激光雷达企业积极发展第二增长曲线

Core Viewpoint - Hesai Technology officially listed on the Hong Kong Stock Exchange on September 16, with an initial price of HKD 212.80 per share, reaching a peak of HKD 244 on the first day and closing at HKD 231 on September 18. The company turned a profit in Q2 2023, indicating a promising development outlook [1]. Business Performance - As of March 31, 2025, Hesai Technology has secured production contracts for 120 models from 22 global OEMs, including major manufacturers like Li Auto and Zeekr [2]. - In Q2 2025, the company reported a net income of CNY 706 million, a year-on-year increase of over 50%, and a net profit of CNY 44.1 million, marking a turnaround from losses [2]. - Competitors in the lidar industry, such as Suteng Juchuang and Tudatong, also showed positive performance, with Suteng Juchuang achieving a revenue of CNY 783 million in H1 2025, a 7.7% increase year-on-year [2]. Market Trends - The lidar industry is experiencing a "golden period" of simultaneous growth in volume and price, driven by increased demand for smart driving features and the integration of lidar as a standard safety product in vehicles [1]. - The penetration rate of lidar in new energy passenger vehicles reached 17% in June 2025, indicating that the technology has entered the mainstream market [3]. Strategic Shifts - Companies are increasingly targeting the robotics sector to achieve higher profit margins and explore new growth avenues, with lidar revenue in the robotics market projected to grow from USD 200 million in 2020 to USD 6 billion by 2024, at a CAGR of 29.4% [4]. - Suteng Juchuang's robotics and other sectors contributed significantly to its growth, with revenue from this area reaching CNY 221 million in H1 2025, a 420.2% year-on-year increase [4]. Product Development - Hesai Technology's miniaturized 3D lidar, the JT series, has delivered over 100,000 units within five months of launch, setting a company record [5]. - The company has secured a lidar order worth over USD 40 million from a leading US autonomous taxi company, with delivery planned by the end of 2026 [5].