Core Viewpoint - Hesai Technology (禾赛-W, 02525.HK) experienced a significant stock price increase of over 15%, reaching HKD 148.4 per share on November 25 [1] Company Summary - Hesai Technology's stock price surged by more than 15% [1] - The closing price of Hesai Technology's shares was reported at HKD 148.4 [1]

Core Viewpoint - Hesai Technology (禾赛科技) has launched significant advancements in LiDAR technology, including a high-performance smart control chip and unique safety technology, leading to a notable increase in stock price and market position [1] Group 1: Product Developments - On November 24, 2023, Hesai Technology held a technology open day, unveiling the Fermi C500 chip based on RISC-V architecture and the world's only "photon isolation" safety technology [1] - The updated 256-line safety LiDAR ATX features the "photon isolation technology," enhancing safety and reliability to achieve a physical level of "zero false positives" [1] Group 2: Market Position and Financial Performance - According to CICC research, Hesai has ranked first in global LiDAR total revenue from 2021 to 2024, leading the market share [1] - In Q4 2024, the company is expected to achieve its first quarterly profit, becoming the first and only profitable publicly listed LiDAR company, marking a milestone in the industry [1] - Factors such as a comprehensive product matrix, a strong domestic and international customer base, and cost-reduction capabilities are expected to support the company's profit margins [1]

Core Viewpoint - Hesai Technology (禾赛科技) has made significant advancements in the lidar industry, highlighted by the launch of its high-performance smart control chip and unique safety technology, leading to a notable increase in its stock price and market position [1] Company Developments - Hesai Technology's stock price rose by 14.44%, reaching 147.4 HKD with a trading volume of 37.87 million HKD [1] - The company held a technology open day on November 24, 2023, where it introduced the Fermi C500 chip based on RISC-V architecture and the ATX 256-line safety lidar [1] - The "photon isolation" safety technology is now integrated into all major lidar products, enhancing safety and reliability with a focus on achieving "zero false positives" at the physical level [1] Industry Position - According to CICC research, Hesai has ranked first in global lidar total revenue from 2021 to 2024, maintaining a leading market share [1] - The company achieved its first quarterly profit in Q4 2024, becoming the first and only publicly listed lidar company to do so, marking a milestone in the industry [1] - Factors such as a comprehensive product matrix, a strong customer base, and cost-reduction capabilities are expected to support the company's profit margins [1]

Core Viewpoint - Company is rated as outperforming the industry with a target price of HKD 182.50, based on a P/S valuation method corresponding to 6.0x 2026e P/S [1] Group 1: Company Performance - Company is a global leader in LiDAR solutions, achieving profitability for the first time in Q4 2024, marking a significant milestone as the only publicly listed LiDAR company to do so [2] - Company has maintained the top position in global LiDAR revenue for four consecutive years from 2021 to 2024, leading the market share [2] Group 2: Competitive Advantages - Company has established three major competitive advantages: chip technology, self-built automated production capacity, and extensive customer resources [3] - Company is a leader in chip technology, having developed its fourth-generation chip architecture, which reduces costs and enhances product compactness [3] - Self-built production capacity ensures delivery capability and cost dilution through economies of scale, while the company serves major domestic and international automotive manufacturers and has deep ties with leading Robotaxi companies [3] Group 3: Industry Growth Drivers - The industry is entering a high-growth phase driven by the proliferation of urban NOA functions, the layout of L3, and decreasing LiDAR prices [4] - Company forecasts that the shipment volume of automotive LiDAR in China will exceed 3 million units in 2025 and 10 million units by 2028, with a CAGR of 58% [4] - The robotics sector, including applications like lawnmowers and logistics robots, is expected to become a new growth area, with overseas markets poised for explosive growth [4] Group 4: Valuation and Catalysts - Current valuation for the company's H-shares corresponds to 5.4/4.0 times P/S for 2025/2026, while U.S. shares correspond to 5.5/4.0 times P/S for the same years [4] - The target prices for H-shares and U.S. shares are HKD 182.5 and USD 23.5, respectively, indicating an upside potential of 53% and 52% from current prices, corresponding to a Non-GAAP 35x 2026e P/E [4] - Potential catalysts include the gradual realization of overseas orders and the ramp-up of robotic LiDAR production [4]

智通财经APP获悉，中金发布研报称，首次覆盖禾赛-W(02525)给予跑赢行业评级，目标价182.50港 元，基于P/S估值法，对应6.0x 2026e P/S。该行认为公司完善的产品矩阵及国内外客户储备,以及技术降 本能力将保障其利润率水平。该行预计公司25-26年EPS分别为2.33元、3.81元，营收分别为31亿元、43 亿元，2024-2026年CAGR为43%。 多因素推动行业进入高速成长期 随着城市NOA功能普及、L3开始布局，以及激光雷达价格下探，该行预计2025/2028年中国车载激光雷 达出货量分别突破300万/1,000万台，CAGR为58%，机器人(如割草机、物流机器人)领域也成为新的增 长极，海外市场静待爆发。 全球领先的激光雷达解决方案提供商，率先实现盈利 公司2021-2024年连续四年位居全球激光雷达总营收榜首，市场份额领先。4Q24公司首次实现单季度盈 利，成为全球首家且唯一实现盈利的上市激光雷达公司，在行业中具有里程碑意义。 三大护城河构筑竞争优势 公司凭借芯片化技术、自建自动化产能及广泛的客户资源，构建了核心护城河。公司是行业内芯片化技 术的引领者，已迭代至第四代芯片架构， ...

