禾赛科技系列 车中旭霞 行业深度 《 汽车前瞻研究系列十六-激光雷达的市场空间、技术路线及产业链拆解 》——20220127 公司深度 《 禾赛科技（HSAI.O）-受益于激光雷达行业渗透率加速上行，技术及规模构建护城河》——20250415 公司点评 《 禾赛科技(HSAI.O)-单三季度收入同比增长47%，公司激光雷达在手订单充沛 》-20251117 《禾赛科技（HSAI.O）-单二季度收入同比增长 54%，激光雷达产品在手订单充沛》-20250907 《禾赛科技（HSAI.O）-一季度收入同比增长46%，激光雷达新产品、新客户持续突破》-20250605 核心观点 2025Q3公司营收同比增长47%，实现净利润2.56亿元 2025Q3，公司实现收入为7.95亿元，同比增长47.5%，环比增长12.6%，净利润为2.56亿元（2024Q3为-0.70亿元， 2025Q2为0.44亿元），调整后净利润（即加回股权激励费用后净利润）为2.88亿元（2024Q3为-0.44亿元，2025Q2为 0.73亿元）。 分业务来看， 1）2025Q3，公司产品收入为7.9亿元，同比增长57.0%，环比增长12.9% ...

证券研究报告 | 2025年11月17日 机器人领域业务，公司斩获头部 Robotaxi 客户，持续引领全球激光雷 达市场。在海外，禾赛接连拿下 Motional 及多家北美、亚洲、欧洲全 球领先自动驾驶企业的激光雷达订单，这些大型项目代表着价值数千万 美元的战略合作。在国内，禾赛与包括文远知行、小马智行、哈啰及京 东物流在内的多家国内头部无人出租车及无人卡车企业达成合作，部分 车型计划搭载多达 8 颗禾赛激光雷达，涵盖主激光雷达与补盲激光雷达。 风险提示：原材料价格上涨，汽车价格竞争持续激化。 禾赛科技（HSAI.O） 优于大市 单三季度收入同比增长 47%，公司激光雷达在手订单充沛 2025Q3 公司营收同比增长 47%，实现净利润 2.56 亿元。2025Q3，公司 实现收入为 7.95 亿元，同比增长 47.5%，环比增长 12.6%，净利润为 2.56 亿元（2024Q3 为-0.70 亿元，2025Q2 为 0.44 亿元），调整后净利润（即 加回股权激励费用后净利润）为 2.88 亿元（2024Q3 为-0.44 亿元，2025Q2 为 0.73 亿元）。分业务来看，1）2025Q3，公司产品收 ...

Summary of HeSai Technology Conference Call Company Overview - HeSai Technology is a leading player in the LiDAR sector, benefiting from industry expansion with revenue growth slightly lagging behind shipment growth due to declining unit prices. However, profit growth is robust, with expectations for non-GAAP net profit between 350 million to 500 million RMB for the year [2][3] Key Financial Metrics - Gross margin remains stable at around 40%, expected to maintain this level in the coming years due to brand premium in the automotive sector and strong market share in the non-automotive Robot Taxi market, providing significant bargaining power [2][5] - Revenue for 2025 is projected at approximately 3.2 billion RMB, with net profit expected to be between 200 million to 300 million RMB. Revenue growth for 2026 is anticipated to exceed 40%, with profits potentially doubling [4][11] Shipment and Market Penetration - LiDAR shipment volumes are expected to reach 1.5 to 1.6 million units in 2025, with around 1.3 million units for automotive applications. Projections for 2026 suggest shipments could rise to between 2 million to 2.5 million units [2][6] - HeSai's market penetration is notably high, particularly in the automotive sector, where it competes closely with competitors like SuTeng [3] Product Offerings - HeSai's main product lines include the AT series (e.g., AT128, AT1,440), with the upgraded ATX model set to launch in 2025 at a competitive price point of around 200 USD. This series is expected to be adopted by major automotive brands like Li Auto and Xiaomi [2][8] - The company also offers various non-automotive applications, including the Panda series for Robot Taxis, with average prices around 50,000 to 60,000 RMB [4][10] Market Applications - HeSai's non-automotive applications span multiple sectors, including Robot Taxis, ports, mining, unmanned logistics vehicles, and lawn mowing robots. The company holds over 70% market share in the Robot Taxi segment [4][10][12] - The product matrix includes QT, OT, XT, and JT series, each tailored for specific applications such as industrial robots and logistics [9] Competitive Landscape and Future Outlook - The competitive landscape is characterized by a few major players, with HeSai standing out due to its strong market position and ongoing expansion into overseas markets. The outlook for the LiDAR industry remains optimistic, with a clear competitive advantage over other sensing technologies [12] - HeSai's strong order book from leading automotive clients, including Li Auto and Xiaomi, supports future revenue growth, with a strong and certain order cycle [13] Conclusion - HeSai Technology is well-positioned for growth in the LiDAR market, with stable financial metrics, a robust product lineup, and a strong market presence. The company is expected to continue benefiting from industry expansion and increasing demand for its products across various applications [2][7][12]