Core Viewpoint - Hesai Technology, a leading Chinese LiDAR manufacturer, has secretly submitted an application for a Hong Kong IPO, aiming to capitalize on its recent success and growing market demand for LiDAR technology [1][6][13] Company Overview - Founded by Li Yifan and his team, Hesai Technology specializes in LiDAR for autonomous driving, robotics, and industrial automation [2][4] - The company initially focused on laser gas measurement systems before pivoting to the LiDAR market in 2016, competing against established players like Velodyne [4][6] Recent Developments - Hesai Technology went public on NASDAQ in February 2023, raising $190 million and achieving a market valuation of approximately $2.4 billion (around 16 billion RMB) [6][10] - The company has secured significant contracts with major automotive manufacturers, including Baidu and BYD, and has established partnerships with 22 domestic and international automakers for 120 vehicle models [7][10] Financial Performance - For 2024, Hesai Technology projects revenue of 2.08 billion RMB, a year-on-year increase of 10.7%, and has achieved its first annual profit with a net profit of approximately 137 million RMB [10][11] - The company anticipates revenue growth to reach between 3 billion to 3.5 billion RMB by 2025, with a gross margin of around 40% [11] Market Outlook - The global automotive LiDAR market is expected to grow significantly, with a projected market size of $6.92 billion in 2024, driven by increasing demand for autonomous driving technologies [11][13] - Chinese brands are expected to capture 92% of the market share, with Hesai aiming for a long-term market share of over 40% domestically and nearly 50% internationally [13]

Group 1 - Hesai Technology has secretly submitted an application for a Hong Kong IPO, leading to a pre-market surge of over 7% in its US stock price, which eventually closed up 1.84% [1] - In the first quarter of this year, Hesai Technology's lidar shipment reached 104,687 units, capturing a market share of 31.6%, with Huawei and RoboSense following closely at 30.7% and 29.1% respectively [1] Group 2 - The automotive lidar market is experiencing rapid growth, with RoboSense, Hesai Technology, Huawei, and TuSimple leading the market in 2024 [2] - Hesai Technology reported a net revenue of 2.077 billion yuan for the entire year, with Q4 revenue at 720 million yuan, and expects revenue to reach 3 to 3.5 billion yuan in 2025, with ADAS contributing approximately 60% to 65% of total revenue [2] - The company anticipates a total lidar shipment of 1.2 to 1.5 million units in 2025, with 1 to 1.3 million units coming from ADAS and nearly 200,000 units from robotics [2] Group 3 - Hesai Technology's management indicated that top clients like Li Auto, Xiaomi, BYD, and Leap Motor have raised their sales targets and lidar adoption rates for 2025, with some automotive modules making lidar a standard feature [3] - The company expects to deliver a six-figure order of JT series products for MOVA smart lawn mowers in 2025, and has secured orders from Agtonomy for its autonomous agricultural vehicle solutions [3] - A strategic cooperation agreement was signed with Keting Technology to provide 300,000 JT series lidar units for their lawn mowing robots within a year [3] Group 4 - In March, Hesai Technology faced a short-selling attack from Blue Orca Capital, resulting in a stock price drop of over 10%, which the company strongly opposed, claiming the allegations were baseless [4] - Blue Orca Capital questioned the consistency of Hesai's reported revenues with its largest client's purchase volumes and claimed the company had lost its biggest client while laying off up to 30% of its workforce [4] - Data indicated that in 2024, Hesai supplied 238,000 lidar units for Li Auto's models and 100,700 units for Xiaomi's SU7 [4] Group 5 - Blue Orca Capital identified General Motors' Cruise as the American OEM that terminated its purchasing agreement with Hesai Technology following GM's decision to stop funding the Cruise autonomous taxi project [5] - Hesai Technology has consistently maintained its commitment to strict business ethics and compliance standards in response to the short-selling report [5] - After a period of decline, Hesai's stock rebounded, closing at $17.68 per share as of May 16 [5]

禾赛科技被爆已秘密提交香港上市申请 官方回应不予置评 金十数据5月19日讯，禾赛科技被爆已秘密提交香港上市申请， 记者向禾赛科技核实，相关人士称公司 对此不予置评。从业务来看，禾赛科技今年以来出货量提升明显。 （21财经） ...

