“4倍”禾赛：被特斯拉抛弃的激光雷达为何又“有光”了？

Core Viewpoint - Hesai Technology has experienced significant fluctuations in its market value, initially facing challenges due to high costs of LiDAR technology and low willingness from automakers to adopt it. However, the company has recently achieved a remarkable recovery in stock price, driven by unexpected profitability and strong demand in the automotive ADAS sector [2][3][30]. Group 1: Company Overview - Hesai Technology was founded in 2014, initially focusing on gas monitoring equipment due to severe air pollution issues in China. The company later pivoted to the LiDAR sector in 2016, recognizing the potential in smart driving and robotics [6][7]. - The company has launched several key products over the years, including the Pandar series for Robotaxi applications and the AT series for passenger vehicle ADAS, achieving significant milestones in production and delivery [6][7][21]. Group 2: Market Dynamics - The market for LiDAR technology is currently experiencing a shift, with increasing competition among automakers for smart driving capabilities. This has led to a heightened focus on LiDAR as a critical component for safety and performance in autonomous vehicles [3][14][15]. - As of 2024, the demand for ADAS LiDAR has surged, with projections indicating that ADAS radar will account for 91% of total LiDAR shipments by 2024, driven by the AT series products [16][17][30]. Group 3: Product Development and Strategy - Hesai's AT series has significantly reduced costs while enhancing performance, making it a competitive choice in the ADAS market. The company has achieved a 74% price reduction for its ATX model compared to previous models, while maintaining comparable performance metrics [46][47]. - The introduction of the JT series for robotics applications is expected to further diversify Hesai's product offerings and revenue streams, with a projected shipment of 200,000 units in 2025, reflecting a 340% year-on-year growth [19][21][30]. Group 4: Competitive Positioning - Hesai has successfully increased its market share in the domestic ADAS LiDAR sector, surpassing competitors like RoboSense. The company's strategic focus on high-performance, cost-effective solutions has positioned it as a leader in the market [34][36]. - The competitive landscape remains dynamic, with ongoing technological advancements and shifts in customer preferences. Hesai's commitment to innovation and cost reduction through chip integration and high assembly efficiency is crucial for maintaining its competitive edge [48][49][42].