Company Developments - Hesai Technology will deepen cooperation with BYD, providing automotive lidar for over 10 BYD models expected to enter mass production in 2025 [1] - Hesai has achieved over 100 design wins across 22 automotive OEMs, including notable companies like Chery, Great Wall Motors, and Changan [5] - Hesai's ATX lidar, which offers powerful performance in a compact form, will enter mass production in Q1 2025, with multiple companies incorporating it into standard configurations for mass production models [6] Industry Trends - BYD sold over 4 million intelligent driving-equipped vehicles in 2024, surpassing all domestic competitors [2] - The automotive lidar market in China is experiencing strong growth, with installation volume exceeding 1.5 million units in 2024, more than double the volume in 2023 [3] - Hesai became the first lidar company to deliver over 100,000 units in a single month in December 2024, with planned annual production capacity expected to exceed 2 million units in 2025 [4]

Core Insights - Hesai Technology, Outsight, and Embotech AG have formed a strategic collaboration to enhance lidar technology and perception software for BMW's Automated Vehicle Marshalling (AVM) system [1][4] - The AVM technology is currently operational in BMW's production facilities, allowing vehicles to navigate autonomously over a route exceeding one kilometer [3][6] - This collaboration aims to improve industrial automation by integrating advanced lidar and perception technologies, ensuring high safety and efficiency standards in vehicle operations [6] Company Summaries Hesai Technology - Hesai is a global leader in lidar technology, holding a 26% market share in the ADAS lidar market and supplying to 6 of the top 10 global OEMs by revenue [7] - The company has established a strong presence in Europe, the US, and Asia, serving customers in over 40 countries [8] - Hesai has over 1,700 patents globally, showcasing its commitment to innovation in lidar technology [8] Embotech - Embotech specializes in autonomous driving solutions, focusing on Automated Vehicle Marshalling (AVM) in passenger car factories and Automated Terminal Trucks (ATT) in logistics [8] - The company has been developing real-time optimization technology since 2013, ensuring safe and reliable autonomous transportation [8] Outsight - Outsight provides software solutions that utilize 3D LiDAR data to track and digitize the motion of people and vehicles, enhancing operational efficiency and security in various environments [9] - The company aims to accelerate the adoption of 3D perception technology through scalable Spatial AI solutions, contributing to a smarter and safer world [10]

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].

Hesai (Nasdaq: HSAI) introduces new AT1440 with the world's highest number of channels for an automotive lidar and the FTX solid-state lidar with the world's widest field of view AT1440's resolution is more than 30 times higher than mainstream automotive lidars FTX has the largest field of view in the world for an automotive-grade solid-state lidar at 180° x 140° FTX features a point rate 2.5 times higher than its previous generation LAS VEGAS, Jan. 7, 2025 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), ...

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]