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）-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 2025Q1公司实现营业收入5.25亿元，同比增长46% 2025Q1，公司实现收入为5.25亿元，同比增长46.3%，环比减少27.0%，净利润为-0.18亿元（2024Q1为-1.07亿元， 2024Q4为1.47亿元），调整后净利润（即加回股权激励费用后的净利润）为860万元（2024Q1为-6910万元，2024Q4为 1.7亿元）。分业务来看，1）2025 Q1，公司产品收入为 5.1 亿元，同比增长 44.7%，环比减少27.2%，同比增长主要由 于中国需求旺盛导致 ADAS 激光雷达产品销售收入增加；2）2025Q1，公司服务收入为 1460 万元，同比增长 139.3%，环比减少19.8%，同比增长主要系非经常性工程服务收入的增加 ...

禾赛科技 证券研究报告 2025 年 06 月 07 日 收入符合指引，Non-GAAP 同比扭亏为盈，两大业务 稳健发展 25Q1 业绩概览：收入符合指引，利润超预期。25Q1 收入 5.3 亿元， yoy+46.3%；毛利率 41.7%，yoy+2.9pcts；Non-GAAP 净利润 860 万元，同 比扭亏为盈。 海外行业报告 | 行业动态研究 作者 孔蓉 分析师 SAC 执业证书编号：S1110521020002 kongrong@tfzq.com 交付量方面，25Q1 激光雷达总出货量为 195818 台，yoy+231.3%，其中， ADAS 激光雷达出货量为 146087 台，yoy+178.5%。 业务进展：在全球范围内与 23 家 OEM 达成 ADAS 定点合作，涉及 120 多 种车型。 ADAS：海外方面，与一家总部位于日本的全球前五 Tier 1 达成了一项新的 POC 计划；推动与欧洲和日本的四家全球顶级 OEM 和 Tier 1 的五个 POC 项目，其中三个项目在 25Q1 完成。国内方面，近期新增多个车企的新车 型定点合作，包括奇瑞 iCAR、长城汽车欧拉、极氪多款畅销车型 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][33] Core Insights - The company achieved a revenue of 525 million yuan in Q1 2025, representing a year-on-year growth of 46.3% [7][4] - The gross margin improved to 41.7%, with a year-on-year increase of 3.0 percentage points, driven by effective cost control and scale optimization in the ADAS and robotics sectors [3][11] - The company launched new laser radar products, including the AT1440, ETX, and FTX, enhancing its product offerings for L2 to L4 autonomous driving applications [21][22] - The company has established partnerships with over 23 domestic and international automotive manufacturers, securing production agreements for more than 120 vehicle models [26][28] Financial Performance - In Q1 2025, product revenue was 510 million yuan, up 44.7% year-on-year, primarily due to strong demand for ADAS laser radar products in China [7][4] - Service revenue reached 14.6 million yuan, a significant increase of 139.3% year-on-year, attributed to non-recurring engineering service income [7][4] - The company forecasts revenues of 3.138 billion yuan, 4.347 billion yuan, and 6.037 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 221 million yuan, 498 million yuan, and 868 million yuan [5][33] Market Position and Strategy - The company is a leading supplier of laser radar for Robotaxi services, collaborating with major players like Baidu Apollo Go and Didi Autonomous Driving [28][32] - The company signed a strategic cooperation agreement to supply 300,000 JT series laser radars to a high-end smart garden brand, indicating its expanding presence in the robotics market [32][4] - The company is actively pursuing international partnerships, including a new verification development project with a top-tier automotive supplier in Japan, enhancing its global footprint [25][4]

证券研究报告·海外公司点评·光学光电子 禾赛科技（HSAI） 2025 年一季报点评：产品切换顺利上量，看 好智驾与泛机器人双擎增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 265.01 | 288.96 | 474.27 | 643.77 | 847.83 | | 同比(%) | 53.47 | 9.04 | 64.13 | 35.74 | 31.70 | | 归母净利润（百万美元） | (67.20) | (14.24) | 33.91 | 73.86 | 121.53 | | 同比(%) | (55.61) | 78.81 | 338.10 | 117.80 | 64.55 | | EPS-最新摊薄（美元/股） | (0.51) | (0.11) | 0.26 | 0.56 | 0.93 | | P/E（现价&最新摊薄） | (40.64) | (191.74) | 80.53 | 36.97 | ...

