Hesai(US:HSAI) GUOTAI HAITONG SECURITIES·2026-03-31 12:39Investment Rating - The report maintains a "Buy" rating for the company [7][11]. Core Insights - The company achieved record deliveries and performance, maintaining robust profitability amid scale expansion. The ADAS business continues to thrive, with multi-radar systems driving up the per-vehicle value. The robotics segment is accelerating alongside global expansion, with the second growth curve beginning to materialize [3][4]. Financial Summary - Revenue projections for FY2024 to FY2028 are as follows: - 2024: 2,077 million RMB (10.7% YoY growth) - 2025: 3,028 million RMB (45.8% YoY growth) - 2026E: 4,326 million RMB (42.9% YoY growth) - 2027E: 6,390 million RMB (47.7% YoY growth) - 2028E: 8,768 million RMB (37.2% YoY growth) [5][12] - GAAP net profit projections for the same period are: - 2024: (102) million RMB - 2025: 436 million RMB (525.8% YoY growth) - 2026E: 589 million RMB (35.1% YoY growth) - 2027E: 1,282 million RMB (117.7% YoY growth) - 2028E: 1,629 million RMB (27.1% YoY growth) [5][12]. Delivery and Performance Highlights - In Q4, the company delivered a total of 631,100 units, a year-on-year increase of 184.2%, with ADAS product deliveries reaching 550,700 units (185.0% YoY) and robotics product deliveries at 80,400 units (178.9% YoY). This high delivery volume led to quarterly revenue of 1 billion RMB, a 39.0% increase YoY [11][12]. - For the full year 2025, total deliveries are expected to reach 1,620,400 units, a 222.9% increase YoY, with total revenue projected at 3,028 million RMB (45.8% YoY growth) and Non-GAAP net profit at 551 million RMB [11][12]. Business Segments - The ADAS business remains highly prosperous, with the company securing contracts with over 40 global automakers and more than 160 vehicle models. The addition of new clients such as BAIC and Bestune in Q4 further solidifies market share [11][12]. - The robotics segment is expanding rapidly, with significant orders for various types of robots, including lawnmowers and partnerships with major tech firms like NVIDIA and Grab, enhancing growth potential [11][12]. Valuation and Price Target - The report estimates a target price of $24 based on a 6X PS for FY2026E, reflecting the company's technological strength, product quality, customer base, and industry-leading profitability [11][12].