研究报告Research Report 25 Mar 2024 禾赛科技 Hesai Tech (HSAI US) 23Q4 点评：23 年优于预期，24 年交付量再上新台阶 23 Guidance Beat, 24 Delivery Volume Expected to Hit Record High [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 23Q4营收与交付量增长迅猛，25年营收有望增长50%以上。公  评级 优于大市OUTPERFORM 司 23Q4实现营收5.6亿元，+37.1% YoY/+25.9% QoQ。23Q4激光 现价 US$4.71 目标价 US$16.20 雷达产品交付量达 8.8 万台， +84.6% YoY/+84.9%QoQ，仅 23Q4 单季度交付量超过22年全年；其中 ADAS交付量达8.0万台，占 市值 US$0.59bn 比 91.7%。23 年全年实现营收 18.8亿元，+ ...

In the pursuit of safer and more efficient automated driving, lidar technology has emerged as a pivotal component. Shanghai-based lidar maker Hesai (HSAI) and Leapmotor have entered into a strategic collaboration to harness the potential of lidar in revolutionizing the driving experience. The partnership seeks to integrate Hesai’s cutting-edge technology into Leapmotor’s next-generation vehicles.The latest collaboration between Hesai and Leapmotor is an evolution of their ongoing relationship, established i ...

海外行业报告 | 行业动态研究 禾赛科技 23Q4 业绩点评 证券研究报告 2024年03月15日 作者 23Q4 收入、综合毛利率超指引， 24年交付量上调至 60万颗 孔蓉 分析师 SAC执业证书编号：S1110521020002 kongrong@tfzq.com 23Q4业绩概览：23Q4收入、综合毛利率均超此前指引，23全年经营 现金流为正。23Q4 收入为 5.6 亿元，yoy+37.1%；毛利率为 41.2%， yoy+11.2pcts，超此前的指引水平；23全年经营现金流为正，为同行业 中唯一实现该目标的公司；截至 23Q4，公司现金储备达 31 亿，为产 品迭代与技术创新提供有力保障。 交付量情况：单季度看，23Q4 激光雷达总交付量为 87736 颗， yoy+84.6%。其中，ADAS激光雷达交付量为80428颗，yoy+85.5%；自 动驾驶激光雷达交付量为7308颗，yoy+75.5 %。全年来看，激光雷达 总交付量为 222116 颗，yoy+176.1%；其中，ADAS 激光雷达交付量为 194910 颗，yoy+214.8%；自动驾驶激光雷达交付量为 27206 颗， yoy+ ...

PALO ALTO, Calif., March 18, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI) and Leapmotor (9863.HK) today announced a strategic partnership to create a best-in-class intelligent driving experience utilizing Hesai's next generation of high-performance automotive lidar products.This agreement builds upon Hesai and Leapmotor's ongoing collaboration which began in 2021. Since then, the companies have equipped multiple models across Leapmotor's C platforms with Hesai's AT128 long-range lidar. The latest Le ...

股 票 研 究 [Table_industryInfo] 海外信息科技 [ Table_Main[禾I Tnaf 赛bol]e （_Ti Htle S] A I.US） [评Tab级le_：Inv est] 增持 当前价格（美元）： 5.37 一季度收入承压，对全年业务增速保持乐观 2024.03.14 海 ——禾赛 2023Q4业绩点评 [ 交Ta易bl数e_M据a rket] 外 秦和平(分析师) 李奇(分析师) 52周内股价区间（美元） 3.28-19.25 当前股本（百万股） 124.53 公 0755-23976666 0755-23976888 当前市值（百万美元） 6.69 司 qinheping027734@gtjas.com liqi028295@gtjas.com 证书编号 S0880523110003 S0880523060001 （ [ Table_PicQuote] 美 本报告导读： 52周股价走势图 国 Q4营收、出货量超指引，量产降本效果显著。持续获下游客户认证。一季度业绩由 禾赛 纳斯达克综指 ） 于Robotaxi业务承压，但我们对全年的出货量和利润率保持乐观。 50% 40 ...

