高盛：禾赛科技-025 年第一季度业绩回顾：净利润超预期，提升行业激光雷达产量；买入

27 May 2025 | 7:02PM CST Hesai Group (HSAI) 1Q25 Earnings Review: Net profit beat, raise industry LiDAR volume; Buy Hesai reported 1Q25 result with revenue in line and net profit beat mainly on higher gross margin and lower opex. Key areas of surprise: (1) Gross margin of 41.7% (+3.0pp yoy/+2.7pp qoq) was higher vs. GSe at 39.5%, mainly due to higher engineering services revenue; (2) Opex was -9% yoy and 5% below GSe, with S&M / R&D / G&A to revenue ratio -2.1pp/-19.2pp/-8.9pp yoy, showing operating leverag ...