Hesai(US:HSAI) Ge Long Hui·2025-08-15 11:28Core Insights - The automotive LiDAR industry is reaching a turning point in 2025, with significant increases in the installation of LiDAR in passenger vehicles, leading to a phase of large-scale deployment [1] - According to Yole's forecast, the automotive LiDAR market is expected to reach $35.6 billion by 2030, with a compound annual growth rate (CAGR) of 24% from 2024 to 2030 [1] Group 1: Financial Performance - Hesai achieved a net profit of 44.1 million yuan this quarter, surpassing its internal target of turning positive at the GAAP level [2] - The total delivery volume reached 352,000 units, corresponding to revenue of 710 million yuan, representing a revenue growth of 53.9% [2] - The improvement in profitability is attributed to scale effects, cost structure optimization, and an increase in high-margin orders, particularly from collaborations with Toyota and top European automakers [2] Group 2: Future Growth Potential - Hesai added 9 new automotive clients and 20 vehicle models in the second quarter, with plans for mass production between 2025 and 2026, showcasing both platformization and internationalization [3] - The company is solidifying its position in the core customer base, with full platform standardization for key clients [3] - The successful launch of a luxury SUV by a domestic tech giant, which received 289,000 orders within an hour and featured Hesai's LiDAR, enhances brand recognition and market penetration [3] Group 3: Product Strength and Market Position - The ATX LiDAR system has established a competitive technological barrier through its compact design and high performance, making it suitable for integration within vehicle interiors [4] - The robot business has seen explosive growth, with a delivery volume of 48,500 units in the second quarter, a year-on-year increase of 743.6% [6] - The transition of automotive-grade LiDAR technology to the robotics sector has validated its universal value, expanding the market potential beyond automotive applications [7]