Hesai(US:HSAI) Ju Chao Zi Xun·2026-02-12 10:11Core Insights - Hesai Technology has achieved a market share of over 40% in the domestic passenger car front-mounted laser radar sector, with an annual market share of 41.35% and a monthly peak of 47%, maintaining the top position for four consecutive quarters [2] - The laser radar industry is at a critical development juncture in 2025, with penetration rates in the new energy passenger vehicle sector reaching 21%, and the overall passenger vehicle market penetration expected to break the 16% threshold by year-end, reaching 17%-19% [2] - The company leads in global patents and comprehensive strength in the laser radar field, being the only enterprise in the industry to achieve full-stack self-research on seven core components [2] Company Performance - Hesai Technology has secured production contracts with 38 automotive brands for over 150 models, covering the top ten domestic automakers, and has won contracts for L3-level autonomous driving from several domestic and international car manufacturers [3] - The company anticipates global total deliveries to exceed 1.6 million units in 2025, with 1.4 million units in ADAS and over 200,000 units in robotics, bringing historical cumulative deliveries to over 2.4 million units [3] - The flagship product ATX has achieved over one million units in its first year of delivery, with the upgraded version receiving over four million orders and set to begin mass production in April 2026 [2]