Hesai Group (NASDAQ:HSAI) Q4 2023 Earnings Conference Call March 11, 2024 9:00 PM ET Company Participants Yuanting Shi - IR Director David Li - Co-Founder, CEO & Director Louis Hsieh - Global CFO & Director Conference Call Participants Cindy Huang - Morgan Stanley Tina Hou - Goldman Sachs Jessie Lo - Bank of America Merrill Lynch Bin Wang - Deutsche Bank Michelle Jing - Haitong International Operator Hello, ladies and gentlemen. Thank you for standing by for Hesai Group's Fourth Quarter and Full Year 2023 E ...

Quarterly net revenues were RMB561.2 million (US$79.0 million),1 an increase of 37.1% year-over-yearQuarterly lidar shipments were 87,7362 units, an increase of 84.6% year-over-yearFull Year 2023 net revenues were RMB1,877.0 million (US$264.4 million), an increase of 56.1% year-over-yearFull Year 2023 lidar shipments were 222,116 units, an increase of 176.1% year-over-year SHANGHAI, China, March 11, 2024 (GLOBE NEWSWIRE) -- Hesai Group ("Hesai" or the "Company"), (NASDAQ:HSAI), the global leader in three-di ...

SHANGHAI, China, Feb. 27, 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 fourth quarter and full year 2023 unaudited financial results on Monday, March 11, 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 March 11, 2024 (9:00 AM Beijing/Hong Kong Ti ...

Investment Rating - The report assigns a "Buy" rating for Hesai Technology (HSAI) as part of its initial coverage [1]. Core Insights - Hesai Technology is a leading global manufacturer of LiDAR systems, focusing on the development, manufacturing, and sales of LiDAR products primarily for ADAS, autonomous driving, and robotics applications. The company has shown significant growth in both revenue and delivery volumes, surpassing competitors in the U.S. market [4][21]. - The report forecasts that the domestic automotive LiDAR shipment volume is expected to reach 5.7 million, 26.8 million, and 70.3 million units from 2023 to 2025, driven by advancements in intelligent driving technology and regulatory support for higher-level autonomous driving [5][45]. - The company has a strong cash reserve of 3.2 billion RMB and has achieved positive operating cash flow for three consecutive quarters in 2023, indicating a solid financial position for ongoing product innovation and technological advancements [4][21]. Summary by Sections Company Overview - Hesai Technology was established in October 2014 and has focused on LiDAR products since 2016. The company has delivered increasing volumes of LiDAR units from 2,890 in 2019 to 134,380 in the first three quarters of 2023, with revenue growing from $0.50 million in 2019 to $1.83 million in 2023 [4][21]. Market Potential - The global LiDAR market is projected to grow significantly, with the ADAS segment expected to expand from a mere 2% market share in 2021 to a much larger portion as the technology becomes more integrated into vehicles. The report highlights that the market for automotive LiDAR is just beginning to take off, with major automotive manufacturers increasingly adopting these technologies [5][28]. Financial Performance - The report provides revenue forecasts for Hesai Technology, estimating revenues of $238.45 million, $417.13 million, and $671.95 million for 2023, 2024, and 2025, respectively. The company is expected to achieve profitability by 2025, with a projected net profit of $70 million [67][70]. Competitive Position - Hesai Technology has established partnerships with 15 major OEMs and Tier-1 clients, securing over 50 models for mass production. The company is positioned as a leader in the LiDAR market, with its products being utilized in various high-profile automotive projects [57][66]. Technological Advancements - The company has developed proprietary ASIC technology that enhances the performance and reduces the cost of its LiDAR products. This technological edge is expected to drive further cost reductions and product iterations, positioning Hesai Technology favorably in the competitive landscape [50][63].

PALO ALTO, Calif., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Hesai Technology Co., Ltd. (NASDAQ:HSAI) ("Hesai" or the "Company") today responded to the Company's inclusion on the U.S. Department of Defense's (DoD) list of "Chinese Military Companies Operating in the United States." Yifan "David" Li, CEO of Hesai, stated, "DoD added Hesai to its list of "Chinese Military Companies Operating in the United States" without any explanation or justification, and we intend to file a lawsuit challenging this action. We bel ...