Hesai(US:HSAI) HTSC·2025-06-09 02:45Investment Rating - The report maintains a "Buy" rating for the company with a target price of $24.96 [7]. Core Views - The company achieved a laser radar shipment of 196,000 units in Q1 2025, with 146,000 units for ADAS and 50,000 units for robotics. The actual revenue for Q1 2025 was 530 million RMB, showing a year-on-year increase of 46.3% but a quarter-on-quarter decrease of 27.1%, aligning with the previous guidance of 520-540 million RMB. The net profit was -18 million RMB. The company expects to deliver 300,000 laser radars in Q2 2025, with revenue projected between 680-720 million RMB, representing a year-on-year growth of 48-57%, and anticipates a positive GAAP net profit [1][2]. Summary by Sections ADAS - In Q1 2025, the total shipment of ADAS laser radars reached 146,000 units, a significant increase from 52,000 units in the same period last year. The company has secured over 120 models from 23 OEMs, with new collaborations including popular models from Chery, Great Wall, and Geely. Additionally, the company has obtained a POC project from a top-tier Japanese manufacturer, bringing the total to five global POC projects [2]. Robotics - The total shipment of robotic laser radars in Q1 2025 was 50,000 units. The newly launched JT series robotic laser radar received an order for 300,000 units from MOVA for lawnmowers. The report indicates that the market potential for robotic applications, including Robotaxi and unmanned logistics vehicles, is expected to grow due to product iterations and price reductions [3]. Valuation - The company maintains its guidance for 2025 with laser radar deliveries between 1.2 to 1.5 million units and revenue projected at 3 to 3.5 billion RMB. The report slightly lowers the average price of ADAS laser radars and adjusts revenue forecasts for 2025, 2026, and 2027 down by 4%, 5%, and 6% respectively, to 3.27 billion, 4.73 billion, and 6.39 billion RMB. The net profit forecasts are also adjusted downwards for the same years. The target price is based on a comparable company valuation average of 7.2X PS for 2025 [4].