Company Overview - Hesai Technology has secured design wins for multiple Chery Automobile models, which are expected to enter mass production in the second half of 2025, featuring Hesai's latest ultra-compact high-performance ATX lidar [1] - As of December 2024, Hesai has achieved over 100 design wins across 21 automotive OEMs, including notable companies like Chery, Great Wall Motors, and Changan [3] - Hesai's planned annual production capacity for 2025 is expected to exceed 2 million units, bolstered by its mass production capabilities and R&D innovations [4] Industry Performance - Chery Automobile reported a 38% increase in global car sales year-over-year, selling 2.6 million vehicles in 2024, with a forecast of over 3 million deliveries in 2025 [2] - Chery is the leading exporter of Chinese-brand passenger vehicles, with total exports in 2024 exceeding 1.14 million vehicles, marking a 21.4% year-on-year increase [2] Product Development - The ATX lidar, released in April 2024, offers powerful performance in a compact form, enabling advanced assisted driving functions and has been selected for mass production by various leading automakers [3]

发布即交付。 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，在1月7日拉斯维加斯举行的CES 2025国际消费电子展上，禾赛面向机器人领域 的迷你3D激光雷达JT系列产品正式面向全球发布。 值得一提的是， 全新产品迷你型3D激光雷达JT系列发布即交付，已向客户交付超过2万颗。 同时，禾赛与MOVA共同展出了全新割草机器人MOVA 1000，其搭载了一颗JT16激光雷达，具备 高精度三维环境感知能力。 禾赛JT系列作为迷你型3D激光雷达，具备全球最广的超半球视野和小巧外形，可以隐蔽式轻松安装 于各类机器人和工业设备。得益于激光雷达的特性，MOVA 系列智能割草机器人在户外作业时不受 夜间或强光等光线条件限制。与此同时，禾赛JT16大幅提升了智能割草机的三维环境感知能力，助 力MOVA系列智能割草机器人实现了建图、定位、避障等多项功能。 禾赛科技创始人及CEO李一帆 表示： "MOVA凭借卓越的品牌实力和产品竞争力，不仅在国内市场 大放异彩，更在全球范围内实现了业务的全面飞跃。 此次，禾赛全新的3D激光雷达技术首次应用于 智能割草机产品上，这也标志着禾 ...

具体来讲： JT 是禾赛专为机器人领域设计的平台化产品，采用禾赛第四代自研芯片，拥有全球最广 的360° x 187°超半球视野，迷你的外形可隐蔽式轻松安装，为机器人提供零盲区的三维感知，即使 物体紧贴也能有效探测。JT系列最高支持256线，刷新迷你型3D激光雷达的技术上限 。 凭借全球最广的视野和小巧的外形，禾赛JT系列以技术革新带来更高性价比，帮助客户实现超值部 署，让高精度3D激光雷达广泛赋能服务机器人、移动机器人、配送机器人、清扫机器人、割草机器 人等机器人应用。 在新产品发布的同时，禾赛与MOVA共同展出了全新割草机器人MOVA 1000，其便搭载了一颗 JT16 激光雷达，具备高精度三维环境感知能力。得益于激光雷达的特性，MOVA系列智能割草机器 人在户外作业时不受夜间或强光等光线条件限制；并且，禾赛JT16大幅提升了智能割草机的三维环 境感知能力，助力MOVA系列智能割草机器人实现了建图、定位、避障等多项功能。 除 JT 系列外，禾赛科技 在CES 2025 还 展示了全球最高线数1440线激光雷达AT1440和全球视 野最广的车规级纯固态激光雷达FTX，这也是禾赛下一代车规级产品的首次正式亮相 ...

Core Viewpoint - Hesai Technology has launched its JT Series of mini hemispherical 3D lidars, specifically designed for robotics applications, featuring advanced technology and mass production capabilities [1][9]. Product Features - The JT series includes the JT16 (16 channels) and JT128 (128 channels), with the JT128 offering the world's widest hyper-hemispherical field of view (FOV) at 360° x 187° [1][5]. - The series supports high-quality resolution up to 256 channels and provides ultra-clear 3D environmental perception covering an area equivalent to two football fields [2]. - The compact design of the JT series has a minimum bottom diameter of only 55 mm, making it approximately 30% smaller and 70% less voluminous than similar products [4]. - Each unit weighs between 200-250 g, which is 47% lighter than comparable products, and operates with a power consumption as low as 4 W, a 40% reduction compared to similar offerings [7]. Technological Innovations - The JT series features a fully rotational horizontal scanning method, achieving a 360° horizontal FOV and a vertical FOV of 187° [5]. - The hyper-hemispherical FOV is 60% larger than traditional 3D lidars, enhancing perception range and improving positioning accuracy and obstacle recognition [6]. - Hesai's patented anti-interference technology allows for high-quality perception in low-light conditions and under intense sunlight [8]. Market Applications - The JT series is designed for various robotic applications, including AGVs/AMRs, delivery robots, robotic lawn mowers, cleaning robots, and agricultural vehicles [3]. - The series has already received orders from multiple robotics customers globally, with notable praise from companies like MOVA and Agtonomy [11]. Industry Impact - Hesai has delivered over 100,000 lidar units in December, marking a significant milestone in the lidar market [15]. - The company continues to expand its global reach, serving customers in over 40 countries and holding over 1,700 patents worldwide [16].

