当地时间2026年1月5日，全球激光雷达领导者禾赛科技在拉斯维加斯国际消费类电子产 品展（CES 2026）上宣布重大产能规划：为匹配ADAS及机器人领域激增的激光雷达需求， 2026年年产能将从2025年的200万台提升至400万台，实现翻倍增长。同时，禾赛位于泰国曼 谷的新工厂"伽利略"建设稳步推进，预计2027年初正式投产，进一步完善全球产能布局。 作为全球激光雷达量产领域的标杆企业，禾赛已先后达成多个行业里程碑：2025年9月 实现年度第100万台激光雷达量产下线，同年11月累计第200万台量产交付，截至目前全系产 品历史累计交付量已超240万台。凭借持续的交付爆发力，禾赛已连续五年实现全年交付量 翻番，2025年全年交付超160万台，单月最高交付量突破20万台；其中ADAS产品交付约140 万台，机器人产品交付超20万台，爆款产品ATX首年交付即破100万台，以"年百万级"交付 能力定义行业标准。 强大的自研智造实力是禾赛产能翻番的核心支撑。禾赛自建集研发与生产于一体的综合 中心，搭配全自动化生产线，平均每 10秒即可下线一台激光雷达，确保大规模生产中产品 的高度一致性与稳定性。通过自主研发四代专用 ...

信达国际发布研报称，禾赛-W(02525)盈利能力及现金流优于同业，支持估值溢价，维持其"买入"评级 和200港元目标价。据机构综合预测，市场预期24至27财年收入及经调整盈利年复合增长分别达41%及 321%，现价对应26财年预测市销率5.5倍，高于同业速腾聚创(02498)的4.7倍。不过，根据灼识咨询的资 料显示，公司为全球首家实现全年净利润(非公认会计准则计量)的激光雷达公司，以及23及24财年均录 得全年正数经营现金流，成为首家产生正营运现金流量的激光雷达上市公司。 信达国际主要观点如下： 2025年第三季提前完成全年盈利目标，并上调指引 公司为全球激光雷达的龙头，第三季高级驾驶辅助系统(ADAS)、机器人激光雷达出货量强劲增长，分 别同比大增1.9倍及13.1倍，以出货量计分别占86%及14%。季内净收入7.95亿元人民币，同比增加 47.5%。规模效应扩大，销售费用、管理费用及研发费用率全线下降，第三季净利润2.56亿元人民币， 创新高，去年同期亏损7,040万元人民币。累计首三季净利润2.83亿元人民币，提前达到全年净利润目标 (2.0亿至3.5亿元人民币)，公司随后将全年净利润指引上调至3. ...

智通财经APP获悉，信达国际发布研报称，禾赛-W(02525)盈利能力及现金流优于同业，支持估值溢 价，维持其"买入"评级和200港元目标价。据机构综合预测，市场预期24至27财年收入及经调整盈利年 复合增长分别达41%及321%，现价对应26财年预测市销率5.5倍，高于同业速腾聚创(02498)的4.7倍。不 过，根据灼识咨询的资料显示，公司为全球首家实现全年净利润(非公认会计准则计量)的激光雷达公 司，以及23及24财年均录得全年正数经营现金流，成为首家产生正营运现金流量的激光雷达上市公司。 信达国际主要观点如下： 2025年第三季提前完成全年盈利目标，并上调指引 随着自动驾驶发展趋向更高级别，预计每辆车辆将搭配更多激光雷达设备。市场估计每辆L3级车型激 光雷达数量达3-6个，较L2级的1-2个有所增加。而禾赛已获得超过120个车型量产定点，据盖世汽车研 究院的数据，公司已连续七个月在车载主激光雷达领域稳居行业第一，8月市场份额高达46%，有望受 惠于渗透率提升。目前主要客户包括理想汽车-W(02015)、小米集团-W(01810)和零跑汽车(09863)。主 打低成本高性能的核心产品ET系列，以及针对L ...

