截至发稿，禾赛-W(02525.HK)跌10.75%。消息方面，11月11日，禾赛科技公布了2025年第三季度未经 审计的财务报告。报告显示，公司本季度实现营收8.0亿元人民币，同比增长47.5%，连续第六个季度保 持正增长。在激光雷达交付方面，第三季度总交付量为 441,398 台,其中 ADAS 产品交付量达到380.759 台，同比增幅达193.1%。不过有分析指出，从季度环比来看，ADAS激光雷达的交付增速出现明显放 缓，本季度环比增幅为 25.43%，较前期显著回落。（新浪财经） 编辑丨安安 作者丨彭鑫 ...

禾赛科技三季度扭亏为盈，进一步巩固国内激光雷达龙头地位。 禾赛科技三季度净收入同比增长47.5%，净利润达2.5亿元创历史新高。公司管理层上调全年净利润指引，并强调激光雷达在ADAS及机器人领域 的渗透率持续提升，业务规模与执行效能显著增强。 受业绩利好推动，禾赛美股盘前涨近8%，过去一年的涨幅超过4倍。 财报核心要点如下： 业绩状况： 核心业务进展： 业绩指引： Q4净收入指引10-12亿元（同比增长39%-67%），全年净利润指引上调至3.5-4.5亿元 收入大增的背后 收入端的强劲增长主要得益于ADAS和机器人两大核心应用场景的快速扩张。 Q3净收入7.95亿元，同比增长47.5%，其中产品收入7.90亿元，同比大幅增长57%。值得注意的是，服务收入从去年同期的3630万元下降至530万 元，降幅达85.4%，这主要由于非经常性工程服务收入减少。 从出货量数据看，ADAS激光雷达出货量38.08万台，同比增长193.1%，显示出ADAS市场的快速渗透。更令人瞩目的是机器人激光雷达出货量 6.06万台，同比暴增1311.9%，反映出自动驾驶商业化落地步伐的明显加速。 成本控制效果显著，财务状况大幅改善 尽 ...

Core Viewpoint - Hesai (HSAI.US) shares rose over 7% pre-market, reaching $24.74, following the announcement of strong third-quarter financial results, including a significant increase in net income and a raised profit guidance for the year [1] Financial Performance - The company reported a 47% year-over-year increase in net revenue, totaling 795 million yuan [1] - Gross margin remained stable at 42% [1] - Net profit reached a record high of 256 million yuan for the quarter, with total net profit for the first three quarters amounting to 283 million yuan, achieving the originally set annual target one quarter ahead of schedule [1] Guidance and Projections - Based on the strong performance, the company raised its full-year net profit guidance to between 350 million yuan and 450 million yuan [1] Product Performance - During the reporting period, the shipment volume of ADAS LiDAR reached 380,759 units, reflecting a year-over-year growth of 193.1% [1] - The shipment volume of robotic LiDAR surged to 60,639 units, marking an impressive year-over-year increase of 1311.9% [1]

禾赛-W公告，2025年第三季度净收入达人民币7.95亿元，同比增长47.5%。季度净利润达人民币2.56亿 元。2025年第三季度ADAS激光雷达出货量达38.08万台，较2024年同期的12.99万台增长193.1%。机器 人激光雷达出货量达60639台，较2024年同期的4295台增长1311.9%。激光雷达总出货量达44.14万台， 较2024年同期的13.42万台增长228.9%。 ...

Core Viewpoint - Hesai (HSAI.US) shares rose over 2% to $29.86, driven by a Goldman Sachs report predicting accelerated adoption of lidar technology in China and large-scale production by global automakers by 2026-2027, with an expected shipment of 3 million ADAS lidar units overseas by 2030 [1] Group 1: Company Insights - Goldman Sachs forecasts that by 2030, overseas ADAS customers will contribute 10% of Hesai's shipments, 20% of its revenue, and 23% of its gross profit, with a gross margin 10 percentage points higher than domestic products [1] - The target price for Hesai has been raised from $26.3 to $36, with a "Buy" rating assigned [1] Group 2: Industry Trends - The report highlights the rapid proliferation of lidar technology in the Chinese market, indicating a significant shift in the automotive industry towards advanced driver-assistance systems (ADAS) [1] - The anticipated large-scale production of lidar units by 2026-2027 is expected to reshape the competitive landscape in the automotive sector [1]

Group 1 - Goldman Sachs reports that the adoption of LiDAR technology in the Chinese market is accelerating this year, with large-scale production expected globally by 2026-2027, predicting that overseas ADAS LiDAR shipments will reach 3 million units by 2030, equivalent to the scale of the Chinese market in 2025 [1] - Goldman Sachs initiates a "Buy" rating for Hesai (02525, HSAI.US) with a target price of HKD 281, and raises the US stock target price from USD 26.3 to USD 36, maintaining a "Buy" rating [1] - The firm forecasts that by 2030, overseas ADAS customers will contribute 10% of Hesai's shipment volume, 20% of revenue, and 23% of gross profit, with a gross margin 10 percentage points higher than domestic products [1] Group 2 - The projected revenue and net profit for Hesai by 2030 are expected to reach RMB 14 billion and RMB 3 billion, respectively, with a net profit margin estimated at 21% [1] - The net profit forecast for 2026-2027 has been raised by 11% to 17% [1]

