Core Insights - The Hong Kong stock market is experiencing a surge in listings from leading companies in the LiDAR industry, indicating a high level of industry activity and maturity [1][2] - The growth in the LiDAR sector is driven by advancements in autonomous driving technology and the increasing adoption of LiDAR in various applications, including robotics [3][4] Industry Growth and Financial Performance - Major LiDAR companies in China, including Hesai Technology, RoboSense, and TuSimple, are seeing rapid revenue growth, with compound annual growth rates exceeding 30% for Hesai and over 70% for RoboSense [2] - Revenue projections for these companies show significant increases from 2022 to 2024, with Hesai's revenue expected to rise from 1.203 billion yuan to 2.077 billion yuan [2] - The sales volume of LiDAR units is also expected to grow substantially, with RoboSense projecting sales of 259,600 units in 2023, a year-on-year increase of 355% [2] Market Penetration and Technology Adoption - The penetration rate of LiDAR in new energy passenger vehicles is projected to reach 17% by 2025, marking a significant shift from niche to mainstream adoption [3] - Major automotive manufacturers are integrating LiDAR into their smart driving systems, indicating a trend towards democratization of advanced driving technologies [4] Cost Reduction and Technological Advancements - The average price of ADAS LiDAR has dramatically decreased from 20,000 yuan to around 2,500 yuan from 2020 to 2024, facilitating broader market access [5][6] - The industry is witnessing a shift towards chip integration and solid-state LiDAR technologies, which enhance performance while reducing costs and size [6][7] Emerging Opportunities in Robotics - The robotics sector is emerging as a "second growth curve" for LiDAR applications, with significant year-on-year growth in unit deliveries [8][10] - Companies are exploring new applications in the robotics field, such as lawn mowing robots, with high profit margins compared to automotive applications [10][11] - The collaboration between LiDAR manufacturers and robotics companies is expected to drive innovation and market expansion in this area [12]

Core Viewpoint - Hesai Technology (HSAI.US; 2525.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong [1][3]. Group 1: IPO Details - The IPO of Hesai Technology is the largest in the global lidar industry to date and the largest financing scale for a Chinese concept stock returning to Hong Kong in nearly four years, with a total financing amount exceeding HKD 41.6 billion (USD 5.33 billion) before the greenshoe option [3]. - On the opening day, Hesai Technology's stock reached HKD 244.0 per share, resulting in a market capitalization exceeding HKD 36 billion [3]. Group 2: Company Performance - Founded in 2014, Hesai Technology's products are widely used in advanced driver-assistance systems (ADAS) for passenger and commercial vehicles, autonomous vehicles, and various types of intelligent robots [5]. - The company achieved a revenue of RMB 2.08 billion in 2024, with annual delivery volumes doubling for four consecutive years, making it the first and only publicly listed lidar company to achieve profitability for the entire year [5]. - From 2021 to 2024, the compound annual growth rate (CAGR) of the company's revenue reached 42.3%, indicating rapid revenue growth [5]. Group 3: Market Position - In the ADAS sector, Hesai Technology's lidar has become a safety standard for assisted driving, contributing to the launch of several popular vehicle models [5]. - The company has secured mass production contracts from over 24 OEMs for more than 120 vehicle models, with plans for delivery between 2025 and 2027 [5]. - In the robotics sector, Hesai Technology is the preferred lidar supplier for leading Robotaxi companies, with nine out of the top ten global companies choosing Hesai Technology as their main lidar supplier, including industry leaders like Baidu, Didi, Xiaoma Zhixing, and WeRide [5].

