激光雷达龙头，开赴港股IPO｜港美股看台

Core Viewpoint - Hesai Technology, a leading global lidar company, has completed its listing in Hong Kong, aiming to issue up to 51.2362 million shares, following its Nasdaq debut in 2023. The company focuses on lidar research and manufacturing, with a strong emphasis on high-definition 3D perception technology for smart driving and robotics applications [1][2]. Group 1 - The penetration of lidar in the smart automotive sector is increasing, with a report indicating that the domestic lidar installation volume is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7%. By the first half of 2025, it is projected to reach 1.002 million units, with an annual target of 2.5 million units [1]. - Hesai Technology has secured partnerships with 12 major domestic automakers, including BYD and Chery, for multiple models, with mass production set to begin in Q1 2025. The company delivered 352,000 lidar units in Q2 2023, a year-on-year growth of 306.9% [2]. - The company reported Q2 2023 revenues of 706 million yuan, a year-on-year increase of 53.9%, and a net profit of 44.1 million yuan, marking a return to profitability [2]. Group 2 - Industry analysts suggest that lidar is becoming a standard feature in intelligent driving, with deep collaborations with major clients expected to support revenue growth through 2026. The cost reduction in robotics lidar is anticipated to enhance market penetration in various applications [3]. - The company is expected to benefit from the growth of the autonomous driving sector, with lidar penetration reaching around 120,000 yuan in the Chinese market. The robotics business is projected to become a second growth curve for the company, with significant delivery growth anticipated for its JT series products [3].