Core Insights - Hesai Technology has signed a laser radar order worth over $40 million with a leading US Robotaxi company, becoming its sole supplier, with delivery planned by the end of 2026 [1] - The company has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 4.16 billion, marking the largest IPO of a Chinese concept stock in Hong Kong in nearly four years [1] - Goldman Sachs has initiated a "Buy" rating for Hesai's Hong Kong stock with a target price of HKD 281, while raising the US stock target price from $26.3 to $36 [1] Market Dynamics - The automatic driving technology has two main routes: multi-sensor fusion (using laser radar and cameras) and pure vision (relying mainly on cameras), with the latter gaining traction due to lower hardware costs [2][3] - As laser radar costs decrease significantly, the pure vision approach is becoming more mainstream, especially in the sub-150,000 RMB market [2][3] Cost and Safety Considerations - The cost of laser radar systems has dropped from around 700,000 RMB to below $500 (approximately 3,500 RMB) by 2025, prompting car manufacturers to pursue cost-cutting measures [3] - Safety statistics show that Tesla's FSD system has a significantly lower accident rate compared to Waymo, but the reporting criteria differ, complicating direct comparisons [5][6] Technological and Regulatory Landscape - The L4-level autonomous driving sector shows a divergence between laser radar and pure vision technologies, with laser radar being favored for its redundancy and safety features as per regulatory requirements [12][13] - The upcoming regulations in the US and EU emphasize the need for redundancy in perception systems, solidifying laser radar's position in L4 systems [12][13] Business Model Implications - The business models for Robotaxi and passenger vehicles differ significantly, with Robotaxi operators needing robust safety assurances to gain regulatory approval and public trust [13][14] - Hesai's partnerships with multiple Robotaxi companies, including eight of the top ten globally, highlight its strategic positioning in the market [9] Diversification and Future Outlook - Hesai is not solely focusing on L4 autonomous driving but is also expanding into industrial automation and logistics, where laser radar has distinct advantages [20][21] - The global AGV/AMR market reached $6.8 billion in 2025, with 60% of high-end products utilizing laser radar, indicating a growing application for Hesai's technology [20][21] - The company's revenue from industrial applications is expected to rise from 25% in 2025 to 40% in 2026, reflecting a diversified income structure [23]
禾赛的未来，在于让“机器觉醒”
3 6 Ke·2025-09-26 11:13