector, particularly in the areas of intelligent driving and robotics, highlighting the potential for significant growth and innovation in these fields [3]. Core Insights - The automotive industry is experiencing a transformation driven by advancements in intelligent driving and robotics, with companies like Li Auto and XPeng leading the charge with new electric SUV models and AI technologies [1][2]. - The report emphasizes the importance of high-level intelligent driving and robotaxi services, predicting explosive growth in related supply chain components such as chips, lidar, and optical devices [3]. - The collaboration between companies, such as the strategic partnership between Wuzhou Xinchun and Hangzhou Xinjian, is expected to enhance product development and technological capabilities in the robotics sector [2][3]. Summary by Sections Intelligent Driving - Li Auto announced its 2024 financial results, projecting revenue of 144.5 billion yuan, a 16.6% increase year-on-year, and a net profit of 8 billion yuan, a 31.9% decline [1][7]. - XPeng launched its 2025 model G9, featuring the Turing AI chip, with significant upgrades in visual perception and recognition speed [1][8]. - The approval of commercial robotaxi services in Beijing marks a significant milestone for autonomous driving technology [1][9]. - Hesai Technology reported record revenue and delivery numbers, becoming the first profitable lidar company globally [1][10]. Robotics - The strategic cooperation agreement between Wuzhou Xinchun and Hangzhou Xinjian aims to enhance the production of key components for intelligent vehicles [2][35]. - The launch of the "Tian Gong Xing Zhe" research robot by UBTECH represents a significant advancement in humanoid robotics, priced at 299,000 yuan [2][17]. - The introduction of the GO-1 model by Zhiyuan Robotics signifies a leap in embodied intelligence, allowing robots to learn and adapt quickly to new tasks [2][25][28]. - The establishment of a large humanoid robot production line by Figure, with an initial capacity of 12,000 units per year, indicates a strong commitment to scaling production in the robotics sector [2][23][24].

Investment Rating - The investment rating for the company is "Buy" with a target price of $26.64 [6][7]. Core Insights - The company reported strong Q4 2024 performance with revenue of 720 million RMB, a year-on-year increase of 28.3% and a quarter-on-quarter increase of 33.3%. The net profit for the quarter was 150 million RMB, aligning with previous expectations. The laser radar shipment reached 222,000 units, marking the highest quarterly output and revenue levels in history [1]. - For Q1 2025, the company guides revenue between 520-540 million RMB, and for the full year 2025, it expects laser radar shipments to double or triple, achieving revenue of 3-3.5 billion RMB and a non-GAAP net profit of 350-500 million RMB [1]. - The report highlights the growing demand in the intelligent driving and robotics sectors, which is expected to drive market growth for laser radar [1]. Summary by Sections Q4 Performance - In Q4 2024, the company achieved a revenue of 720 million RMB, with a net profit of 150 million RMB. The laser radar shipment was 222,000 units, including 193,000 units for ADAS and 29,000 units for robotics, representing the best quarterly performance to date [1][2]. ADAS Segment - The total shipment of ADAS laser radar in Q4 2024 was 193,000 units, significantly up from 80,400 units in the same period last year. The company has secured orders from 22 OEMs for over 120 vehicle models, supporting a target delivery of 1-1.3 million ADAS laser radars in 2025, up from 456,000 units in 2024 [2]. Robotics Segment - The robotics laser radar sales reached 29,000 units in Q4 2024. The company aims to deliver 200,000 units in 2025, benefiting from product iterations and price reductions in various applications such as Robotaxi, industrial automation, and consumer robotics [3]. Valuation - The target price has been raised to $26.64, reflecting an optimistic outlook on the demand driven by intelligent driving and robotics. The expected shipments for 2025, 2026, and 2027 are projected to reach 1.41 million, 2.17 million, and 2.95 million units respectively, with revenue forecasts adjusted upwards to 3.42 billion, 5 billion, and 6.78 billion RMB for the same years [4][11].