辅助气体的合理运用对于激光玻璃切割工艺的影响？ 摘要 本文围绕辅助气体在激光玻璃切割工艺中的作用，从切割速度提升、切割质量改善、 热影响区控制及设备保护等维度，深入探讨合理运用辅助气体对切割工艺的重要影 响，为优化激光玻璃切割工艺提供理论参考。 引言 在激光玻璃切割过程中，辅助气体的合理运用是保障切割效果的重要因素。不同类型 的辅助气体及其参数设置，会对激光与玻璃材料的相互作用产生不同影响。深入研究 辅助气体对切割工艺的影响机制，有助于提高激光玻璃切割的效率与质量。 对切割速度的影响 合理选择辅助气体类型和气压能够显著提升切割速度。例如，氧气作为辅助气体时， 因其具有助燃性，可与玻璃材料发生氧化反应，释放额外热量，加速玻璃材料的熔化 和气化过程，从而提高切割速度。在切割厚度较大的玻璃时，适当增大氧气气压，能 更充分地吹除熔渣，保持切割路径畅通，进一步加快切割进程。而惰性气体如氮气， 虽不具备助燃特性，但能有效吹除切割产生的熔渣，减少熔渣对激光能量的阻挡，使 激光持续高效作用于玻璃，在保证切割质量的同时维持一定的切割速度。 对切割质量的影响 辅助气体的合理运用对切割质量起着关键作用。氮气等惰性气体在切割过程中能 ...

Core Viewpoint - Hesai Technology, the world's largest manufacturer of lidar for assisted driving, is reportedly applying for a confidential listing in Hong Kong following its NASDAQ listing in February 2023 [1][3]. Group 1: Company Overview - Founded in 2014, Hesai Technology is renowned for its lidar technology, primarily used in autonomous vehicles and advanced driver-assistance systems (ADAS) [4]. - The company supplies lidar to leading domestic automakers such as Li Auto, Xiaomi, Leap Motor, and Great Wall [4]. - Hesai has achieved the top global market share in three categories: overall vehicle lidar, ADAS lidar, and L4 autonomous driving lidar, marking it as the only company to receive multiple global firsts for four consecutive years [6]. Group 2: Financial Performance - In its 2024 financial report, Hesai reported a record revenue exceeding 2.08 billion yuan, with a year-on-year increase of 126% in lidar deliveries, totaling 501,889 units [7]. - The ADAS lidar delivery volume reached 456,386 units, reflecting a 134.2% year-on-year growth [7]. - The company transitioned from a Non-GAAP net loss of 241 million yuan in 2023 to a net profit of 14 million yuan in 2024, alongside a positive operating cash flow of 63 million yuan and a net cash flow of 1.3 billion yuan [7]. Group 3: Market Challenges - Hesai has faced scrutiny, being placed on the U.S. Department of Defense's blacklist due to alleged ties to the Chinese military, although it was removed and then reinstated on the list [7][8]. - Following the financial report, Blue Orca Capital released a short-selling report alleging discrepancies in Hesai's reported revenues and customer procurement volumes, as well as claims of losing its largest customer and laying off up to 30% of its workforce [8][9]. - Despite these challenges, Hesai remains optimistic about its future performance, projecting a Non-GAAP profit of 350 million to 500 million yuan for 2025 [9].

禾赛科技今日宣布，获得长城旗下新能源品牌欧拉汽车下一代车型独家定点合作。搭载禾赛激光雷达的 欧拉车型预计将于今年内量产并逐步交付至用户。未来，禾赛将继续与长城旗下包括欧拉、魏牌在内的 多个汽车品牌紧密合作，共同推动激光雷达技术普及，通过"隐形的安全气囊"。(智通财经) ...

丨证券研究报告丨 公司研究丨点评报告丨光峰科技（688007.SH） [Table_Title] 营收稳健增长，车载业务进入快速放量阶段 报告要点 [Table_Summary] 2024 年公司实现营业收入 24.19 亿元，同比增长 9.27%，实现归母净利润 2795 万元，同比下 滑 72.91%，实现扣非归母净利润 3213 万元，同比下滑 22.88%；其中，2024Q4 公司实现营 业收入 6.99 亿元，同比增长 24.21%，实现归母净利润-1499 万元，同比减亏 1038 万元，实 现扣非归母净利润-747 万元，同比减亏 2736 万元。此外，2025Q1 公司实现营业收入 4.61 亿 元，同比增长 3.67%，实现归母净利润-2136 万元，同比下滑 147.95%，实现扣非归母净利润 -2397 万元，同比转亏。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 光峰科技（688007.SH） cjzqdt11111 [Ta ...

