Hesai(US:HSAI) China Post Securities·2025-11-09 12:32Investment Rating - The report maintains an investment rating of "Outperform" for the lidar industry [1] Core Insights - Lidar is transitioning from a "functional component" to a "safety component," becoming essential for high-precision perception in autonomous driving, which is evolving from assistance to full automation [2] - The market is expanding with stable prices; the price deflation is nearing its end, driven by cost reductions in hardware design and increased integration of chips [2] - Domestic companies are gaining market share rapidly, with a clear leading position among the top four players in the lidar market [2] - Investment recommendations focus on leading domestic manufacturers, specifically Hesai Technology and Robosense [2] Summary by Sections 1. Why Lidar? - Lidar is a necessary sensor for high-precision perception, providing critical three-dimensional spatial modeling capabilities [6][12] - The shift in perception requirements from "functional" to "safety" components is driven by regulatory and consumer demands for enhanced safety in autonomous driving [25] 2. Autonomous Driving: Volume Growth and Price Stability - The price of lidar is stabilizing as technological advancements and economies of scale lead to significant cost reductions, with the average price expected to approach 2,000 yuan by 2025 [34] - The penetration rate of lidar in vehicles reached 8.7% in the first eight months of 2025, with a notable increase in lower-priced models adopting lidar technology [35] - The market for lidar in the automotive sector is projected to grow significantly, with expectations of over 60% application in vehicle systems by 2025 [48] 3. Lidar as a Second Engine: Robotics - The rise of intelligent robotic applications, such as lawnmowers, is expected to create a market space worth billions for lidar technology [55] - The demand for lidar in various robotic applications is anticipated to drive substantial market growth, with projections indicating a doubling of the market size in the coming years [56] 4. Competitive Landscape - Domestic lidar manufacturers are rapidly gaining market share, with the top four companies holding nearly 100% of the market share by 2024 [65] - The leading companies in the lidar market include Hesai Technology and Robosense, both of which have seen significant increases in their global market shares [62][65] 5. Related Companies - Hesai Technology is leading the lidar market with a diverse product range and significant growth in both automotive and robotic applications [68] - Robosense is also positioned as a key player in the lidar market, focusing on AI-driven solutions for robotics [67]