当全球激光雷达产业的格局从群雄逐鹿走向尘埃落定，一个真正的王者正回到聚光灯下。这场关乎技术路线、成本极限与量产能力的残酷战争，已经有了 清晰的结局。 9月1 6 日， 已是 全球激光雷达 公司 市值第一 的禾赛科技在香港交易所主板挂牌上市，它也是首家在纳斯达克和香港双重主要fang的激光雷达企业。这 创下近四年来融资规模最大的中概股回港 IPO，其绿鞋前融资总额超4 1. 6亿港元。 全行业独一无二的盈利能力， 让禾赛获得全球投资人的青睐。包括全球顶级主权及长线基金、中资意见领袖、多策略基金和知名产业投资者等，都参与到 此次募资当中。 这家已在全球市场夺下多个 "第一"的行业领导者，正以胜利者的姿态登陆香港资本市场，为其王者之路写下新的里程碑。 此次上市，更是禾赛凭借其已验证的全球业务实力，正式开启车载和机器人双领先的 "双线战役"，向未来释放巨大增长潜力的"出征誓师" 。 盈 利能力冠绝全球 当全球还在争议 激光雷达 在哪时， 一家中国公司，率先独自撞线。 上月中旬， 禾赛科技用一份无可辩驳的财务报表，点燃了 投资者的热情。其 2025年第二季度的业绩，便是一篇宣告其王者地位的宣言，它彻底改写了激 光雷达行 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from the growth in intelligent driving and general robotics, marking 2025 as a pivotal year for commercial penetration in L4 applications [8] - The company has successfully transitioned its product offerings, with significant increases in sales volume for both intelligent driving and robotics sectors [8] - The company has established partnerships with major global automotive manufacturers, enhancing its product matrix and market reach [8] Financial Performance Summary - For Q1 2025, the company reported total revenue of $53 million, a year-on-year increase of 46.3% but a quarter-on-quarter decrease of 27.0% [8] - The net profit attributable to the parent company was a loss of $2 million, improving by 83.6% year-on-year but turning to a loss quarter-on-quarter [8] - The gross margin for Q1 2025 was 41.7%, reflecting a year-on-year increase of 3.0 percentage points and a quarter-on-quarter increase of 2.7 percentage points [8] Revenue and Profit Forecast - The company forecasts total revenue of $474.27 million for 2025, representing a year-on-year growth of 64.13% [1] - The net profit attributable to the parent company is projected to be $33.91 million in 2025, with a significant year-on-year increase of 338.10% [1] - The earnings per share (EPS) is expected to reach $0.26 in 2025, compared to a loss of $0.11 in 2024 [1] Market Position and Product Development - The company has seen a 178.5% year-on-year increase in the shipment of ADAS LiDAR units, totaling 146,000 units in Q1 2025 [8] - The company has launched several new LiDAR products aimed at L2-L4 applications, enhancing its competitive edge in the market [8] - The company has established collaborations with leading automotive manufacturers in both domestic and international markets, indicating strong demand for its products [8] Guidance and Capacity Expansion - The company maintains its revenue guidance for 2025 at $3 billion to $3.5 billion, corresponding to a year-on-year growth of 44% to 69% [8] - The company aims to achieve a production capacity of 2 million units per year by the end of 2025, with capital expenditures projected between $30 million to $50 million [8] - The company has signed a leasing agreement for overseas production capacity, expected to be operational by the end of 2026 or early 2027 [8]

Core Viewpoint - Hesai Technology has launched its "Qianliyan" lidar perception solution aimed at L2 to L4 autonomous driving, introducing three new vehicle-grade products: ETX ultra-long-range lidar, AT1440 ultra-high-definition lidar, and FTX pure solid-state blind-spot lidar [2][4]. Group 1: Product Launch and Market Positioning - The "Qianliyan" solution allows OEMs to adapt to different vehicle needs based on a unified technology platform, reducing development cycles [4]. - The "Qianliyan A" for L4 autonomous driving uses 4 AT1440 ultra-high-definition radars and 4 FTX solid-state blind-spot radars, suitable for Robotaxi and Robotruck scenarios [4]. - Hesai has maintained the top global market share in vehicle-mounted lidar for four consecutive years, with ETX already designated for mass delivery by the end of 2026 to leading European OEMs [4]. Group 2: Technological Advancements - The core of the product iteration is Hesai's fourth-generation self-developed chip platform, which increases the line count to 1440 and achieves a point frequency 45 times that of mainstream products [4]. - The integration of transmission, reception, and processing units into a single chip has improved the core component reuse rate to 85% [4]. Group 3: Diversification and Market Expansion - The expansion into the robotics sector helps mitigate cyclical risks in the vehicle market, providing diverse application scenarios for its technology [6]. - Hesai has developed four product lines based on the fourth-generation chip, covering vehicle, robotics, and industrial applications [6]. - The revenue share from the robotics business is projected to increase from 5% to 15% by 2024, with significant partnerships established across various sectors [6]. Group 4: Challenges and Competitive Landscape - The mass production capability of high-performance products remains a critical challenge, particularly for the AT1440's 1440-line design, which depends on stable supply of the fourth-generation chip [8]. - The long-term stability of the FTX solid-state lidar in extreme environments has yet to be fully validated [8]. - The commercial viability of the "Qianliyan A" solution for L4 autonomous driving is still in its early stages, requiring collaboration across regulations and infrastructure [8]. - Competitors like Suteng Ju Chuang are rapidly advancing, with their recent launch of the 192-line EMX lidar presenting a competitive challenge to Hesai's AT1440 [8].