Investment Rating - The report maintains a "Buy" rating for Hesai Technology, indicating strong growth potential in the lidar market and expected revenue increases for 2025-2027 [8][12][32]. Core Insights - Hesai Technology reported a net revenue of RMB 2.077 billion (approximately USD 285 million) for 2024, marking a year-on-year growth of 10.7% and achieving a non-GAAP net profit of RMB 13.7 million, reversing a loss from the previous year [3][4]. - The company experienced a significant increase in gross margin, reaching 42.6% in 2024, up from 35.2% in 2023, primarily due to cost optimization and increased sales volume [4][5]. - Hesai's Q4 2024 performance was particularly strong, with net income of RMB 720 million (approximately USD 98.6 million), a year-on-year increase of 28.3%, and a non-GAAP net profit of RMB 170 million [4][5]. - The company anticipates a revenue of RMB 3-3.5 billion (approximately USD 411-480 million) for 2025, representing a growth of 44%-69% compared to 2024 [6][8]. Summary by Sections Hesai Technology - Hesai Technology is positioned as a leading player in the autonomous driving and advanced driver-assistance systems (ADAS) lidar market, with a projected shipment of 1.5 million units in 2025 [8]. - The company has secured exclusive design contracts with top European OEMs, indicating strong demand for its lidar products [6][7]. - Hesai's new product line, including the JT series of 3D lidar for robotics, is expected to enhance its market presence and revenue streams [7]. Ideal Automotive - Ideal Automotive is transitioning from an electric vehicle manufacturer to an artificial intelligence company, with plans to leverage AI in its product offerings [9][10]. - The company is expected to achieve significant revenue growth, with projected net profits of RMB 13.35 billion and RMB 19.18 billion for 2025 and 2026, respectively [11]. Energy and Aluminum Sector - The report highlights the robust performance of Electric Power Energy and Shenhua Co., with both companies benefiting from rising aluminum prices and stable coal operations [12][13]. - Electric Power Energy is noted for its strong cash flow and stable profit margins, while Shenhua Co. is expected to see enhanced earnings due to its high aluminum production capacity [14][15]. Chemical Industry - Baofeng Energy reported a revenue of RMB 32.983 billion (approximately USD 4.5 billion) for 2024, driven by increased production and sales of polyethylene and polypropylene [24][26]. - The company is expanding its coal-to-olefins project in Xinjiang, which is expected to significantly boost its production capacity and market competitiveness [30][31]. Defense and Alloy Market - The report indicates that increased defense spending in China is likely to drive demand for chromium salts and high-temperature alloys, benefiting companies in the materials sector [38][39].

证券研究报告 | 行业动态点评 2025 年 03 月 13 日 通信 禾赛激光雷达全年出货量大幅增长，车载、机器人激光雷达市场景 气度高增 事件：3 月 11 日，据禾赛科技官方公众号，公司公布了 2024 年第四季度以 及全年未经审计的财务数据，收入创历史新高，成为全球首家且唯一实现全 年盈利的上市激光雷达企业，展现我国在激光雷达领域的领先能力。 禾赛科技全年业绩实现强劲增长，2025 年交货量有望飙升 2倍以上。2024 年，据禾赛科技官方公众号，公司以强劲的财务表现和市场表现，收入创历 史新高，稳居行业榜首，年度交付量连续 4 年翻倍，成为全球首家且唯一实 现全年盈利的上市激光雷达企业，也是全球首家全年经营和净现金流为正的 上市激光雷达企业。公司在 2024 年实现全年营收 20.8 亿元，其中第四季度 营收 7.2 亿元。全年激光雷达总交付量为 501,889 台，同比增长 126.0%；其 中第四季度交付量达 222,054 台，同比大幅增长 153.1%。公司在 Q4 斩获至 今为止海外前装量产激光雷达领域规模最大的订单，与一家欧洲顶级主机厂 达成了多年独家定点合作，覆盖其燃油车和新能源汽车的多 ...

