First Capital Securities·2025-03-13 02:39Investment Rating - The industry investment rating is "Recommended," indicating a favorable outlook for the industry fundamentals, with expectations that the industry index will outperform the benchmark index [13]. Core Insights - Hesai Technology reported a revenue of 720 million yuan for Q4 2024, a year-on-year increase of 28%, and achieved a net profit of 147 million yuan, marking a turnaround from losses. For the full year 2024, revenue reached 2.08 billion yuan, a growth of 10.7%, and it became the first publicly listed lidar company to achieve annual profitability with a Non-GAAP net profit of 13.7 million yuan. The revenue guidance for 2025 is projected to be between 3 billion to 3.5 billion yuan, with lidar shipments expected to double to 1.2 to 1.5 million units [2]. - The domestic lidar industry is anticipated to experience high growth in 2025, driven by the strategy of major automakers to integrate advanced driver assistance systems into 100,000 to 200,000 vehicle models [2]. - TCL Smart Home achieved a revenue of 18.36 billion yuan in FY 2024, reflecting a growth rate of 21.0%. The net profit attributable to shareholders, excluding non-recurring items, was 1 billion yuan, a significant increase of 39.8% [6]. - The refrigerator export sector showed a positive trend, with a 21.8% increase in export value in 2024, benefiting TCL Smart Home. The export volume of refrigerators grew by 18.6%, with strong demand from South America [7]. Summary by Sections Hesai Technology - Q4 2024 revenue was 720 million yuan, up 28% year-on-year, with a net profit of 147 million yuan [2]. - Full-year revenue for 2024 was 2.08 billion yuan, a 10.7% increase, and a Non-GAAP net profit of 13.7 million yuan was achieved [2]. - 2025 revenue guidance is set at 3 billion to 3.5 billion yuan, with lidar shipments expected to reach 1.2 to 1.5 million units [2]. TCL Smart Home - FY 2024 revenue reached 18.36 billion yuan, a 21.0% increase, with a net profit of 1 billion yuan, up 39.8% [6]. - The company reported a Q4 revenue of 4.42 billion yuan, a 15.1% increase, and a net profit of 190 million yuan, a 42.6% increase [6]. - The refrigerator export sector saw a 21.8% increase in export value, with significant growth in South American markets [7].