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Core Viewpoint - Hesai Technology, a leading global lidar company, has completed its listing process in Hong Kong, aiming to issue up to 51.2362 million shares [1] Group 1: Company Overview - Founded in 2014, Hesai Technology focuses on the research and manufacturing of lidar technology, with a strong global patent portfolio [1] - The company has established itself as a leader in high-definition 3D perception technology, which is essential for safer and smarter applications in autonomous driving and robotics [1] Group 2: Market Trends - The penetration rate of new energy vehicles is increasing, leading to a transformation towards "intelligent" technologies, making lidar a standard safety feature in smart cars [1] - According to a report by the Automotive Research Institute, the domestic lidar installation volume is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7% [1] Group 3: Business Performance - In Q2 2023, Hesai's total lidar delivery volume reached 352,000 units, a year-on-year increase of 306.9%, with ADAS product deliveries at 304,000 units, up 275.8% [2] - The company reported Q2 revenue of 706 million yuan, a year-on-year growth of 53.9%, and a net profit of 44.1 million yuan, marking a return to profitability [2] Group 4: Strategic Partnerships - Hesai has secured partnerships with 12 major domestic automakers, including BYD and Chery, for multiple vehicle models, with mass production set to begin in Q1 2025 [2] - The company has established production partnerships with 24 domestic and international automotive manufacturers, with recent additions of 9 major automakers and 20 vehicle models [2] Group 5: Future Outlook - Analysts suggest that lidar is becoming a standard feature in intelligent driving, with strong support from deep collaborations with major clients and existing orders expected to drive revenue growth in 2026 [3] - The robotics sector is anticipated to become a second growth curve for the company, with increasing demand for lidar applications in various robotic scenarios [3]