禾赛科技通过港交所聆讯：即将成为「全球激光雷达回港上市第一股」

Core Viewpoint - HeSai Technology is positioned as a leading global developer and manufacturer of LiDAR products, showcasing strong technological capabilities and rapid revenue growth, with an upcoming dual listing in Hong Kong [2][4]. Group 1: Technological Strength and Product Development - HeSai Technology focuses on the design, development, manufacturing, and sales of advanced LiDAR products, which are widely used in various applications including autonomous vehicles and robotics [4]. - The company has established a dedicated chip R&D team since 2017, achieving the highest integration rate of self-developed chips in the industry starting from 2023, indicating its technological leadership [4][5]. - The fourth generation of self-developed chips optimizes LiDAR functionality and performance by integrating seven key components, making HeSai the only company in the industry to develop all these components independently [5]. - The company has successfully launched four generations of self-developed chips since October 2020, significantly enhancing product performance and reducing production costs [5][6]. Group 2: Product Line and Market Recognition - HeSai Technology has developed a strong product line, including the AT, ET, and JT series, which have gained market recognition and secured mass production orders shortly after their launch [7]. - The flagship product AT128, launched in July 2021, is the first vehicle-grade long-range LiDAR product utilizing self-developed chip technology [6]. Group 3: Operational Efficiency and Cost Management - The innovative platform architecture introduced by HeSai Technology has reduced operational costs and improved product development efficiency by allowing component sharing across different product series [10]. - The company has adopted a self-manufacturing model, enhancing cost efficiency, quality control, and supply chain resilience, which has become a significant competitive advantage [10]. Group 4: Revenue Growth and Market Position - HeSai Technology has experienced rapid growth in shipment volume and revenue, with confirmed shipments of approximately 80,400 units in 2022, 222,100 units in 2023, and projected 501,900 units in 2024 [11]. - The company's net revenue reached RMB 1,202.7 million in 2022, RMB 1,877.0 million in 2023, and RMB 2,077.2 million in 2024, with a 46.3% year-on-year increase in Q1 2025 [11]. - HeSai is recognized as the largest global LiDAR supplier by revenue for 2022, 2023, and 2024, and became the first company to exceed 100,000 units shipped in a single month by December 2024 [11]. Group 5: Industry Growth and Future Outlook - The global LiDAR industry is projected to grow from USD 300 million in 2020 to USD 1.6 billion in 2024, with a compound annual growth rate (CAGR) of 57.8%, and expected to reach USD 17.3 billion by 2029 [12]. - HeSai Technology is well-positioned to capitalize on the rapid growth of the LiDAR market, leveraging its technological and manufacturing expertise to strengthen its global market leadership and expand into the robotics sector [13].