Investment Rating - The report assigns a "Buy" rating for Hesai Technology, marking its first coverage [3]. Core Views - Hesai Technology is a leader in the lidar industry with advanced technology and extensive collaboration with downstream customers. The company has secured over 100 pre-installed production models from 22 major OEM clients, positioning it to benefit from the growing demand for automotive and robotic lidar in China [3]. - The report forecasts Hesai Technology's total revenue for 2024-2026 to be approximately 2.09 billion, 3.27 billion, and 4.66 billion CNY, corresponding to 290 million, 450 million, and 640 million USD, respectively. The current market valuation corresponds to price-to-sales (P/S) ratios of 7.6, 4.9, and 3.4 for the same years [3]. Summary by Sections 1. Lidar Leader with Comprehensive Product Matrix - Hesai Technology, established in 2014, is a leading lidar R&D and manufacturing company, with products widely used in advanced driver-assistance systems (ADAS), autonomous vehicles, and various intelligent robotic applications [17]. - The company has developed a complete product line with eight series to meet different needs in ADAS, autonomous driving, and industrial applications [18][19]. 2. Automotive and Robotics Demand Driving Lidar Growth - The lidar market is expected to reach a trillion-dollar scale, with significant growth in the automotive sector, particularly in passenger vehicles and Robotaxi applications. The report anticipates a compound annual growth rate (CAGR) of 38% for the global lidar market from 2023 to 2029 [43][52]. - In 2024, the installation of lidar in Chinese passenger vehicles is projected to reach 1.595 million units, reflecting a year-on-year increase of 109.3% [52]. 3. Self-Built Capacity and Self-Developed Chips - Hesai Technology has established a fully integrated lidar manufacturing center, ensuring high-quality production through rigorous testing. The company has applied for 1,565 patents in key lidar technology areas, maintaining a technological edge [9][3]. 4. Revenue Forecast and Investment Recommendations - The report indicates that Hesai Technology's revenue for the first three quarters of 2024 is expected to be 1.36 billion CNY, showing a year-on-year growth of 3.2%. The company aims to achieve profitability under non-GAAP standards in 2024, becoming the first lidar company to do so globally [26][30].

预计2025年预计盈利飙升35倍。 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（NASDAQ：HSAI）于3月11日公布了2024年第四季度以及全年未经 审计的财务数据。 交付量 501,889 ª 连续 4 年交付量翻倍 综合毛利率 42.6% 全年净利润 (Non-GAAP 人民币) 1,369万元 全球首家目唯一全年盈利 现金储备 (人民币) 32.0亿元 打破多个激光雷达全球行业记录: 0 全球首个单日交付量招过 10 万会 ○ 全球激光雷达行业营收第一 ○ 全球首家目唯一全年盈利 ○ 全球首家全年经营和净现金流为正 2024 年， 禾赛收入创历史新高，年度交付量连续4年翻倍 ——具体来讲：禾赛在2024年第四季度 实现营收7.2亿元，全年实现营收20.8亿元，突破行业记录；第四季度的激光雷达总交付量为 222,054台，同比增长153.1%，这一数字已超过2023年全年。2024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 ADAS 激 光 雷 达 交 付 量 ...

Core Insights - Hesai Technology has secured a new exclusive design win with a leading European OEM for advanced ultra-long-range automotive lidars, marking a significant milestone in the automotive lidar industry [1] - This multi-year program will extend into the next decade and is noted as the largest global program for automotive lidar [1] - The partnership underscores Hesai's reputation for performance and quality, reinforcing its position in the market [2] Company Overview - Hesai Technology is recognized as a global leader in lidar solutions, catering to a wide range of applications including passenger and commercial vehicles, autonomous driving, and robotics [3] - The company integrates in-house manufacturing with lidar R&D and design, allowing for rapid product iteration while maintaining high performance and affordability [3] - Hesai has established a global presence with offices in Shanghai, Palo Alto, and Stuttgart, serving customers in over 40 countries [3] Market Position - As of February 2025, Hesai has achieved 120 design wins across 22 automotive OEMs, indicating strong market penetration [2] - In December 2024, Hesai became the first lidar company to deliver over 100,000 units in a single month, showcasing its production capabilities [2]

