HESAI（HSAI）：24Q4业绩点评：2025年盈利展望乐观，机器人应用快速增长

Investment Rating - The report maintains an "Outperform" rating for Hesai Tech (HSAI US) with a target price of $21.40 per share [2][15]. Core Insights - The company achieved revenue of 720 million yuan in Q4 2024, representing a 28% year-over-year increase and a 33% quarter-over-quarter increase, with a gross profit margin of 39.0% [15]. - The company is expected to reach full profitability in 2025, with projected revenue of 3-3.5 billion yuan and a gross profit margin of approximately 40% [15]. - The delivery volume of LiDAR products reached 222,000 units in Q4 2024, a 153% year-over-year increase, with ADAS deliveries accounting for 87% of total deliveries [15]. Financial Performance - Revenue projections for 2025-2027 are 3.228 billion yuan, 4.225 billion yuan, and 5.355 billion yuan respectively, with GAAP net profits expected to be 226 million yuan, 382 million yuan, and 708 million yuan [15]. - The company’s gross profit margin is expected to stabilize around 40% in 2025, with a significant increase in revenue contribution from overseas manufacturers anticipated in 2026 [15]. Market Position - Hesai Tech is positioned as the largest revenue scale and the earliest to achieve profitability among all LiDAR companies [15]. - The company has launched the JT series of mini super-hemispherical 3D LiDAR for robotics applications, which is expected to see rapid growth in deliveries [15]. Valuation - The target price of $21.40 per share is based on a 6.0X price-to-sales (PS) ratio for 2025, with comparable companies in the industry not yet achieving profitability [15].