降本99.5%后，禾赛进入新周期

Core Viewpoint - Hesai Technology has reported a significantly better-than-expected Q2 performance, achieving a revenue of 7.1 billion yuan, a year-on-year increase of 53.9%, and a net profit of 44.1 million yuan, surpassing its GAAP profitability target [1][2]. Financial Performance - In Q2, Hesai's stock price surged by 9.73% following the earnings announcement, and the stock has increased fivefold since its low in November last year [2]. - The company aims for full-year GAAP profitability after achieving its first GAAP profit in Q4 last year [2]. - The total delivery of Hesai's LiDAR units reached 352,100 in Q2, a staggering year-on-year increase of 306.9% [3]. Market Position - Hesai holds a 33% market share in the main LiDAR segment, maintaining its position as the leading supplier [3]. - The company has seen a significant increase in deliveries of its ADAS products, with a total of 303,564 units delivered in Q2, up 275.8% year-on-year [3]. Cost Reduction and Technology Advancement - The cost of LiDAR has decreased by 99.5% since its inception, with the introduction of solid-state LiDAR technology marking a turning point [4][5]. - The introduction of chip-based LiDAR has further reduced costs to around 1,000 yuan per unit [6]. - Hesai's self-developed chips have reduced the cost of the transmitter and receiver circuits by 70% and 80%, respectively [9]. Industry Trends - The penetration rate of LiDAR in new energy passenger vehicles reached 17% in June, indicating a shift from early adopters to mainstream market acceptance [10]. - The robot industry has significantly contributed to Hesai's growth, with robot LiDAR deliveries increasing by 743.6% year-on-year in Q2 [11]. Future Outlook - The global market for robots using LiDAR is projected to reach 10 billion yuan by 2029, with an estimated 5 million robots expected to be in use [13]. - The company anticipates a revenue growth of 44% to 69% year-on-year for the full year of 2025, driven by strong demand in both the ADAS and robotics sectors [15]. - The recent stock price surge and high valuation reflect investor confidence in Hesai's leadership in the LiDAR market and its growth potential in the robotics sector [16].