海外行业报告 | 行业动态研究 禾赛科技 证券研究报告 2024 年 08 月 25 日 作者 孔蓉 分析师 SAC 执业证书编号：S1110521020002 kongrong@tfzq.com 24Q2 收入符合指引，毛利率表现亮眼，量产定点稳步拓展 24Q2 业绩概览：24Q2 收入为 4.6 亿元，位于此前指引上沿， yoy+4.2%；毛利率为 45.1%，yoy+15.3pct；经调整净利润为 -4360 万元。 交付量情况：24Q2 ADAS 激光雷达出货量为 80773 台，同比增长 76.8%。24Q2 激光雷达总出货量为 86526 台，同比增长 66.1%。 24H1 ADAS 激光雷达出货量为 133235 台，同比增长 80.3%。 24H1 激光雷达总出货量为 145627 台，同比增长 67.5%。 业务进展： 海外已获得 4 家量产定点，国内获得多项 25 年新车型 定点。截至 24Q2，公司已在全球范围内与 19 家 OEM 厂商就超过 70 款车型达成 ADAS 量产定点。 海外市场方面：1）已获得四家知名全球 OEM 的量产定点，其中包 括三家全球 OEM 在中国的合资企业 ...

海 外 研 究 证券研究报告 ＃industryId＃ 汽车 ＃investSuggestion＃ 增持 ( ＃ investS uggesti onChan ge＃ 维持 ） 公 司 跟 踪 报 告 | --- | --- | |------------------|------------| | 日期 | 2024-08-22 | | 收盘价（美元） | 4.22 | | 总股本（百万股） | 127 | | 总市值（亿美元） | 5.4 | | 净资产（亿元） | 37.7 | | 总资产（亿元） | 56.6 | | 每股净资产（元） | 29.59 | 数据来源：Wind，兴业证券经济与金融研究院整理 ＃相关报告 relatedReport＃ 【兴证海外汽车】禾赛科技 （HSAI.O）2024Q1 业绩点评： 受客户影响下调出货量指引，24 年出货量至 50 万台 【兴证海外汽车】禾赛科技 (HSAI.O)2023Q4 业绩点评：销 量&交付超指引，24 年有望交付 60 万台 【 兴 证 海 外 汽 车 】 禾 赛 科 技 (HSAI.O) 深度覆盖 -- 全球激光 雷达第一股 -2023 年 7 ...

2024 年 08 月 22 日 公司研究 评级：增持(下调) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 罗琨S0350522110003 | | | luok@ghzq.com.cn | | 证券分析师： | 傅麒丞S0350524080001 | | | fuqc@ghzq.com.cn | [Table_Title] 盈利能力提升明显，乘用车&Robotaxi 双轮驱动 ——禾赛（HSAI）2024 年中报业绩点评 事件: 禾赛科技于 8 月 20 日发布 2024 年中报：2024H1 公司实现营业收入 1.13 亿美元，同比-6.01%，取得净利润-0.25 亿美元。 投资要点: 乘用车与 Robotaxi 双轮驱动，2024H1 激光雷达交付量同比 +67.5%，盈利能力提升明显。2024Q2，公司实现营业收入 4.6 亿元 人民币，同比+4.2%；激光雷达全球总交付量为 86,526 台，同比 +66.1%；其中 ADAS 产品全球交付量为 80,773 台，同比+76.8%， ADAS 业务和 R ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 毛利、订单高增，Robotaxi 驱动新一轮增长 禾赛(HSAI.US) [Table_Industry] 海外信息科技 [Table_Invest] 评级： 增持 ——禾赛 FY24Q2 业绩点评 [当前价格 Table_CurPrice] (美元)： 4.53 交易数据 | --- | --- | |-------------------------|------------| | 52 周内股价区间（美元） | 3.55-11.70 | | 当前股本（百万股） | 127.48 | | 当前市值（百万美元） | 577.48 | [Table_PicQuote] 52周股价走势图 禾赛 纳斯达克综指 -80% -60% -40% -20% 0% 20% 40% 60% 2023-08-212023-09-122023-10-032023-10-242023-11-142023-12-062023-12-282024-01-222024-02-122024-03-052024-0 ...