Core Insights - Hesai Group achieved record-breaking lidar shipments in 2024, with total shipments exceeding 500,000 units, marking a doubling in shipments for four consecutive years [2][11] - The company reported full-year net revenues of RMB2,077.2 million (US$284.6 million), a 10.7% increase from the previous year, and became the first lidar company to achieve full-year non-GAAP net profits of RMB14 million [2][15] - The company anticipates significant growth in 2025, forecasting net revenues between RMB3.0 billion (US$411 million) and RMB3.5 billion (US$480 million) [3][16] Financial Performance - Quarterly net revenues for Q4 2024 were RMB719.8 million (US$98.6 million), up 28.3% from RMB561.2 million in Q4 2023 [12][15] - The gross margin for the full year of 2024 was 42.6%, an increase from 35.2% in 2023, attributed to effective cost and scale optimization [13][15] - The company reported a net income of RMB147.0 million (US$20.1 million) for Q4 2024, compared to a net loss of RMB140.9 million in the same period of 2023 [12][21] Business Developments - Hesai secured a groundbreaking, exclusive design win with a top European OEM, marking the largest global program for the automotive lidar industry [6][10] - The ATX long-range lidar is positioned to drive widespread adoption by offering cost-effective solutions for vehicle models priced as low as RMB100,000 [6][10] - The company has established partnerships with major domestic OEMs, including BYD, Great Wall Motor, and Changan, to enhance its market presence [2][10] Operational Highlights - In Q4 2024, ADAS lidar shipments reached 193,238 units, a 140.3% increase from the same period in 2023 [11][12] - Total lidar shipments for the full year of 2024 were 501,889 units, representing a 126.0% increase from 222,116 units in 2023 [11][15] - The company launched the JT series mini 3D mechanical lidar for Robotics, with mass production beginning in December 2024 [10][11] Market Outlook - The lidar industry is undergoing a transformation, with Hesai's products becoming essential for intelligent driving, akin to the importance of seat belts [2] - The company expects to continue its growth trajectory, with a forecasted increase in revenues and profitability for 2025 [3][16] - The Robotics market presents significant opportunities, with the company actively expanding its lidar applications in various sectors [2][10]

Group 1 - The article focuses on the investment service "Asia Value & Moat Stocks," which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The analyst has upgraded the rating for Hesai (HSAI) from Hold to Buy, anticipating that the upcoming Q2 '24 financial results will impress investors [1] Group 2 - The investing group provides a range of watch lists with monthly updates, specifically focusing on investment opportunities in the Hong Kong market [1]

Group 1 - Hesai Group Sponsored ADR (HSAI) has shown strong year-to-date performance, returning approximately 37.1%, significantly outperforming the Auto-Tires-Trucks sector, which has returned an average of -16.6% [4] - The Zacks Consensus Estimate for HSAI's full-year earnings has increased by 340% in the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [4] - HSAI currently holds a Zacks Rank of 2 (Buy), suggesting it is poised to outperform the broader market in the near term [3] Group 2 - Hesai Group is part of the Automotive - Original Equipment industry, which consists of 50 stocks and is currently ranked 167 in the Zacks Industry Rank [6] - The Automotive - Original Equipment industry has gained about 4% year-to-date, indicating that HSAI is performing better than its peers within this specific group [6] - Another stock in the Auto-Tires-Trucks sector, Mister Car Wash (MCW), has also outperformed the sector with a year-to-date return of 3.7% and holds a Zacks Rank of 2 (Buy) [5][7]

STUTTGART, Germany, Feb. 27, 2025 /PRNewswire/ -- Hesai Technology (NASDAQ: HSAI), the global leader in lidar technology for automotive mobility and robotics applications, announced today that it holds the largest number of published patent applications for lidar globally, and its IP portfolio has further expanded with the acquisition of Swiss digital lidar patents. Patent volume is an important indicator to measure a high-tech company's innovation capabilities. As of December 2024, Hesai has accumulated ne ...

