Hesai(HSAI) 海通国际·2025-03-12 10:22Investment Rating - The report maintains an "Outperform" rating for Hesai Tech [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 to 3.5 billion yuan and a GAAP net profit of 200 to 350 million yuan [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% [15] Financial Performance - Revenue projections for 2025-2027 are 3.228 billion, 4.225 billion, and 5.355 billion yuan respectively, with GAAP net profits expected to be 226 million, 382 million, and 708 million yuan [15] - The gross profit margin is expected to be around 40% for 2025 [15] - The company has a market capitalization of 3.07 billion USD and a current stock price of 24.08 USD [2] Market Position - The company is the largest revenue scale and the earliest to achieve profitability among all LiDAR companies [15] - The JT series of mini super-hemispherical 3D LiDAR for robotics is expected to see significant growth, with over 20,000 units delivered in December 2024 alone [15] - The target price is set at 21.4 USD per share, based on a 6.0X PS valuation for 2025 [15]