Group 1 - Goldman Sachs reports that the adoption of LiDAR technology in the Chinese market is accelerating this year, with large-scale production expected globally by 2026-2027 [1] - The forecast indicates that by 2030, overseas ADAS LiDAR shipments will reach 3 million units, equivalent to the scale of the Chinese market in 2025 [1] - It is projected that by 2030, overseas ADAS customers will contribute 10% of Hesai's shipments, 20% of its revenue, and 23% of its gross profit, with a gross margin 10 percentage points higher than domestic products [1] Group 2 - Goldman Sachs predicts Hesai's revenue and net profit will reach 14 billion and 3 billion respectively by 2030, with a net profit margin of 21% [1] - The net profit forecast for 2026-2027 has been raised by 11% to 17% [1] - Goldman Sachs has initiated a "Buy" rating for Hesai's H-shares with a target price of 281 HKD, and has increased the target price for its US shares from 26.3 USD to 36 USD, maintaining a "Buy" rating [1]

Core Viewpoint - Hesai Technology (禾赛科技) successfully listed on the Hong Kong Stock Exchange, becoming the first dual-listed lidar company in both the US and Hong Kong markets, with a strong market response on its debut [1][2][4]. Company Overview - Hesai primarily provides 3D lidar solutions, including design, development, manufacturing, and sales of advanced lidar products, applicable in commercial and passenger vehicles, robotics, and other non-automotive sectors [3]. Financial Performance - In Q2 2023, Hesai achieved revenue of 7.1 billion RMB, a year-on-year increase of over 50%, and net profit of 0.44 billion RMB, marking a return to profitability [4]. - The revenue structure shows that Advanced Driver Assistance Systems (ADAS) and robotics accounted for 62.7% and 34.1% of total revenue, respectively, both experiencing triple-digit growth due to industry demand [4]. Market Trends - The lidar market penetration in the ADAS sector is accelerating, with a projected installation of over 1.5 million units in China by 2024, a year-on-year increase of 179.7% [4]. - In the robotics sector, Hesai's lidar shipments reached 4.9 million units in Q2 2023, a staggering year-on-year growth of 743.6% [5]. Strategic Partnerships - Hesai signed a lidar order worth over $40 million with a leading US Robotaxi company, becoming its sole lidar supplier, with deliveries expected by the end of 2026 [2][4]. IPO Details - The IPO raised a total of 4.16 billion HKD, with significant oversubscription rates of 168.65 times for public offerings and 14.09 times for international placements [7]. - Approximately 50% of the funds will be allocated to R&D, 35% to production capacity, and the remainder for business development and operational costs [7]. Market Outlook - Domestic investment institutions are optimistic about Hesai's growth prospects, citing strong downstream demand and the company's leading market position [8]. - Analysts predict that the lidar market will continue to expand, driven by the increasing adoption of lidar in smart driving and robotics applications [8][9].

Core Viewpoint - UBS report indicates that SUTENG JUCHUANG (02498) management is optimistic about the company's prospects, supported by recent significant orders from BYD (002594) and Geely Automobile (00175) for its ADAS lidar business [1] Group 1: Business Performance - The company has received important orders from major clients, which is expected to provide solid support for the growth of its ADAS lidar business [1] - In the robotic lidar sector, the company is accelerating penetration into the automated mobile equipment field and is closely collaborating with MAMMOTION and Ninebot [1] Group 2: Financial Projections - The group aims to achieve a gross margin of 30% by 2026, with a long-term gross margin target of 35% [1] - Based on the smooth progress in order acquisition, UBS has raised its profit forecasts for 2026 and 2027 by 4% and increased the target price from HKD 50 to HKD 52.8, maintaining a "Buy" rating [1]

Core Viewpoint - Seyond Tuda's financial data update indicates a significant shift for the company, as it reports a gross profit of $3.197 million with a gross margin of 12.6% for Q1 2025, marking a transition from previous losses to profitability, reflecting a maturation in the lidar supply chain and increased acceptance of lidar technology by OEMs [1][3]. Financial Performance - For Q1 2025, Seyond Tuda recorded a gross profit of $3.197 million, achieving a gross margin of 12.6%, continuing the positive trend established in Q4 of the previous year [1]. - The company's costs decreased by 36.9% year-on-year, from $35.023 million to $22.099 million, attributed to product design optimization and economies of scale [1]. Market Position and Product Development - Seyond Tuda is the second-largest lidar supplier globally, with a 20.7% market share in China, and plans to deliver approximately 230,000 automotive-grade products in 2024 [1]. - The company has established a diverse customer base, including partnerships with NIO and several state-owned enterprises, which are expected to convert into actual sales by the end of 2025 [2]. - The introduction of the Hummingbird D1, a solid-state lidar product, marks a significant step towards the industrialization of solid-state lidar technology, with orders from leading OEMs [2]. Industry Implications - The positive gross margin for Seyond Tuda is indicative of a broader trend in the lidar industry, suggesting that lidar technology is moving from being a high-cost option to a more scalable solution for various automotive applications [3]. - The company's strategy of diversifying into multiple application scenarios, including commercial vehicles and robotics, helps mitigate the cyclical volatility of any single industry [2].