记者丨 曾静娇 见习记者张嘉钰 编辑丨谭婷 当地时间11月24日，美国三大股指全线收涨，道指涨0.44%，标普500指数涨1.55%，纳指涨2.69%。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 46448.27 | 22872.01 | 6705.12 | | +202.86 +0.44% +598.93 +2.69% +102.13 +1.55% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7726.23 | 24962.75 | 6725.00 | | +211.92 +2.82% +657.25 +2.70% +104.75 +1.58% | | | 下跌方面，诺和诺德大跌5.54%，一度跌近10%。消息面上，据财联社，丹麦制药巨头诺和诺德公布了司美格鲁肽针对阿尔茨海默病的晚期试 验结果，未能达到目标。 中国资产爆发，中概股普遍上涨，纳斯达克中国金龙指数涨2.82%。个股方面， 小马智行涨超12%， 阿特斯太阳能涨逾10%，大全新能源涨超 9%；名创优品跌超1%，新东方、百胜中国跌约1%。富时中国A ...

凤凰网财经讯 11月24日，美股三大股指集体高开，道指涨0.19%，标普500指数涨0.60%，纳指涨 1.00%。 谷歌美股开盘涨超3.7%，再创历史新高，公司旗下的人工智能产品Gemini热度持续攀升。诺和诺德股 价开盘跌9%，公司称Evoke 3期试验未显示阿尔茨海默病进展的统计学显著减少。 中概股方面，哔哩哔哩涨超6%，百度涨超5%，阿里巴巴涨超4%；网易有道跌超3%，途牛跌超2%，新 氧跌超1%。 【禾赛发布自研RISC-V激光雷达主控芯片费米C500】 11月24日，禾赛科技在上海禾赛麦克斯韦全球研发智造中心举办2025技术开放日活动。禾赛科技发布基 于RISC-V架构的激光雷达专用高性能智能主控芯片费米C500。 公司消息 【马斯克称将"深度参与"特斯拉芯片设计】 【美媒称元公司隐瞒对其不利的内部研究】 据多家美国媒体11月23日报道，美国社交媒体巨头元公司曾在一项内部研究中发现，短暂停止使用其脸 书平台有助于改善用户心理状态，但公司随后停止相关研究并未公开研究结果。 报道称，这项代号为"水星计划"的研究于2020年由元公司与市场调查企业尼尔森公司合作开展，旨在评 估停用脸书一周对用户心理健康的 ...

Core Viewpoint - The company Hesai has seen its stock price rise over 10% in pre-market trading following the announcement of its self-developed RISC-V lidar main control chip, Fermi C500 [1] Group 1 - Hesai's stock performance indicates strong market reaction to the new product launch [1] - The Fermi C500 chip is based on the RISC-V architecture, highlighting the company's innovation in lidar technology [1]

Core Insights - Chinese concept stocks saw a pre-market rally, with notable gains in companies like Hesai (HSAI.US) up over 9%, Bilibili (BILI.US) and Pony.ai (PONY.US) nearly 7%, and NIO (NIO.US) and NetEase (NTES.US) over 4% [1] - The Hang Seng Tech Index rose significantly by 2.87% during the day [1] - Hesai Technology has secured partnerships with its two major ADAS clients, Xiaomi and Li Auto, for full model cooperation by 2026, with plans for 100% laser radar standardization [1] - Alibaba's Tongyi Qianwen app achieved over 10 million downloads within a week of its launch, becoming the fastest-growing AI application [1] - Despite a recent pullback in global tech stocks, several foreign investment banks, including Morgan Stanley, JPMorgan, and UBS, have expressed bullish views on Chinese stocks, with Morgan Stanley predicting further gains by 2026 [1] Company Highlights - Hesai Technology's laser radar will be standard in all models of its major clients, indicating strong demand and potential revenue growth [1] - Alibaba's rapid success with its AI app reflects the growing interest and investment in AI technologies within the Chinese market [1] Industry Trends - The positive outlook from major foreign investment banks suggests a potential recovery and growth phase for Chinese stocks, contrasting with the global tech stock pullback [1] - The strong performance of the Hang Seng Tech Index indicates a favorable environment for technology companies in China [1]

Core Insights - HeSai Technology, a global leader in LiDAR, held a technology open day on November 24, 2023, where it unveiled the Fermi C500 chip based on RISC-V architecture, a photon isolation safety technology, and the upgraded 256-line ATX LiDAR [1][4][16]. Group 1: Product Development and Innovation - The Fermi C500 chip integrates MCU, FPGA, and ADC, making it the world's first LiDAR-specific main control chip with dual certification for functional and network safety, meeting stringent automotive reliability and information security requirements [4][6]. - HeSai has achieved full-stack self-research in key components of LiDAR, including lasers, detectors, and signal processors, making it the only company in the industry to do so [6][30]. - The photon isolation technology ensures zero false alarms by preventing interference between laser channels, significantly enhancing the reliability of HeSai's LiDAR products [16][24][26]. Group 2: Market Position and Performance - HeSai has delivered a total of 185 million self-developed chips, ranking first in the industry, and has maintained a leading market share in China for eight consecutive months [3][30][34]. - The penetration rate of LiDAR in new energy passenger vehicles has reached 20%, with one in five new cars equipped with LiDAR as standard [32]. - HeSai's ATX LiDAR has received over 4 million orders and is expected to start mass production in April 2026, highlighting its strong market demand [27][30]. Group 3: Strategic Partnerships and Future Outlook - HeSai has secured partnerships with top automotive manufacturers, including major European and global new energy vehicle companies, for the 2026 model year [32][33]. - The upcoming demand for L3 autonomous driving features is expected to drive the need for multiple LiDAR units in vehicles, positioning HeSai favorably in the evolving market landscape [33].