Hesai(US:HSAI) GOLDEN SUN SECURITIES·2025-08-19 11:11Investment Rating - The report maintains a "Buy" rating for the company [2][3][5] Core Views - The company has shown significant growth in laser radar shipments, with a total of 352,000 units shipped in Q2 2025, representing a year-on-year increase of 306.9%. The ADAS laser radar shipments accounted for approximately 303,600 units, up 275.8%, while robot laser radar shipments reached about 48,500 units, marking a 743.6% increase [1][2] - The company's revenue for Q2 2025 reached 706 million yuan, a year-on-year growth of 53.9%, with a gross margin of approximately 42.5% and a net profit attributable to shareholders of about 44.1 million yuan, exceeding GAAP profitability targets [1][2] - The company is expanding its customer base both domestically and internationally, securing contracts with nine major automotive manufacturers in the ADAS sector, including top clients like Geely and Great Wall [1][2] - The company is also leading in the robot laser radar market, with the fastest delivery record of over 100,000 units in less than five months for its lawnmower robot [2][3] Financial Summary - The company is projected to achieve total revenues of 3.067 billion yuan in 2025, 4.463 billion yuan in 2026, and 6.012 billion yuan in 2027, with year-on-year growth rates of 48%, 46%, and 35% respectively [2][4] - The adjusted net profit is expected to reach 304 million yuan in 2025, 591 million yuan in 2026, and 1.032 billion yuan in 2027, with non-GAAP adjusted net profit margins projected to be 14%, 17%, and 20% respectively [2][4] - The target market capitalization for the company is estimated at approximately 31 billion USD, based on a 7x P/S ratio for 2026 [3][4]