Core Insights - Hesai Technology has reported significant growth and profitability, breaking the industry's "mass production equals loss" myth, highlighting the rise of Chinese hard-tech companies globally [1][9] Group 1: Financial Performance - In Q1 2025, Hesai achieved Non-GAAP profitability, with revenue reaching 530 million RMB, a nearly 50% year-on-year increase, and is projected to grow by 44% to 69% for the full year [2][3] - The total delivery of Hesai's LiDAR units in Q1 was 195,818, a 231.3% increase year-on-year, driven by a 178.5% increase in ADAS deliveries and a 649% surge in robotics deliveries [2][3] - The company's gross margin reached 41.7%, up 3.0 percentage points year-on-year, and operating costs decreased by 9% compared to the previous year [2][3] Group 2: Market Position and Growth Potential - Hesai is the only publicly listed LiDAR company to achieve full-year profitability, with a projected GAAP profit of 200-350 million RMB for 2025 and Non-GAAP profit expected to soar to 350-500 million RMB [3][4] - The global automotive LiDAR market is projected to reach $861 million in 2024, with Hesai holding a 33% market share, leading the ADAS LiDAR market and commanding a 61% share in the L4 autonomous driving segment [3][4] Group 3: Industry Trends and Future Outlook - 2025 is anticipated to be a pivotal year for LiDAR, with expectations that over 20% of all new energy vehicles will be equipped with LiDAR, making it a standard safety feature [5][6] - The integration of Hesai's LiDAR in vehicles is already evident, with models priced below 120,000 RMB now featuring their technology, indicating a rapid market penetration [6] - The company is positioned to leverage the growing demand for intelligent driving technologies, with a projected delivery of nearly 200,000 robotic LiDAR units in 2025 [7] Group 4: Strategic Initiatives - Hesai has invested 1 billion RMB in the Maxwell Manufacturing Center, achieving a production efficiency of one unit every 20 seconds, with an annual capacity of 2 million units [6] - The company has established strategic partnerships, including a collaboration with Quting Technology to supply 300,000 JT series LiDAR units for robotic applications [7]

预计全年营收同比增长44%至69%。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 禾赛科技（ NASDAQ:HSAI） 于 5月27日 公布了 2025年第一季度未经审计的 财务数据。 财报显示， 禾赛 第一季度实现营收 5.3亿元人民币，同比增长46.3%，预计全年营收同比将增长 44%至69%。同时，禾赛实现GAAP净亏损同比大幅收窄84%至1750万元人民币（约合240万美 元），并实现Non-GAAP盈利，稳步迈向全年盈利目标 ； Robotaxi与ADAS业务的综合毛利率 则 为 41.7% 。 第一季度中， 禾赛激光雷达总交付量 195,818台，同比增长231.3%，是2024年第一季度的三倍以 上。其中，ADAS产品交付量为146,087台，同比增长178.5 %； 在机器人领域交付量为 49,731 台，同比增长649.1% 。 禾赛联合创始人及 CEO李一帆表示 ： "根据Yole Group最新数据，禾赛已经连续第四年蝉联全球车 载激光雷达营收市占率第一，这进一步巩固了禾赛在行业中的领导地位。2025年开局强劲，我们将 ...

Core Insights - Hesai Group reported strong financial results for Q1 2025, with net revenues of RMB525.3 million (US$72.4 million), a 46.3% increase year-over-year [17][31] - The company shipped 195,818 lidar units in Q1 2025, representing a 231.3% increase from the same period in 2024 [16][15] - Hesai was ranked as the world's No.1 automotive lidar company by revenue market share for the fourth consecutive year in 2024 [3] Financial Performance - Net revenues for Q1 2025 were RMB525.3 million, up from RMB359.1 million in Q1 2024, driven by increased sales of ADAS lidar products [17][31] - Gross margin improved to 41.7% in Q1 2025 from 38.8% in Q1 2024, attributed to effective cost and scale optimization [17][31] - The net loss narrowed significantly by 83.6% year-over-year to RMB17.5 million (US$2.4 million) [22][31] Operational Highlights - ADAS lidar shipments reached 146,087 units in Q1 2025, a 178.5% increase from 52,462 units in Q1 2024 [16][15] - The company secured new design wins with 23 OEMs globally across over 120 vehicle models, including partnerships with Chery, Great Wall Motor, Zeekr, and Geely [5][15] - Hesai is the main lidar supplier for next-generation Robotaxi fleets from Baidu Apollo Go, DiDi, Pony.ai, and WeRide [14][15] Product Development - New products include the AT1440 lidar, which delivers ultra-high-definition point clouds, and the FTX solid-state lidar for blind spot detection [14] - The company announced the successful resolution of all IP-related litigation against it, reinforcing its commitment to innovation and R&D [8][10] Business Outlook - For Q2 2025, Hesai expects net revenues to be between RMB680 million (US$93.7 million) and RMB720 million (US$99.2 million), indicating a year-over-year increase of approximately 48% to 57% [19]