Core Insights - Hesai Technology has launched the AT1440, the world's first 1440-channel automotive-grade lidar, and the solid-state FTX lidar at CES 2025, marking significant advancements in lidar technology [1][8]. Group 1: AT1440 Lidar - The AT1440 features Hesai's latest Gen 4 technology, achieving an angular resolution of 0.02° and delivering ultra-high-definition image-level point clouds, with a resolution over 30 times higher than mainstream automotive lidars [2][3]. - This lidar is positioned as a gamechanger for autonomous driving, particularly for passenger cars equipped with ADAS features, setting a new standard for performance and resolution in the automotive industry [3]. Group 2: FTX Lidar - The next-generation solid-state FTX lidar supports a maximum field of view (FOV) of 180° x 140°, the largest for an automotive-grade solid-state lidar, 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 its predecessor [4][5]. - The FTX lidar is designed for blind-spot correction and works alongside the vehicle's primary long-range lidar to provide panoramic perception for L3 and L4 autonomous driving, as well as applications in intelligent robotics [6]. Group 3: Market Validation - Hesai has achieved over 100 design wins across 21 automotive OEMs, including 6 of the top 10 global OEMs, and delivered more than 100,000 lidar units in December 2024, becoming the first lidar company to reach this milestone [7]. - The company plans to exceed an annual production capacity of 2 million units in 2025, supported by its mass production capabilities and ongoing research and development [7]. - With over 1,700 patents globally, Hesai continues to expand its presence in over 40 countries, shaping the future of mobility and various industries [8].

Core Insights - Hesai Technology has achieved over 100 design wins across 21 automotive OEMs, including significant partnerships with three of China's top five automakers, indicating strong market penetration in the automotive sector [1][3] - The company has established a diverse customer base in the robotics market across more than 40 countries, with plans to launch a new mini high-performance 3D lidar model and announce new partnerships at CES Las Vegas 2025 [2] - Hesai has delivered over 100,000 lidar units in December 2024, becoming the first lidar company to reach this milestone, and has also set a record with over 20,000 lidar units delivered for the robotics market in the same month [5] Automotive Sector - The design wins in the automotive sector include a wide range of vehicle brands and models, with many expected to launch in 2025 featuring Hesai's ATX, an ultra-compact high-performance lidar [3] - The three automakers involved are significant players, including one with millions of annual deliveries and another leading in both domestic and international sales [3] Robotics Sector - Hesai's robotics market presence includes applications in delivery robots, autonomous lawn mowers, cleaning robots, AGVs, and AMRs, showcasing the versatility of its lidar technology [2] - The upcoming launch of a mini high-performance 3D lidar model is expected to enhance Hesai's offerings in the robotics sector [2] Operational and Technical Advancements - Hesai has a global operational footprint in Europe, the US, and Asia, with over 1,700 patents, indicating a strong commitment to innovation and technical development [4] - The company plans to exceed an annual production capacity of 2 million lidar units in 2025, supported by its mass production capabilities and R&D efforts [5]

其中，禾赛ATX激光雷达作为一款平台型产品，沿用已经量产数十万台的成熟AT平台，并搭载第四 代芯片架构，实现了小巧体积与强劲性能的完美结合，加速赋能智能驾驶功能落地。自今年4月发布 以来，禾赛ATX已获得国内龙头车企、头部新能源车企、主流欧美合资车企等多家汽车主机厂量产定 点，将于2025年第一季度开始大规模量产上车。目前，ATX正在向量产阶段稳步推进，并正在被众 多客户规划为2025年量产车型的标配。 随着禾赛ATX的量产落地，规模效应将得以进一步释放。未来，禾赛还将持续发挥高度垂直整合，自 建工厂的核心优势，保持性能优势，实现跨越式增长。与此同时，不断扩大智能驾驶合作生态，协同 产业链伙伴，开拓更广泛、好用的智驾系统，推动行业升级迈向新高度。 多款合作车型计划于2025年内发布。 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，禾赛科技日前宣布新获国内三家销量Top 5车企的十余款量产车型定点，加上近 期获得的长城、长安等头部主机厂的多个新车型定点，禾赛科技已累计获得来自21家车企的超过 100款前装量产定点车型。 这三家车企，包括年销量数百万的 ...

