Core Viewpoint - Hesai Technology (02525.HK) officially listed on the Hong Kong Stock Exchange on September 16, marking the largest IPO in the global LiDAR industry and the largest financing scale for a Chinese concept stock returning to Hong Kong in nearly four years [1][3]. Company Overview - Founded in 2014, Hesai Technology is a global LiDAR research and manufacturing company, with products widely used in advanced driver-assistance systems (ADAS), autonomous vehicles, and various intelligent robotic applications [4]. - The company successfully listed on NASDAQ in February 2023, becoming the first in the global LiDAR industry to achieve dual primary listings in the US and Hong Kong [3]. Financial Performance - Revenue projections for Hesai Technology from 2022 to 2024 are 1.203 billion, 1.877 billion, and 2.077 billion yuan, respectively, with net losses of 301 million, 476 million, and 102 million yuan [4]. - In the first half of 2025, the company reported revenue of 1.232 billion yuan, with a net profit of 26.54 million yuan, marking a significant turnaround [4]. - The second quarter of 2025 saw a revenue increase of 53.9% year-on-year, reaching 706 million yuan, with a net profit of 44.1 million yuan [4]. Market Growth - The global automotive LiDAR market is expected to grow significantly, with a projected market size of 861 million USD in 2024, a 60% increase year-on-year [5]. - In China, the installation of LiDAR is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7% [5]. Production and Innovation - Hesai Technology's total LiDAR delivery volume reached 547,913 units in the first half of 2025, a year-on-year increase of 276.2% [5]. - The company plans to achieve an annual production capacity of over 2 million units by 2025, with expected deliveries of 1.2 to 1.5 million units [5]. - The fourth-generation self-developed chip platform is set to be mass-produced within the year, optimizing LiDAR functionality and performance [6][8]. Strategic Partnerships - Hesai Technology has secured production contracts with over 24 global OEMs, including BYD, Xiaomi, and Geely, with plans for deliveries from 2025 to 2027 [6]. - The company has deepened partnerships with leading Robotaxi firms, signing contracts worth over 40 million USD [10]. Competitive Landscape - Hesai Technology holds a 33.0% market share in the domestic LiDAR market, leading but closely followed by Huawei at 30.2% and Suoteng at 27.4% [11]. - The company faces challenges related to customer concentration, with the top five customers accounting for 68.3% of total revenue in Q1 2025 [12].
禾赛科技港股上市首日涨近10%，激光雷达企业竞争激烈，Robotaxi或成新战场