Financial Data and Key Metrics Changes - In Q2 2024, the company achieved quarterly revenue of RMB 458.9 million (USD 63.1 million), reaching the high end of guidance [18] - LiDAR shipments rose to over 86,000 units, marking a 56% year-over-year and 46% quarter-over-quarter increase [18] - The blended gross margin was approximately 45%, improving quarter-over-quarter due to effective cost management [18] - The quarterly net loss narrowed significantly by 33% quarter-over-quarter to RMB 72.1 million (USD 9.9 million) [18] - For Q3 2024, the company expects net revenue between RMB 450 million (USD 61.9 million) and RMB 500 million (USD 68.8 million), representing a year-over-year increase of approximately 1% to 12.2% [19] - The full-year revenue forecast was revised to a range of RMB 2.0 billion to RMB 2.3 billion (approximately USD 280 million to USD 320 million) [19] Business Line Data and Key Metrics Changes - The company captured 37% of the global LiDAR market and 74% of the global robotaxi LiDAR market in 2023 [7] - The overall LiDAR penetration rate in China reached 22% in June 2024, with installations increasing by approximately 250% year-over-year [10][11] - The company secured design wins with 19 OEMs globally across over 70 vehicle models, including 13 exclusive long-range LiDAR suppliers [16][17] Market Data and Key Metrics Changes - The robotaxi market in China is thriving, with Baidu's Apollo Go providing over 6 million rides since 2019 [9] - The average LiDAR adoption rate among the top 10 best-selling new EV makers in China exceeds 60% [11] - The ADAS market is projected to see a LiDAR adoption rate among EVs priced above RMB 150,000 surpassing 16% in 2024 [10] Company Strategy and Development Direction - The company aims to capitalize on the rapid growth of the robotaxi market, particularly in China, with significant partnerships and design wins [22] - The strategic approach includes offering both high-performance and value-to-cost products to meet diverse client needs [12] - The company is focused on enhancing its product lineup and securing design wins for new car models scheduled for SOP in 2025 and beyond [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stronger performance in the second half of the year, driven by robust demand for LiDAR technology [19] - The company anticipates that less than 20% of total revenue will come from the U.S. market, with the majority generated outside the U.S. [20] - Management highlighted the importance of regulations mandating higher safety standards, which are expected to drive demand for LiDAR technology [26] Other Important Information - The company published its inaugural ESG report, outlining efforts in sustainable development and commitment to ESG best practices [27] - The company is optimistic about achieving profitability in Q4 2024, supported by effective expense controls and operational efficiencies [21] Q&A Session Summary Question: Update on U.S. Defense Department status - Management clarified that being on the DoD list impacted reputation and business opportunities, but they have never sold to the DoD and do not plan to in the future [29][30] Question: Market opportunities for robotaxi - Management stated that they are the largest robotaxi LiDAR supplier globally and expect significant orders for robotaxis in the coming years [33][36] Question: Breakdown of LiDAR shipments and pricing - Management confirmed that the AT128 LiDAR is included in autonomous mobility shipments and that pricing for robotaxi customers is higher due to lower volumes [42][44] Question: Gross margin improvement factors - Management attributed gross margin improvement to product mix, economies of scale, and a one-off high-margin service fee [47][50] Question: Future shipment guidance - Management revised the shipment expectation for the second half of 2024 to 300,000 to 350,000 units due to client adjustments [64]

Chesky_W My Hold rating for Hesai Group's (NASDAQ:HSAI) shares stays unchanged. There is a mix of positives and negatives for HSAI, considering read-throughs from its results and guidance. On one hand, the company might have a good chance of becoming profitable in the next quarter or two. On the other hand, Hesai's top-line outlook is uninspiring, as seen with its Q3 revenue guidance miss. I wrote about Hesai Group's full-year FY 2024 guidance and geopolitical risks in my previous April 10, 2024, articl ...

Quarterly net revenues were RMB458.9 million (US$63.1 million)1Quarterly lidar shipments were 86,526 units SHANGHAI, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai” or the “Company”), (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced its unaudited financial results for the three months ended June 30, 2024. Operational Highlights  Three monthsended June 30, 2024 Six monthsended June 30, 2024ADAS lidar shipments 80,773 133,235Autonomo ...

SHANGHAI, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai,” “Hesai Technology” or the “Company”) (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today released its inaugural Environmental, Social and Governance (ESG) Report (the “Report”). The Report details the Company’s strategy and outstanding achievements in ESG performance in 2023, as well as its progress toward its longstanding ESG goals for sustainable development. “Since our inception in 20 ...

SHANGHAI, China, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Hesai Group ("Hesai," "Hesai Technology" or the "Company") (NASDAQ:HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced that it will report its second quarter 2024 unaudited financial results on Monday, August 19, 2024, after the close of U.S. markets. The Company's management will host an earnings conference call at 9:00 PM U.S. Eastern Time on August 19, 2024 (9:00 AM Beijing/Hong Kong Time on August ...

SHANGHAI, China, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai,” “Hesai Technology” or the “Company”) (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced that it will report its second quarter 2024 unaudited financial results on Monday, August 19, 2024, after the close of U.S. markets. The Company’s management will host an earnings conference call at 9:00 PM U.S. Eastern Time on August 19, 2024 (9:00 AM Beijing/Hong Kong Time on Augus ...