Investment Rating - The report maintains a "Buy" rating for the company HSAI.US, with a target price raised to $20.0, indicating a potential upside of 25% based on a 2025 adjusted price-to-earnings ratio of 48.0x [1][5][10]. Core Insights - The company achieved a significant milestone by recording its first profitable quarter in Q4 2024, with revenue of RMB 720 million, a 28% year-over-year increase, and a gross margin of 39.0% [10][12]. - For 2025, the company expects revenue to reach RMB 30-35 billion, with substantial growth in non-GAAP net profit and GAAP profit projected between RMB 200-350 million [10][12]. - The domestic market for intelligent driving is accelerating, and the company is expanding its overseas customer base, which is expected to support continued growth in ADAS lidar shipments [10][12]. - The company is also seeing rapid growth in its robotics applications, with expectations of nearly 200,000 units shipped in 2025, contributing positively to its gross margin [10][12]. Financial Forecasts - Revenue projections for the company from 2023 to 2027 are as follows: RMB 1,877 million in 2023, RMB 2,077 million in 2024, RMB 3,058 million in 2025, RMB 4,231 million in 2026, and RMB 6,434 million in 2027, reflecting a compound annual growth rate [2][11]. - The expected net profit (loss) transitions from a loss of RMB 476 million in 2023 to a profit of RMB 1,054 million by 2027, indicating a significant turnaround [2][11]. - The gross margin is projected to fluctuate slightly, starting at 35.2% in 2023 and expected to be 39.2% by 2027 [2][11]. Valuation - The valuation is based on a discounted cash flow (DCF) model, with a WACC of 16.8% and a perpetual growth rate of 3.5%, leading to a target price of $20.0 [10][14][15]. - The company’s market capitalization is currently estimated at $2,034 million, with an average trading volume of $51.9 million over the past three months [5][10].

证券研究报告 点评报告 2025 年 3 月 12 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、策略和先进制造组： 禾赛科技发布了 2024 年第四季业绩情况，营收 7.2 亿元，同比增长 28%，第四季 度净利润 1.47 亿元，同比扭亏为盈。2024 年全年，禾赛营收：20.8 亿元，同比 增长 10.7%，首次实现全年 Non-GAAP 净利润 1370 万元，成为全球首家全年盈利 的上市激光雷达企业。预计 2025 年营收将达到 30 亿至 35 亿元，激光雷达总出 货量为 120 万至 150 万台。禾赛的主机厂客户主要是理想和小米。从 2025 年营 收指引看，激光雷达 2025 年的销量将翻倍增长，这与 2025 年 3 月以来大量整车 厂将高阶智能辅助驾驶下方到 10~20 万车型的战略相关，因此两者可以相互印证 2025 年国内激光雷达行业将高景气。由于 2024 年国内头部的激光雷达厂商禾赛 科技、速腾聚创、华为等的市占率相差不大，因此也看好港股速腾聚创的投资机 会。 分析师：郭强 英伟达GPU的核心电源参展商台湾台达首次公布19英寸72kW800VHVDC电源机架， 采用 ...

2025 年 03 月 12 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 罗琨 S0350522110003 luok@ghzq.com.cn [Table_Title] 规模效应凸显构筑高壁垒，龙头坐享智驾行业红利 ——禾赛（HSAI）2024 年业绩点评 7,100-7,400 万美元），同比增长约 45%-50%。 | 相对纳斯达克指数表现 | | | 2025/3/11 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 禾赛 | 40.90% | 106.70% | 318.06% | | 纳斯达克 100 | -10.94% | -9.32% | 7.54% | | 市场数据 | | | 2025/03/11 | | 当前价格（美元） | | | 24.08 | | 52 周价格区间（美元） | | | 15.29-24.18 | | 总市值（百万美元） | | | 3,069.68 | | 流通市值（百万美元） | | | 3,069.68 | | 总股本（万股） | | | 12,748 | | 流通股本（万股） | | | ...