Core Viewpoint - Hesai Technology, a leading global lidar company, officially listed on the Hong Kong stock market on September 16, achieving a market capitalization exceeding HKD 36 billion with an opening share price of HKD 244.0 [1][3] Group 1: Market Position and Achievements - Hesai Technology is the first lidar company to achieve a dual primary listing in both the US and Hong Kong, marking a significant milestone in the global lidar industry [3] - The company holds the leading position in the global lidar market, with a 33% market share in the automotive lidar sector, ranking first in revenue [4] - In the ADAS lidar market, Hesai has maintained the top market share, and in the L4 autonomous driving lidar sector, it leads with a 61% market share, partnering with eight of the top ten L4 autonomous driving companies [4] Group 2: Financial Performance - For the full year of 2024, Hesai achieved a revenue of RMB 2.08 billion, becoming the only publicly listed lidar company to report a profit, with a positive operating cash flow of RMB 63 million and a net cash flow of RMB 1.3 billion [4] - In Q2 2025, the company reported a revenue of RMB 710 million, a year-on-year increase of 53.9%, and a net profit of RMB 44.1 million, marking a significant turnaround from a net loss of RMB 72.1 million in the same period last year [5] - The total lidar delivery volume in Q2 2025 reached 352,095 units, a year-on-year increase of 306.9%, with a total of 547,913 units delivered in the first half of 2025, up 276.2% year-on-year [5] Group 3: Technological and Production Capabilities - Hesai has a strong focus on R&D, with over 70% of its employees dedicated to this area, holding 1,928 patents in core lidar technology, and being a leader in overseas patent layout [8][12] - The company operates the Maxwell Manufacturing Center, the first integrated R&D and manufacturing center for lidar, with an annual production capacity exceeding 2 million units and a 100% automation rate in core production processes [8][12] - Hesai has established partnerships with seven of the top ten global automotive manufacturers and nine of the top ten automotive companies in China, ensuring a stable order flow [8] Group 4: Growth in Robotics Sector - The robotics sector has emerged as a second growth engine for Hesai, with the company leading in the 3D lidar delivery volume in the Chinese robotics market [9] - As of May 30, 2025, the cumulative delivery of Hesai's JT series robotic lidar surpassed 100,000 units, achieved in less than five months since its launch [9] - Hesai is actively collaborating with leading companies in the robotics field to build a comprehensive lidar ecosystem, covering various applications such as unmanned delivery and logistics automation [10] Group 5: Standardization and Industry Influence - Hesai is the first lidar company to achieve full-stack self-research in digital single-photon platform technology, breaking the reliance on imported chips [11] - The company has played a significant role in establishing international standards for lidar, enhancing China's influence in this field [13] - On April 2025, Hesai led the formulation of the national standard for automotive lidar, filling a gap in domestic technical standards [13]

Core Viewpoint - Hesai Technology has officially listed on the Hong Kong Stock Exchange on September 16, 2023, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong markets [1][12]. Group 1: IPO Details - The IPO is the largest in the global lidar industry to date and the largest financing scale for a Chinese company returning to Hong Kong in nearly four years, with a total financing amount exceeding HKD 41.6 billion (USD 5.33 billion) [7]. - The company received enthusiastic subscriptions from global investors, including top sovereign and long-term funds, showcasing the capital market's strategic consensus on the lidar sector and recognition of Hesai's commercialization capabilities and technological value [7]. - Upon opening, the stock reached HKD 244.0 per share, giving the company a market capitalization exceeding HKD 36 billion [7]. Group 2: Company Achievements - Over the past decade, Hesai has reduced the cost of lidar from USD 100,000 to USD 200, making advanced safety and intelligent technology accessible to the public, with plans to deliver lidar for over 1 million vehicles [9]. - The company has achieved the number one global market share in three categories: vehicle-mounted lidar, ADAS lidar, and L4 autonomous driving lidar, maintaining its leadership in the global market for four consecutive years [9]. - In 2024, the company is projected to achieve revenue of CNY 2.08 billion, with annual delivery volumes doubling for four consecutive years, making it the first and only publicly listed lidar company to achieve full-year profitability and positive operating and net cash flow [10]. Group 3: Market Position and Future Plans - Hesai's lidar has become a standard safety feature for many popular models in the ADAS sector, with over 120 models from 24 major manufacturers set for mass production between 2025 and 2027 [10]. - The company has established itself as the preferred lidar supplier for nine of the top ten Robotaxi companies globally, with significant clients including Motional, Baidu, and Didi [10]. - Since 2017, Hesai has focused on developing lidar-specific chips (ASIC), significantly enhancing performance, quality, and cost-effectiveness, creating a strong technological barrier [11]. - The listing on the Hong Kong Stock Exchange marks a new milestone for Hesai, reflecting international capital market recognition of Chinese lidar technology and initiating a new chapter in the company's global strategic layout [11].