Core Viewpoint - Hesai Group, a leader in lidar solutions, will report its fourth quarter and full year 2024 unaudited financial results on March 10, 2025, after U.S. market close [1] Financial Results Announcement - The earnings conference call is scheduled for 9:00 PM U.S. Eastern Time on March 10, 2025, which corresponds to 9:00 AM Beijing/Hong Kong Time on March 11, 2025 [2] - Participants can join the call by pre-registering and must dial in 5 minutes before the call starts [2] Conference Call Details - A live and archived webcast of the conference call will be available on the Company's investor relations website [3] - Replay of the conference call will be accessible approximately one hour after the call until March 18, 2025, with specific dial-in numbers provided for different regions [3] Company Overview - Hesai is recognized as the global leader in three-dimensional lidar solutions, with applications in passenger and commercial vehicles, advanced driver assistance systems (ADAS), and autonomous vehicle fleets [4] - The Company has strong R&D capabilities and integrates lidar designs with in-house manufacturing, ensuring high performance and quality [4] - Hesai has established relationships with leading automotive OEMs and robotics companies across over 40 countries as of December 31, 2024 [4]

供货数量将达到几十万台。 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（纳斯达克：HSAI）日前宣布，将加深与全球新能源市场领军者比亚 迪在智驾方面的合作，并即将进入大规模量产上车阶段。2025 年，比亚迪旗下十余款车型将搭载禾 赛激光雷达陆续上市。 2024年，比亚迪全球销量427万辆，同比增长41.26% ，一举拿下中国汽车市场的车企销量冠军、 中国汽车市场品牌销量冠军以及全球新能源车市场销量冠军。 同时，比亚迪在智能化领域全面发力，董事长兼总裁王传福表示，将投入1000 亿元用于实现整车全 面智能化进阶。2025年，比亚迪提出希望通过自研的"天神之眼"高阶智能驾驶辅助系统，让每一位 用户都能体验到高阶智驾的便捷。目前，比亚迪智驾车型搭载量已突破400万辆，位居中国第一。 禾赛激光雷达也将赋能智驾安全，加速助力比亚迪实现"智驾平权"的目标 —— 今年 ， 将有十余款 车型搭载禾赛激光雷达陆续上市 ， 包括比亚迪、腾势品牌的大部分新车型都将搭载禾赛ATX激光雷 达，供货数量将达到几十万台。 2024 年年底， 禾赛成为了全球首个单月交付 ...

Group 1 - Hesai Group Sponsored ADR (HSAI) is a notable stock within the Auto-Tires-Trucks sector, currently outperforming the sector with a year-to-date gain of 23.7% compared to the sector's average return of -8.3% [4] - The Zacks Rank for HSAI is 2 (Buy), indicating a favorable outlook based on earnings estimate revisions and improving earnings sentiment [3] - The Zacks Consensus Estimate for HSAI's full-year earnings has increased by 866.7% in the past quarter, reflecting a positive trend in analyst sentiment [4] Group 2 - The Auto-Tires-Trucks group ranks 12 within the Zacks Sector Rank, which assesses the strength of 16 sector groups based on the average Zacks Rank of individual stocks [2] - Hesai Group is part of the Automotive - Original Equipment industry, which consists of 50 stocks and currently ranks 159 in the Zacks Industry Rank, with an average gain of 2.5% year-to-date [6] - Another stock in the Auto-Tires-Trucks sector, Phinia (PHIN), has also shown positive performance with a year-to-date increase of 2.3% and a Zacks Rank of 2 (Buy) [5]