高盛：禾赛科技-_从速腾聚创业绩类推_适用于 L3 - L4 级别的产品价值更高，高级驾驶辅助系统（ADAS ）毛利率稳定；建议买入

Investment Rating - The report assigns a "Buy" rating to Hesai Group, a leading LiDAR solutions provider, indicating a positive outlook for the company's stock performance [9]. Core Insights - The ADAS LiDAR industry is expected to experience high growth, driven by the acceleration of autopilot technology in the domestic market and the increasing recognition of LiDAR as a key sensor by OEMs [1][7]. - There is an anticipated stable gross margin for ADAS LiDAR products, supported by the introduction of affordable options and growing demand for ultra-high performance LiDARs as the industry moves towards L3/L4 levels [2][8]. - OEMs are likely to partner with multiple LiDAR suppliers to minimize supply chain risks, leading to a relatively stable competitive landscape dominated by top LiDAR suppliers [2][10]. Summary by Sections Industry Growth - The ADAS LiDAR industry is projected to grow significantly, with RoboSense reporting a 110% year-over-year increase in total LiDAR shipments, reaching 544k units in 2024 [1]. - Leading OEMs are targeting L3 capabilities by the end of 2025, which will increase the content value per vehicle [1][7]. Market Dynamics - The report highlights that the introduction of a US$200 priced product has made LiDAR more accessible, contributing to stable gross margins [2]. - The demand for ultra-high performance LiDARs is expected to rise as OEMs prepare for L3/L4 stages, which will also support margin stability [2][8]. Competitive Landscape - The trend of OEMs partnering with multiple LiDAR suppliers is emphasized, particularly for those with large volumes, to mitigate supply chain risks [2][10]. - The management anticipates a stable competition landscape where leading LiDAR suppliers will maintain their market dominance [2][10]. Investment Thesis - Hesai is well-positioned to benefit from the acceleration of the NEV market's navigation on autopilot (NOA) adoption starting in 2025, alongside the launch of lower-cost products [9]. - The company is entering a growth phase with its next-generation ATX product, which is expected to drive revenue growth and strong profit CAGR [9].