禾赛科技系列三-一季报点评：一季度收入同比增长46%，激光雷达新产品、新客户持续突破【国信汽车】

Core Viewpoint - Hesai Technology is experiencing significant growth in the lidar market, driven by increasing demand for advanced driver-assistance systems (ADAS) and new product launches, positioning itself as a leader in the industry [1][2][17]. Company Performance - In Q1 2025, Hesai Technology achieved revenue of 525 million yuan, a year-on-year increase of 46.3%, but a quarter-on-quarter decrease of 27.0%. The net profit was -18 million yuan, with an adjusted net profit of 8.6 million yuan [1][3]. - The product revenue for Q1 2025 was 510 million yuan, up 44.7% year-on-year, primarily due to strong demand in China for ADAS lidar products. Service revenue reached 14.6 million yuan, a 139.3% increase year-on-year [1][3][4]. - The total lidar shipment in Q1 2025 was 195,800 units, representing a year-on-year growth of 231.3%. ADAS lidar shipments were 146,100 units, up 178.5% year-on-year, while shipments in the robotics sector reached 49,700 units, a staggering increase of 649.1% [4][13]. Product Development - Hesai launched new generation automotive-grade lidar products in Q1 2025, including the AT1440, ETX, and FTX models, which cater to various levels of autonomous driving from L2 to L4 [21][22]. - The AT1440 is noted for having the highest line count among automotive-grade lidar, with a point frequency exceeding 34 million points per second, significantly surpassing current mainstream lidar [21]. - The company introduced the "Qianliyan" lidar perception solution, which includes multiple configurations tailored for different levels of autonomous driving [22]. Market Expansion - Hesai is actively expanding its international presence, having established a new verification development project with a top-tier global automotive supplier based in Japan. The company is also collaborating with four leading automotive manufacturers in Europe and Japan on five verification projects [26][25]. - In the domestic market, Hesai has secured partnerships with several major automotive brands, including Chery and Geely, and its ATX lidar has been designated as standard equipment for multiple upcoming models [28][29]. Robotics Sector - Hesai is a preferred supplier for leading Robotaxi companies, providing essential lidar technology to support their next-generation fleets. Recent collaborations with companies like Baidu and Didi are enhancing Hesai's role in the commercialization of autonomous driving [31][33]. - A strategic agreement was signed with a high-end smart garden brand to supply 300,000 JT series lidar units, indicating Hesai's growing penetration in the robotics market [33][34].