HESAI（HSAI）：激光雷达“芯”势力出海领航

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Insights - The company is a global leader in lidar technology, achieving its first Non-GAAP profit in 2024 and maintaining a strong market position with a 61% share in L4 and 26% in ADAS segments [8][40]. - The company has made three key strategic decisions that have significantly contributed to its growth: entering the smart driving sector, developing in-house chips to reduce costs, and pursuing a global business strategy to enhance profit margins [14][22]. Summary by Sections Investment Logic - The company is projected to achieve revenues of 32.6 billion, 47.3 billion, and 63.0 billion yuan from 2025 to 2027, with net profits of 2.7 billion, 6.5 billion, and 10.8 billion yuan respectively [3]. Company Overview - The company transitioned from producing laser gas analyzers to becoming a leader in smart driving technology, launching its first lidar product in 2016 and rapidly gaining market share [15][26]. - The company has maintained a gross margin above 35% since 2019, outperforming its competitors [56]. Market Trends - The total addressable market (TAM) for lidar technology is expected to expand significantly, with projections indicating a potential increase from 60 billion yuan to over 180 billion yuan [8][22]. - The company has successfully penetrated the global market, with 25.7% of its revenue coming from overseas in 2024, indicating a strong international presence [8][22]. Financial Projections - The company anticipates achieving approximately 32.6 billion yuan in revenue and a GAAP net profit of 2.7 billion yuan by 2025 [3][37]. - Earnings per share (EPS) are expected to rise from 2.06 yuan in 2025 to 8.24 yuan by 2027 [3]. Strategic Decisions - The company has made significant advancements in technology by developing its own chips, which has led to a reduction in production costs and improved product performance [19][45]. - The strategic shift to focus on smart driving has allowed the company to capture a significant share of the L4 market, with a consistent increase in lidar shipments projected for the coming years [20][55].