Hesai(US:HSAI) BambooWorks·2025-11-12 03:58Core Viewpoint - Hesai Technology (HSAI.US; 2525.HK) reported record high earnings in Q3, achieving its 2025 full-year profit target a quarter early, driven by strong demand for its lidar technology in the ADAS and robotics sectors [1][3]. Financial Performance - The company achieved a net profit of 260 million yuan (approximately 36 million USD) in Q3, bringing the total profit for the first nine months of the year to 280 million yuan [1]. - Based on the strong performance, Hesai raised its full-year net profit guidance to a range of 350 million to 450 million yuan [1]. - Q3 revenue surged 47% year-on-year to 800 million yuan, primarily due to robust shipments and increased penetration of lidar in ADAS and robotics [1]. Market Position and Growth - Hesai has maintained a leading position in the long-range lidar market for seven consecutive months, with an August market share of 46%, significantly ahead of its closest competitors [3]. - The company secured partnerships with major ADAS clients for their 2026 model lineups, including collaborations with leading autonomous taxi and truck companies across North America, Asia, and Europe [3]. Product Delivery and Demand - In Q3, Hesai's total lidar shipments reached 441,398 units, a year-on-year increase of 228.9%, with ADAS deliveries growing threefold to 380,759 units and robotics deliveries surging fourteenfold to 60,639 units [4]. - The company’s gross margin for the quarter was 42%, while operating expenses decreased by 23% year-on-year [5]. Strategic Partnerships and Future Outlook - Hesai's high-end ETX lidar, which has the longest detection range globally, is set to be integrated with top three Chinese new energy vehicle manufacturers, with mass production planned to start by late 2026 or early 2027 [3]. - Each L3 vehicle is expected to use three to six lidar units, with a unit value of approximately 500 to 1,000 USD, expanding Hesai's potential market significantly [3].