2025年，汽车激光雷达产业迎来拐点，乘用车激光雷达装机量显著上升，行业进入规模化放量阶段。根 据Yole的预测，到2030年，汽车LiDAR市场规模将达到356亿美元，2024-2030年复合增长率高达24%。 Yole的这句判断在本季度得到最直观的验证——禾赛用一份全面超越市场预期的财报，将行业拐点写进 了自己的利润表： 公司实现净利润4410万元，去年同期尚亏损7210万元。更重要的是，盈利拐点的出现并非"财务技巧"的 结果，而是规模、技术、成本三维共振的系统性胜利。对于仍在投入期的激光雷达赛道而言，禾赛率先 给出了可复制的商业闭环范式，也让资本市场对激光雷达市场有了更具象的信心锚点。 一、不仅全面盈利，而是业绩的三重跃升 本季度禾赛实现净利润4410万元，远超公司此前设定的"GAAP层面转正"内部目标。 从运营数据看，35.2万台的总交付量对应7.1亿元营收，营收增幅53.9%，单位收入虽因产品组合调整略 有下降，但规模效应带来的毛利率修复和费用率摊薄更为显著，带来利润直接转正，经典的"杠杆型"内 生增长模型得到完整验证。有市场分析人士根据产业调研指出，除了得益于规模效应，禾赛的成本结构 优化也是盈利 ...

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].

Report Summary 1. Overnight Market Trends - International oil prices dropped significantly, with the May contract of US crude falling 4.07% to $58.23 per barrel and the June contract of Brent crude falling 4.11% to $61.57 per barrel [2] - International precious metal futures generally rose, with COMEX gold futures up 0.83% at $2998.3 per ounce and COMEX silver futures up 0.49% at $29.75 per ounce [3] - London base metals all closed lower, with LME copper down 1.45% at $8588 per ton, LME zinc down 3.51% at $2553 per ton, etc [3] - CBOT agricultural futures contracts all closed higher, with soybean futures up 0.97% at 992.5 cents per bushel, corn futures up 0.97% at 469 cents per bushel, etc [3] - Most domestic commodity futures closed lower at night. Energy - chemicals, black - series, and base metals generally declined, while some agricultural products rose and some fell. Shanghai gold and silver rose [4][50][51] 2. Important News Macroeconomic News - China firmly opposes the US threat to impose an additional 50% tariff on China and will take counter - measures if the US tariff measures are implemented [6] - The US Chamber of Commerce is considering suing the Trump administration to block new tariffs [6] - Shanghai Stock Exchange held a symposium with 10 securities firms, and the firms are optimistic about the development of China's capital market [7] Energy and Chemical Futures - The cost of transporting diesel from the Rhine to inland Europe reached the highest seasonal level since at least 2009 [11] - As of April 7, domestic asphalt social and factory inventories increased slightly [11] - Goldman Sachs expects Brent and WTI crude oil prices to decline in December 2025 and December 2026 [12][53] - Russia's oil exports declined for the second consecutive week [14] Metal Futures - Some European investors are moving gold out of the US due to concerns about US trade policies [16] - In March 2025, China's lithium carbonate production increased, and the expected production in April decreased [16] - In March, global gold ETFs had significant inflows, and the total asset management scale reached a record high [16] Black - series Futures - A silicon - iron factory in Gansu stopped production for maintenance, reducing daily output [18] - Trump signed an executive order to promote the US coal industry [18] - China's 47 - port imported iron ore inventory decreased, while Australian and Brazilian port inventories increased [20] Agricultural Futures - Indonesia will adjust the export tax on crude palm oil to relieve the burden on exporters [22][54] - As of April 6, EU's imports of soybeans and rapeseeds increased, while palm oil imports decreased compared to the same period last year [22] - As of April 8, the port inventory of soybean oil decreased [23] 3. Financial Markets Finance - The Securities Association of China organized securities companies to conduct stress tests in 2025 [25] - In 2024, the securities industry's revenue and net profit increased, and self - operating business was the largest source of income [27] - Two new science - innovation board AI ETFs applied for registration, and the number of science - innovation board ETFs increased [27] - In March, the number of private securities fund products filed reached a new high [27] - Six companies' science - innovation comprehensive index ETF linked funds were established, bringing in incremental funds [27] - Some small and medium - sized banks and private banks in China adjusted deposit and large - deposit certificate interest rates [28] Real Estate - Multiple cities are researching and preparing real - estate market stabilization policies [29] - In March, the trading volume of new and second - hand houses in first - and second - tier cities increased significantly [31] - In the first quarter, the transfer fee of residential land in 300 cities increased, and the average premium rate rose [31] Industry - The "buy - now - get - refund" service for tax - free shopping will be promoted nationwide from April 8 [33] - The Ministry of Industry and Information Technology plans to accelerate the construction of a new information infrastructure standard system [33] - A new national standard for intelligent household appliances' voice interaction technology will be implemented on September 1, 2025 [34] - The scale of China's liquid - cooled server market is expected to grow rapidly from 2024 - 2029 [34] Overseas - Lawrence Summers believes that US tariff measures may lead to an economic recession and job losses [36] - Trump is promoting the US coal industry [36] - Canada will impose a 25% tariff on US cars [37] - Morgan Stanley lowered its forecast for US GDP growth in 2025 [37] - South Korea will hold early elections on June 3 and announce an additional budget plan [38] 4. International Stock Markets - Most Chinese concept stocks fell, while some rose [43] - Tariffs may cause a nearly 30% price increase for Apple's iPhone 16 Pro Max [44] - Micron Technology will charge additional fees related to tariffs from April 9 [45] - Leapmotor and Hesai Technology reached a strategic cooperation [46] - Porsche's global car deliveries decreased in Q1 2025 [47] - DHL Group will invest 2 billion euros in the life - science and healthcare logistics sector in the next five years [48] - Samsung Electronics' Q1 2025 operating profit slightly decreased, while sales increased [49] 5. Commodities - Most domestic commodity futures closed lower at night, with different trends in different sectors [4][50][51] - Shanghai plans to boost its commodity trade scale by 2027 [51] - The price of rice in Japanese supermarkets has been rising for 13 consecutive weeks [52] - US API crude oil inventory decreased last week [55] - The price of domestic battery - grade lithium carbonate reached a six - month low [56] - The Baltic Dry Index declined for 11 consecutive days [57] 6. Bonds - The bond market declined, and the central bank increased net investment [58] - The convertible bond index rose, with some bonds rising and some falling [59] - The Ministry of Finance will issue several types of treasury bonds [60] - Jiangsu encourages enterprises to issue innovation - related bonds with government subsidy [61] - Some bonds will be redeemed, and some companies' credit ratings were adjusted [61] 7. Foreign Exchange - The on - shore RMB against the US dollar declined on Tuesday [62] 8. Upcoming Events - Economic data releases include South Korea's March unemployment rate, Japan's March consumer confidence index, etc [65] - Policy - related events include China's central bank's open - market operations, New Zealand's and India's central bank interest - rate decisions, etc [67]