Group 1 - Hesai Technology, a global leader in LiDAR, officially listed on the Hong Kong Stock Exchange on September 16, with a strong debut performance, reaching a peak increase of 15% to HKD 244 [2][3] - The IPO price was set at HKD 212.80, raising a total of HKD 41.60 billion (approximately USD 5.35 billion), with significant cornerstone investors like Hillhouse Capital and Grab Holdings participating [3] - This listing marks Hesai as the first LiDAR company to achieve a dual primary listing in both the US and Hong Kong, and it is the largest IPO of a Chinese concept stock returning to Hong Kong in the past four years [3] Group 2 - The strong performance of Hesai is aligned with the increasing adoption of LiDAR technology by automotive manufacturers to enhance Advanced Driver Assistance Systems (ADAS) [3] - The company plans to use the funds raised to reduce the manufacturing costs of its LiDAR systems, aiming to lower the price from USD 50,000 to USD 200, which could significantly boost the technology's adoption in mainstream passenger vehicles [5] - As of March 31, 2025, Hesai has secured the highest number of mass production designations in the ADAS market, covering 120 models from 22 global OEMs, including well-known brands like Li Auto, Zeekr, and Leap Motor [5] Group 3 - Founded in 2014, Hesai maintains a leading position in multiple niche markets, being the largest revenue-generating LiDAR supplier globally in 2022, 2023, and 2024 according to Frost & Sullivan [5] - The strong market demand is reflected in the company's performance, with its American Depositary Receipts (ADR) doubling in price this year and a 54% year-over-year revenue growth in the second quarter, surpassing the previous quarter's growth rate [5]

| Specifications | God's Eye A (DiPilot 600) | God's Eye B (DiPilot 300) | God's Eye C (DiPilot 100) | | --- | --- | --- | --- | | Computing Power | 600 TOPS | 300 TOPS | 100 TOPS | | Number of LiDARs | 3 | 1 | | | Ultrasonic Radars | 12 | 12 | 12 | | Number of Cameras | 14 | 14 | 12 | | NOA Supported Areas | Highway & Cities | Highway & Cities | Highway | | Availability | Premium segment | Mid-tier segment | Entry & Budget segments | 数据来源：Counterpoint Research Note: NOA (Navigate on Autopilot) 比亚迪近日发布全新自动驾 ...

Core Viewpoint - BYD has launched a new autonomous driving system called "God's Eye," which will be integrated into its entire range of vehicles, including its sub-brands like Tengshi, Fangchengbao, and Yangwang [2][4]. Group 1: Product Specifications - The "God's Eye" series includes three versions with varying specifications: - God's Eye A (DiPilot 600) offers 600 TOPS computing power, 3 LiDARs, 12 ultrasonic radars, and 14 cameras, targeting the premium segment [2]. - God's Eye B (DiPilot 300) provides 300 TOPS computing power, 1 LiDAR, 12 ultrasonic radars, and 14 cameras, aimed at the mid-tier segment [2]. - God's Eye C (DiPilot 100) features 100 TOPS computing power, no LiDAR, 12 ultrasonic radars, and 12 cameras, designed for entry and budget segments [2]. Group 2: Market Strategy - BYD plans to apply the God's Eye A system in high-end models like the Yangwang U9 to compete in the premium autonomous driving market [3]. - The God's Eye B system will be used in mid-range models, competing against brands like Leap Motor, Xiaomi, Huawei, Tesla, NIO, Xpeng, Li Auto, and Zhi Ji [3]. Group 3: Competitive Advantage - The integration of BYD's self-developed SoC chip with strategic partnerships with NVIDIA and Horizon Robotics creates a cost-effective ADAS solution, intensifying market competition, especially in China [4]. - The God's Eye C version is expected to disrupt the entry-level market, being offered for a starting price of 69,800 RMB (approximately 9,555 USD), significantly lower than previous models with L2 ADAS [5]. Group 4: Global Expansion Plans - Although primarily targeting the Chinese market, BYD aims to expand the "God's Eye" system to Southeast Asia, particularly Thailand, with plans for over 10% of sales to come from exports in 2024 [7]. - Collaborations with ride-hailing giant Grab in Southeast Asia may lead to the deployment of BYD's autonomous driving technology in ride-hailing services, enhancing BYD's market presence [7].