Hesai(US:HSAI) Tianfeng Securities·2025-03-21 12:48Investment Rating - The report assigns a "Buy" rating for the stock, expecting a relative return of over 20% within the next six months [10]. Core Insights - The company is expected to achieve GAAP profitability in 2024, with a revenue of 720 million yuan in Q4 2024, representing a year-over-year increase of 28.3% [1]. - The company has established long-term exclusive partnerships with top OEMs, enhancing its market position in the ADAS laser radar segment [2]. - The company anticipates strong growth in 2025, with projected revenues between 3 billion to 3.5 billion yuan and laser radar deliveries expected to reach 1.2 to 1.5 million units [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 720 million yuan, with a gross margin of 39.0% and an adjusted net profit of 170 million yuan, marking a return to profitability [1]. - The total shipment of laser radars in Q4 2024 reached 222,054 units, a year-over-year increase of 153.1% [1]. Business Development - As of February 2025, the company has secured production partnerships with 22 domestic and international automotive manufacturers for 120 vehicle models [2]. - The company has initiated mass production of the JT series laser radars for various robotic applications, with an initial shipment of over 20,000 units in December 2024 [2]. Future Outlook - The company expects to maintain robust growth in 2025, with revenue projected to reach 3 to 3.5 billion yuan and laser radar deliveries anticipated to be between 1.2 to 1.5 million units [3]. - The company is well-positioned to benefit from the increasing penetration of L2+/L3 autonomous driving technologies and the expansion of its robotics business [3].