禾赛科技深度研究：我国“激光雷达第一股”，激光雷达出货量激增，盈利仍是待解难题

Company Overview - Hesai Technology, founded in 2014, is a leading player in the LiDAR industry, specializing in LiDAR products for autonomous driving, ADAS, and robotics [10] - The company went public on NASDAQ in February 2023, becoming the first Chinese LiDAR company to list in the US [10] - Hesai's revenue grew by 56 1% YoY in 2023, reaching RMB 1 877 billion, but the company remains unprofitable with a net loss of RMB 1 79 billion in H1 2024 [1][30] - LiDAR products account for over 95% of Hesai's revenue, with AT128 and Pandar128 contributing more than 60% of total revenue in 2023 [2][51] LiDAR Market and Industry Trends - The global automotive LiDAR market reached $540 million in 2023, a 79 9% YoY increase, driven by the rapid adoption of autonomous driving and ADAS technologies [3][87] - China's LiDAR market is booming, with 574,200 LiDAR units installed in passenger vehicles in 2023, and the number is expected to approach 1 million in 2024 [5][87] - The LiDAR industry is highly concentrated, with Chinese companies like Hesai, RoboSense, and Innovusion dominating the global market [5][87] - The LiDAR industry is moving towards chip-based, array-based, and pure solid-state technologies, with FMCW LiDAR expected to coexist with ToF LiDAR in the future [75][79] Hesai's Product Portfolio and Technology - Hesai offers 7 series of LiDAR products, including AT, FT, Pandar, QT, XT, ET, and OT series, covering various applications such as ADAS, autonomous driving, and robotics [11][13] - The company launched the AT512, a 512-line ultra-high-definition long-range LiDAR, in January 2024, and the ATX, a wide-angle long-range LiDAR, in April 2024 [13] - Hesai's AT128 LiDAR, launched in 2021, has become a popular choice among automakers, with over 70 vehicle models from 19 automakers adopting it as of June 2024 [10][59] - The company has invested heavily in chip development, with its V1 0 and V1 5 chips already in mass production and V2 0 and V3 0 chips under development [72] Financial Performance and Challenges - Hesai's revenue grew from RMB 328 million in 2019 to RMB 1 877 billion in 2023, but the company has been consistently unprofitable, with cumulative losses of RMB 1 022 billion from 2021 to 2023 [1][30] - The company's gross margin declined from 70 3% in 2019 to 35 2% in 2023 due to intense competition, product mix changes, and rising raw material costs [33] - Hesai's R&D expenses accounted for 42 1% of total revenue in 2023, reflecting the company's commitment to maintaining its technological edge [63] - The company faces challenges such as high production costs, increasing competition, and the need to continuously invest in R&D to stay ahead [1][30] Strategic Partnerships and Expansion - Hesai has established partnerships with 19 automakers, including SAIC, Geely, and NIO, and has secured mass production contracts for over 70 vehicle models [10][59] - The company has expanded its production capacity with the launch of the Hertz Manufacturing Center in Hangzhou and the Maxwell Intelligent Manufacturing Center in Shanghai, with a combined annual capacity of 270,000 units [67][68] - Hesai has formed strategic partnerships with companies like Bosch, Xiaomi, and Meituan, which have invested in the company and supported its growth [18][19] - The company opened its Columbus South China Operation Center in October 2024 to strengthen its presence in the region and explore new business opportunities [73] Future Outlook - The global automotive LiDAR market is expected to grow at a CAGR of 37 5% from 2023 to 2029, reaching$ 3 63 billion by 2029 [87] - China's L2 ADAS penetration rate reached 47 3% in 2023 and is expected to exceed 55% in 2024, driving further demand for LiDAR [110] - Hesai is well-positioned to benefit from the growing adoption of LiDAR in autonomous driving and ADAS applications, but it needs to address its profitability challenges and maintain its technological leadership [87][110]