Group 1 - The trend of intelligent driving is leading to more advanced features being integrated into lower-priced vehicles, with safety becoming a critical focus [1] - The "LiDAR" technology is now available in vehicles priced around 120,000 yuan, exemplified by the Leapmotor B10, which utilizes Hesai's ATX [1] - Hesai Technology launched the "Thousand Eyes" perception solution for L2 to L4 level intelligent driving, offering three different combinations tailored for mainstream L2 level auxiliary driving systems [1] Group 2 - Hesai also introduced a series of automotive-grade LiDAR products, including ETX ultra-long-range LiDAR, AT1440 ultra-high-definition LiDAR, and FTX pure solid-state blind-spot LiDAR [1] - Hesai is recognized as the leading player in the domestic LiDAR industry, with major clients including Li Auto, Xiaomi Auto, and BYD, with Li Auto equipping all its models with Hesai's LiDAR this year [1] - On the international front, Hesai announced a significant long-term exclusive partnership with a top European OEM, marking the largest order in the overseas front-end production LiDAR sector to date [2]

京东指控竞对 "二选一"，美团称其造谣引流。 京东官方微信号 "京东黑板报" 今日发文，称竞对平台强迫骑手不能接京东平台的秒送订单，导致 骑手收入下降、京东平台部分外卖订单延迟。京东为此将援助骑手，确保其收入，未来三个月全职 骑手招聘名额由五万提升至十万，并将对所有超时 20 分钟以上的外卖订单免单；"奉劝" 某平台 "好自为之、回头是岸"。 上周末，多条含 "美团封杀骑手去其他平台跑单" 等内容的聊天截图在社媒传播，美团当时回应称 相关内容纯属编造、均为谣言，造谣者已被处罚。京东今日发文后，美团官号一天内再连发两篇回 应，指称京东的陈述里只有其自身 "外卖订单延迟" 一句话符合事实，美团从未限制骑手在其他平 台接单，并说京东要求商家出资参与补贴、否则会被降级；"与其造谣引流，不如兑现承诺"。 此外，今日傍晚，有小红书用户分享刘强东为其送外卖的合影，称 "接到了东哥送的第一单外 卖"。 "请""谢谢" 让 OpenAI 增加千万美元开销。 OpenAI CEO 山姆·阿尔特曼日前在社交媒体回复用户提问说，"请""谢谢" 等用户的提示词或感谢 词，让 OpenAI 增加数千万美元的支出。他说这是值得的。越来越多 ...

关税让百事可乐更难做了。 可乐的生产依赖浓缩液、水、甜味剂。为了交更少的税，百事可乐从 50 多年前开始在企业税率更 低的爱尔兰生产浓缩液——几乎所有在美国销售的百事可乐浓缩液都来自爱尔兰，现在百事要为此 缴纳 10% 的进口关税。可口可乐也在爱尔兰生产浓缩液，但其在美国本土销售的汽水，大部分浓 缩液来自美国亚特兰大以及领土波多黎各，这也意味着可口可乐受关税影响更少。 两家企业还受到美国对进口铝征收 25% 关税的影响。可口可乐 CEO 詹姆斯·昆西 (James Quincey) 此前表示，可口可乐从加拿大进口了一些铝，关税可能会导致可乐价格上涨，公司可通过增加塑料 瓶装饮料或从美国采购铝来缓解。 OpenAI 的最强模型幻觉更严重。 OpenAI 上周发布 o3、o4-mini 两款推理模型，凭借图像推理等能力引发关注。OpenAI 最早介绍 o3 的时候，还特意强调其在高难度编程能力测试中达到 Top 200 人类程序员的水平。但许多使用者发 现，这两款模型幻觉更严重。他们决定继续使用 o1 Pro 或 Gemini 2.5 等模型。 非营利机构 Transluce 测试发现，o3 经常会幻想自己用了某 ...