禾赛25Q3跟踪报告：全年指引上调，26年出货量持续高增

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [5]. Core Insights - The company, Hesai (HSAI.O), reported a revenue of 795 million yuan for Q3 2025, representing a year-over-year increase of 47.5%, marking six consecutive quarters of growth [2][23]. - The company has adjusted its full-year guidance, projecting total revenue for 2025 to be between 3 billion to 3.2 billion yuan, with a GAAP net profit forecast of 350 million to 450 million yuan [3][25]. - The company achieved a significant milestone by delivering over 1 million laser radars in the first three quarters of 2025, maintaining the leading market share in the ADAS sector [3][20]. Summary by Sections Revenue Performance - In Q3 2025, the company achieved a revenue of 795 million yuan, a 47.5% increase year-over-year, driven by the standardization of onboard laser radar and expansion in the robotics sector [2][24]. - For the first three quarters of 2025, total revenue reached 2.027 billion yuan, reflecting a 49.3% year-over-year growth [2]. Profitability Metrics - The gross margin for Q3 2025 was reported at 42.1%, slightly down from the previous year, but expected to remain around 40% in Q4 [2][24]. - The GAAP net profit for Q3 2025 was 256 million yuan, marking a historical high and surpassing the annual profit target ahead of schedule [2][20]. Market Position and Delivery Volume - The company delivered 441,400 laser radars in Q3 2025, a year-over-year increase of 228.9%, with ADAS laser radar deliveries reaching 380,800 units [3][20]. - The company holds a dominant market share in the ADAS sector, with a reported market share of 46% as of August 2025, significantly higher than its competitors [3][20]. Future Outlook - For Q4 2025, the company expects net revenue to be between 1 billion to 1.2 billion yuan, with year-over-year growth projected between 39% to 67% [3][25]. - The company anticipates total laser radar deliveries for 2025 to reach approximately 1.6 million units, with expectations for 2026 to see deliveries between 2 million to 3 million units [3][25][28]. Strategic Developments - The company has secured significant contracts with major ADAS clients, with all models from its top two clients in 2026 expected to be equipped with Hesai laser radars [4][21]. - The successful IPO in September 2025 raised 614 million USD, marking the largest IPO in the laser radar industry, which will enhance the company's financial foundation and support future growth initiatives [20][22].