Core Viewpoint - The article highlights the emergence of Hesai Technology as a dominant player in the global LiDAR industry, marking a significant shift in the competitive landscape and showcasing its strong financial performance and market leadership [1][4][10]. Financial Performance - Hesai achieved a GAAP net profit of 44.1 million RMB in Q2 2025, a dramatic turnaround from a net loss of 72.1 million RMB in the same period last year, indicating a historic breakthrough in profitability [7]. - The company's quarterly net revenue surged by 53.9% year-on-year to 706.4 million RMB, while maintaining a gross margin of 42.5% despite intense price competition in the industry [7][8]. - By 2024, Hesai is projected to hold a 33% revenue market share globally, with a commanding 61% share in the L4 autonomous driving market [8]. Market Position and Strategy - Hesai's successful IPO on the Hong Kong Stock Exchange, raising over 4.16 billion HKD, reflects its strong market position and investor confidence [1][3]. - The company has established itself as a leader in both the automotive and robotics sectors, initiating a "dual-line battle" for future growth [5]. - Hesai's vertical integration and in-house manufacturing capabilities have allowed it to maintain high product quality and reduce costs, further solidifying its competitive edge [19][20]. Technological Innovation - The company has focused on chip innovation, transitioning from high-cost products to more affordable solutions, with its main product ATX priced at 200 USD by 2025, down from 200,000 RMB in 2017 [16][15]. - Hesai's commitment to R&D and manufacturing integration has resulted in a robust "moat" that enhances its market position [20]. Global Expansion and New Markets - Hesai has secured a long-term exclusive contract with a top European automaker for L3 autonomous driving, demonstrating its capability to meet stringent global automotive standards [22][25]. - The company is also expanding into the robotics sector, with a significant increase in sales of its laser radar for smart lawn mowers, achieving a 744% year-on-year growth in Q2 2025 [31]. Future Outlook - Hesai is poised to capitalize on the growing global demand for LiDAR technology, with projections indicating a substantial market opportunity in the smart lawn mower segment, expected to reach 2.21 billion USD by 2031 [32]. - The company's leadership believes that the rise of China's smart automotive industry presents a unique opportunity for growth and global influence [33][34].

Group 1 - Hesai Technology has passed the hearing for listing on the Hong Kong Stock Exchange, planning to issue up to 51.2362 million shares [1][2] - The company reported net revenues of 1,202.7 million yuan, 1,877.0 million yuan, and 2,077.2 million yuan for 2022, 2023, and 2024 respectively, with a 46.3% year-on-year growth in Q1 2025 [2] - As of August 29, 2023, Hesai's stock price on NASDAQ was $25.77 per share, with a total market capitalization of approximately $3.414 billion (about 24.3 billion yuan) [2] Group 2 - In Q2 2023, Hesai achieved a revenue growth of 54% to 706 million yuan, with a net profit of 44 million yuan, marking a turnaround from a loss of 72 million yuan in the same period of 2024 [3] - The total delivery of Hesai's LiDAR units reached 547,900 in the first half of 2025, a year-on-year increase of 276.2%, surpassing the total for 2024 [3] - The company’s ADAS product deliveries in Q2 2023 were 303,600 units, up 275.8% year-on-year, while robot LiDAR product deliveries reached 48,500 units, a significant increase of 743.6% [3] Group 3 - The return of Chinese concept stocks to Hong Kong has been slow, with the last financing project occurring in November 2022, indicating a dormant period of over two years [5] - Hesai Technology's listing could signal the reopening of the channel for other Chinese companies planning to return to Hong Kong [5] - The introduction of the "Special Technology Line" by the Hong Kong Stock Exchange aims to facilitate the listing process for technology and biotech companies, allowing them to submit applications confidentially [6][7]

Core Viewpoint - The successful hearing of Hesai Technology for its Hong Kong listing signals the potential reopening of the channel for Chinese concept stocks to return to Hong Kong after a two-year hiatus [2][11]. Company Overview - Hesai Technology, founded in 2014, is a global leader in the research and manufacturing of LiDAR technology, initially focusing on gas sensors before expanding into autonomous driving LiDAR products in 2016 [8]. - The company went public on NASDAQ in February 2023, raising $190 million, and as of August 29, 2023, its stock price was $25.77, with a year-to-date increase of 86.47%, giving it a market capitalization of approximately $3.414 billion (around 24.3 billion RMB) [8]. Financial Performance - In 2022, 2023, and 2024, Hesai Technology's net revenues were 1,202.7 million RMB, 1,877.0 million RMB, and 2,077.2 million RMB, respectively. In Q1 2025, the company reported a net revenue of 525.3 million RMB, marking a 46.3% year-on-year growth [4]. - For Q2 2023, the company achieved a revenue of 706 million RMB, a 54% increase year-on-year, and a net profit of 44 million RMB, reversing a loss of 72 million RMB in the same quarter of 2024 [8]. Product Delivery and Market Trends - In the first half of 2025, Hesai Technology's total LiDAR deliveries reached 547,900 units, a 276.2% increase year-on-year, surpassing the total deliveries for 2024 [8]. - In Q2 2023, the total LiDAR deliveries were 352,100 units, reflecting a 306.9% year-on-year growth, with ADAS product deliveries reaching 303,600 units, up 275.8% [8]. - The company’s robot LiDAR product deliveries in Q2 2023 were 48,500 units, a significant increase of 743.6%, with total deliveries in the robotics sector for the first half of the year reaching 98,300 units, up 692.9% [8]. Industry Outlook - The increasing penetration of new energy vehicles and the shift towards "smart" automotive technology are driving demand for LiDAR as a safety standard in intelligent vehicles. Reports indicate that the domestic LiDAR installation volume is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7%, and reach 2.5 million units in 2025 [8]. - Hesai Technology is positioned to benefit from the growth of the autonomous driving sector, with L2+/L3 penetration rates increasing. The company’s robot business is anticipated to become a second growth driver, with significant potential for OEM collaborations and new model releases [9]. Market Development - The Hong Kong Stock Exchange has seen a slowdown in Chinese concept stocks returning, with only 33 companies listed since the reform in 2018. The last financing project was in November 2022, indicating a two-year lull in this market [11]. - The introduction of the "Special Technology Line" by the Hong Kong Stock Exchange aims to facilitate the listing process for tech and biotech companies, allowing them to submit applications confidentially, which may encourage more companies like Hesai Technology to pursue listings [12].

