Hesai(US:HSAI) Sou Hu Cai Jing·2025-05-19 15:31Core Viewpoint - Hesai Technology, a leading Chinese LiDAR manufacturer, has secretly submitted an application for a Hong Kong IPO, aiming to capitalize on its recent success and growing market demand for LiDAR technology [1][6][13] Company Overview - Founded by Li Yifan and his team, Hesai Technology specializes in LiDAR for autonomous driving, robotics, and industrial automation [2][4] - The company initially focused on laser gas measurement systems before pivoting to the LiDAR market in 2016, competing against established players like Velodyne [4][6] Recent Developments - Hesai Technology went public on NASDAQ in February 2023, raising $190 million and achieving a market valuation of approximately $2.4 billion (around 16 billion RMB) [6][10] - The company has secured significant contracts with major automotive manufacturers, including Baidu and BYD, and has established partnerships with 22 domestic and international automakers for 120 vehicle models [7][10] Financial Performance - For 2024, Hesai Technology projects revenue of 2.08 billion RMB, a year-on-year increase of 10.7%, and has achieved its first annual profit with a net profit of approximately 137 million RMB [10][11] - The company anticipates revenue growth to reach between 3 billion to 3.5 billion RMB by 2025, with a gross margin of around 40% [11] Market Outlook - The global automotive LiDAR market is expected to grow significantly, with a projected market size of $6.92 billion in 2024, driven by increasing demand for autonomous driving technologies [11][13] - Chinese brands are expected to capture 92% of the market share, with Hesai aiming for a long-term market share of over 40% domestically and nearly 50% internationally [13]