SIASUN(SZ:300024)2025-12-01 00:49Summary of Conference Call on Asia Emerging Robotics and Hesai Company and Industry Overview - Company: Hesai, a global leader in LiDAR technology, particularly known for its "laser eyes" applications in robotics and automotive sectors [1] - Industry: Robotics and Advanced Driver Assistance Systems (ADAS), focusing on the integration of LiDAR technology for enhanced safety and performance [1][4] Core Insights and Arguments 1. Necessity of LiDAR: - LiDAR has proven superior in handling safety-critical scenarios compared to camera-only ADAS solutions, which have not reduced severe injury rates in vehicles [2][7] - The injury rates in vehicles equipped with camera-only systems remain significantly higher than those with LiDAR [2][7] 2. Market Adoption: - More automotive OEMs are adopting LiDAR for higher levels of autonomous driving, indicating a shift in industry standards [2][18] - The performance of LiDAR-enabled ADAS solutions is improving rapidly, showcasing the technology's potential [2][20] 3. Affordability and Mass Adoption: - The cost of long-range ADAS LiDAR has decreased to around USD 200, making it more accessible than many passive safety systems [3][26] - Current penetration of long-range ADAS LiDAR in China is about 10%, with expectations for significant growth due to attractive pricing [3][31] - Over 70% of passenger vehicles sold in China are priced below USD 28,000, indicating a large market for affordable LiDAR solutions [3][35] 4. Evolution of Robotics: - Robotics typically relies on various perception technologies, but LiDAR's time-of-flight principle offers advantages in detection range and low-light performance [4][46] - New products integrating LiDAR and camera functions are emerging, such as RoboSense's AC2 and Huawei's Limera, which represent a new generation of "laser eyes" for robotics [4][55][57] 5. Investment Outlook for Hesai: - Hesai's stock has de-rated since mid-September and is currently trading at approximately 25x forward P/E, presenting attractive entry points for investors [4][60] - The company is rated as "Outperform" with price targets set at USD 33.00 for HSAI.US and HKD 253.00 for 2525.HK [64] Additional Important Points - The report emphasizes the ongoing debate regarding the necessity of LiDAR in robotics, given the lower safety risks compared to automotive applications [4] - The integration of LiDAR technology is expected to become a standard in both automotive and robotics sectors, shifting the choice from passive cameras to active "laser eyes" [4] - The report highlights the potential for Hesai amid the growth in intelligent vehicles and emerging robotics, reinforcing the company's strategic position in the market [4]