丨证券研究报告丨 公司研究丨点评报告丨光峰科技（688007.SH） [Table_Title] 营收稳健增长，车载业务进入快速放量阶段 报告要点 [Table_Summary] 2024 年公司实现营业收入 24.19 亿元，同比增长 9.27%，实现归母净利润 2795 万元，同比下 滑 72.91%，实现扣非归母净利润 3213 万元，同比下滑 22.88%；其中，2024Q4 公司实现营 业收入 6.99 亿元，同比增长 24.21%，实现归母净利润-1499 万元，同比减亏 1038 万元，实 现扣非归母净利润-747 万元，同比减亏 2736 万元。此外，2025Q1 公司实现营业收入 4.61 亿 元，同比增长 3.67%，实现归母净利润-2136 万元，同比下滑 147.95%，实现扣非归母净利润 -2397 万元，同比转亏。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 光峰科技（688007.SH） cjzqdt11111 [Ta ...

Group 1 - The Shenzhen-based Best Environment Group's chairman, Zeng Shengxue, announced plans to bring more entrepreneurs back to Hubei for investment, highlighting that the total investment from the Shenzhen Hubei Chamber of Commerce has exceeded 200 billion yuan [1] - Multiple projects in new materials and low-altitude economy sectors have been successfully introduced to Hubei, showcasing the commitment of Hubei entrepreneurs to invest in their hometown [5] - The chairman of Wuhan Dier Laser Technology Co., Ltd., Li Zhigang, emphasized the importance of returning to Wuhan for entrepreneurship, noting that the company has grown to become a global leader in precision laser micro-nano processing equipment with a market share of over 80% [6] Group 2 - Wei Peng Holdings Group's chairman, Yu Peng, stated that the company's investment in Hubei has surpassed 10 billion yuan, and they plan to open a new branch of Shengan Securities in Wuhan, increasing the total number of branches to three [8] - Huang Li, chairman of Wuhan Gaode Infrared Co., Ltd., shared that his company relocated from Shenzhen to Wuhan in 2022, becoming a leading enterprise in Hubei's low-altitude economy and collaborating on a national benchmark project [10] Group 3 - Since the beginning of the year, Wuhan has organized over 200 events to attract Hubei entrepreneurs back for investment, establishing cooperation mechanisms with key business associations and setting up regional liaison stations [12] - The "Hubei Entrepreneur Home" was established in Beijing, and the "Hubei Entrepreneur Return Action Plan (2025-2027)" aims to sign at least 200 new investment projects annually, with a target of 100 projects being implemented each year [12]

Core Viewpoint - Shandong province is implementing multiple measures to promote foreign trade quality products as national goods, enhancing consumer access to high-quality goods at affordable prices [1] Group 1: Promotion of Foreign Trade Quality Products - The "2025 Shandong Foreign Trade Quality Products Shopping Season" and "Foreign Trade Quality Products Chinese Tour" have been launched, focusing on categories such as textiles, daily consumer goods, food, agricultural products, and building materials from mid-May to late June [2] - The Yinzuo Group has opened "Foreign Trade Quality Products Selected Areas" in 62 stores across the province, providing a fast track for foreign trade enterprises affected by international trade environments [2][3] - The products in the foreign trade quality section come with quality inspection reports, ensuring high standards for consumers [2] Group 2: Consumer Engagement and Market Response - Consumers have shown positive responses to foreign trade quality products, with many expressing satisfaction with the quality and affordability [3] - The first foreign trade quality products shopping festival is being held at the Shandong International Exhibition Center, attracting numerous buyers and fostering direct interactions between consumers and suppliers [3][4] - Companies like Kadele Intelligent Technology, which is seen as a "Chinese version of LEGO," are successfully transitioning to domestic markets while maintaining their international sales [3][4] Group 3: Expansion of Domestic Market - Various trade shows and exhibitions are being organized to facilitate the integration of domestic and foreign trade, providing platforms for foreign trade enterprises to expand their domestic market presence [4] - Companies are actively seeking to increase their domestic market share, with current domestic sales accounting for only 20% of total sales for some manufacturers [5] - The shift towards domestic sales is seen as beneficial for companies, allowing for better communication with customers and timely product optimization [5]