Core Viewpoint - The LiDAR industry is experiencing significant growth driven by advancements in autonomous driving, smart transportation, and robotics, with Hesai Technology poised to capitalize on this opportunity through its upcoming IPO in Hong Kong [1]. Group 1: Company Overview - Hesai Technology is a leading global provider of 3D LiDAR solutions, focusing on the design, development, manufacturing, and sales of advanced LiDAR products [2]. - The company has established a strong product matrix that includes applications in passenger and commercial vehicles, robotics, smart agriculture, and port automation [2][4]. - Since its inception, the company has prioritized independent research and development of key LiDAR components, achieving the highest integration rate of self-developed chips in the industry starting from 2023 [2][3]. Group 2: Technological Advancements - Hesai's fourth-generation self-developed chip optimizes LiDAR functionality and performance by integrating all seven key components, making it the only company in the industry to independently develop all these components [3]. - The company has successfully launched four generations of self-developed chips since October 2020, each enhancing product performance and significantly reducing production costs [3][4]. Group 3: Market Performance - The company has experienced rapid growth in shipment volume and revenue, with approximately 80,400 units shipped in 2022, 222,100 units in 2023, and projected shipments of 501,900 units in 2024 [6]. - Hesai's net revenue reached RMB 1,202.7 million in 2022, RMB 1,877.0 million in 2023, and RMB 2,077.2 million in 2024, with a 46.3% year-on-year increase in Q1 2025 [7]. - The company is recognized as the largest global LiDAR supplier by revenue for 2022, 2023, and 2024, and became the first to exceed 100,000 units shipped in a single month by December 2024 [7]. Group 4: Industry Growth - The global LiDAR market is projected to grow from USD 300 million in 2020 to USD 1.6 billion in 2024, with a compound annual growth rate (CAGR) of 57.8%, and is expected to reach USD 17.3 billion by 2029, with a CAGR of 61.7% [7]. - The Chinese LiDAR market is significantly outpacing other regions in terms of market size and growth rate [7]. Group 5: Future Outlook - Hesai Technology aims to leverage its technological and manufacturing expertise to strengthen its leading position in the global LiDAR market and expand its footprint in the robotics sector [8].

Core Viewpoint - The laser radar industry, a key upstream sector for electric and intelligent connected vehicles, is undergoing significant changes due to cost reductions and price declines driven by economies of scale [1] Group 1: Market Dynamics - Hesai Technology (NASDAQ: HSAI) and RoboSense (2498.HK) dominate the global automotive laser radar market, holding over 60% market share combined [2] - In the first half of this year, Hesai regained the top position with a 33% market share, while RoboSense held 26% last year [2] - The competition in the automotive market is intensifying, leading both companies to explore robotics as a new growth avenue [2][10] Group 2: Financial Performance - Hesai reported a revenue of 706 million yuan in Q2 2025, a 53.9% year-on-year increase, and a net profit of 44.1 million yuan, recovering from a loss of 72.1 million yuan in the same period last year [4] - RoboSense achieved a total revenue of 780 million yuan in the first half of 2025, a 7.7% increase year-on-year, but reported a net loss of 149 million yuan, although this was an improvement from a loss of 268 million yuan the previous year [5] Group 3: Product Strategy - Hesai's strategy focused on low-cost products, successfully penetrating the 100,000 yuan vehicle platform, leading to a 276.2% increase in total deliveries to 547,900 units in the first half of the year [6][7] - RoboSense's ADAS revenue declined by 17.9%, with a 6% drop in ADAS laser radar sales, attributed to reduced purchases from major automotive clients [8][10] Group 4: Robotics Business - RoboSense's robotics business saw explosive growth, with sales reaching 46,300 units, a 420.2% increase year-on-year, contributing approximately 150 million yuan in revenue [10] - Both companies are launching new products targeting the robotics sector, with RoboSense's average price for robotics laser radar dropping by 44.8% to 4,800 yuan [11] - Hesai also reported significant growth in its robotics sector, delivering 48,500 units, a 743.6% increase year-on-year [13]