禾赛成全球首家全年盈利，股价暴涨！从激光雷达看中国科技赢得话语权

Core Viewpoint - The article highlights the significant growth and achievements of Hesai Technology in the lidar industry, marking a turning point in commercialization and profitability, particularly in the context of the booming smart driving and robotics sectors in 2025 [1][3]. Financial Performance - Hesai reported a record annual revenue of 2.08 billion yuan and a Non-GAAP net profit of 14 million yuan for 2024, becoming the first publicly listed lidar company to achieve annual Non-GAAP profitability [1][4]. - The company's stock surged by 50.41% following the earnings announcement, reflecting strong market confidence [1]. Delivery and Market Demand - In 2024, Hesai's total lidar delivery reached approximately 502,000 units, a year-on-year increase of 126%, achieving a doubling of delivery volume for four consecutive years [4]. - The fourth quarter alone saw deliveries of 222,000 units, surpassing the total for 2023, indicating a robust demand from automotive and robotics sectors [4][5]. Industry Position and Growth - The lidar industry is transitioning from a niche market to a standard feature in smart vehicles, with a projected increase in lidar penetration from 6% in 2023 to 13% in 2024, and potentially reaching 60% by 2030 [4]. - Hesai has established partnerships with 22 domestic and international automotive manufacturers, covering 120 vehicle models, including nine of China's top ten automakers by market value in 2024 [4]. Product Development and Innovation - At CES 2025, Hesai showcased advanced lidar products, including the AT1440 and the second-generation solid-state lidar FT, indicating a broadening product ecosystem [8][9]. - The introduction of the ATX lidar, which offers high performance at a competitive price, is expected to penetrate the market for vehicles priced below 100,000 yuan, supporting the democratization of advanced driving technologies [11]. Future Outlook - The company anticipates a significant increase in Non-GAAP profit to between 350 million and 500 million yuan in 2025, representing a 25 to 35-fold increase from the previous year [14]. - Lidar delivery volumes are projected to rise to between 1.2 million and 1.5 million units in 2025, reflecting the growing demand across various applications [14]. Global Expansion and Competitive Landscape - Hesai has secured a landmark multi-year exclusive partnership with a top European automaker, marking a significant milestone in its international market strategy [19]. - The competitive landscape shows a concentration of market power among Chinese lidar manufacturers, with domestic firms leading in innovation and market share [18]. Investment Sentiment - Major international banks have expressed bullish sentiments towards Chinese assets, with projections of significant growth in Hesai's Non-GAAP net profit and market share in the coming years [21].