Investment Rating - The report initiates coverage on Hesai Group (HSAI US) with a "Buy" rating and a target price of $16.3 per ADS, based on a 4.8x 2025 expected price-to-sales ratio [2][3] Core Viewpoints - Hesai Group is a global leader in 3D LiDAR solutions, with a strong competitive advantage in the industry [5] - The company is expected to reach a profitability turning point in 2024, driven by increased shipments of existing LiDAR products, the launch of a cost-effective new AT series in 2025, and improved operational efficiency [2] - Hesai Group is projected to achieve Non-GAAP net profits of RMB 9 million in 2024 and RMB 141 million in 2025 [2] - The company has established mass production partnerships with 20 domestic and international automakers for 75 vehicle models as of 3Q24 [5] - Hesai Group holds a 37% market share in the global LiDAR market in 2023, ranking first, with leading positions in both passenger car/light commercial vehicle (26%) and autonomous taxi (74%) segments [12] Market and Industry Analysis - The global automotive LiDAR market is expected to reach $3.63 billion by 2029, with a CAGR of 38% from 2023 to 2029 [12] - The passenger car (PC) and light commercial vehicle (LCV)/autonomous taxi LiDAR markets are projected to reach $2.99 billion and $638 million, respectively, by 2029, with CAGRs of 39% and 31% from 2023 to 2029 [12] - Hesai Group is well-positioned to benefit from the strong growth in the LiDAR market, given its leading position in both global and Chinese LiDAR solution markets [12] Competitive Advantages - Hesai Group's competitive advantages include its leading technological capabilities, such as the self-developed ASIC chip, which enables continuous cost optimization [5] - The company's in-house manufacturing and highly automated production methods provide it with leading mass production capabilities [5] - Strong customer relationships drive continuous market penetration [5] Valuation and Target Price - The target valuation of RMB 15.9 billion (equivalent to $16.3 per ADS) is based on a 4.8x 2025 expected price-to-sales ratio, which is 10% higher than the industry average of 4.4x [3] - This valuation is supported by Hesai Group's industry-leading financial performance and a strong product delivery plan in 2025, driven by incremental contributions from leading automakers [3]

Core Insights - Hesai has been selected as the exclusive provider of long-range lidar for Changan Automobile's new intelligent driving platform, with an expected order volume of over 1.5 million units for the ATX model in the coming years [1][2]. Group 1: Partnership and Product Details - Hesai will supply lidar products for more than 10 vehicle models across various Changan brands, with the first model set for mass production in the second half of 2025 [2]. - The Changan Nevo E07, equipped with two Hesai AT128 lidars, was launched in October 2024 and has received positive market feedback [2]. - The ATX model is a compact ultra-high-resolution long-range lidar that utilizes proprietary technology to improve point cloud resolution while reducing volume, weight, and power consumption [3]. Group 2: Future Developments - The ATX model is expected to enhance road safety across multiple brands and vehicle models within Changan's intelligent driving platform [4]. - Hesai aims to collaborate closely with Changan to expand the reach of advanced intelligent driving functions globally [4].

Investment Rating - The report maintains an "Add" rating for the company [1][3]. Core Insights - The company achieved a quarter-on-quarter delivery growth of 50%, indicating a positive trend towards profitability for the full year [1]. - The total shipment of LiDAR units reached a record high of 134,208 units in Q3 2024, representing a significant year-on-year increase of 182.9% [3]. - The financial performance showed a quarterly revenue of 539.4 million RMB, a year-on-year growth of 21.1%, with a gross margin increase to 47.7% from 30.6% in the same period last year [3]. - The company provided optimistic guidance for Q4 2024, projecting revenue of 100 million USD and a net profit of 20 million USD on a GAAP basis [3]. Summary by Relevant Sections Delivery and Revenue - The company’s total LiDAR shipments for the first nine months of 2024 reached 279,835 units, a year-on-year increase of 108.2%, with ADAS product deliveries at 263,148 units, up 129.9% [3]. - The gross margin improved significantly to 47.7%, attributed to cost management and scale optimization [3]. Market Expansion and Customer Collaborations - The company deepened its domestic market collaborations, becoming a strategic supplier for SAIC Volkswagen and securing exclusive orders from emerging EV manufacturers [3]. - Internationally, the company successfully delivered prototypes for a global automotive manufacturer and signed two proof-of-concept projects with a top Japanese automaker [3]. Financial Projections - For Q4 2024, the company expects to deliver approximately 201,000 LiDAR units, with total shipments for the year projected at 480,000 units, leading to an anticipated revenue growth of 11% to 2.083 billion RMB [3]. - The forecast for 2025 indicates a potential 100.3% increase in LiDAR deliveries to 962,000 units, with revenue expected to grow by 33.5% to 2.781 billion RMB [3].