Group 1 - Hesai Technology has become the exclusive provider of automotive long-range lidar for Leapmotor's next-generation vehicle platform, with the first model expected to enter mass production in 2025 [1] - The partnership will involve Hesai providing lidar products for multiple models of Leapmotor's new vehicle platform, emphasizing the long-term collaboration and trust between the two companies [1][3] - The initial strategic partnership has led to advancements in intelligent driving projects for various Leapmotor models, including the C-series, which are equipped with Hesai's AT128 lidar for advanced driving functions [2] Group 2 - Leapmotor has commenced sales in Europe as of September 23rd, with over 200 dealers across 13 countries, and plans to expand to 500 sales points by the end of 2025 [2] - The collaboration aims to enhance Leapmotor's leadership in advanced driver-assistance systems (ADAS) and the global application of this technology [3]

Group 1 - Hesai (NASDAQ: HSAI) is the market leader in the LiDAR industry, which is projected to grow at a CAGR of 39% and reach $21 billion by 2029 [1] - The company possesses significant competitive advantages over its competitors and has secured contracts that bolster its market position [1] Group 2 - The focus is on small to mid-cap companies with disruptive technology, emphasizing the importance of competitive analysis and the founders' previous endeavors [1] - The investment strategy involves a two-year time frame, with a tendency to hold investments for longer periods [1]

SHANGHAI, Oct. 1, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), the global leader in lidar technology, announced today the signing of a cooperation framework with SAIC Volkswagen. The cooperation will establish a strong foundation for Hesai and SAIC Volkswagen to build a new ecosystem for the automotive industry, with Hesai's advanced lidar products and technology at the core. SAIC Volkswagen Automobile Co., Ltd. is a Sino-German joint venture operated by SAIC Group and Volkswagen Group. Formed in O ...

HANNOVER, Germany, Sept. 16, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), the global leader in lidar technology, is launching its powerful new lidar solution OT128 at Europe's biggest commercial vehicle trade fair IAA Transportation in Hannover (booth location: Hall 12, #C71). Hesai's OT128 is the most mature 360° long-range lidar in the market and is driving the rapid development of autonomous vehicles' all-around sensing capabilities. Production Time Per Unit Reduced by 95% Promising exceptional ...

海外行业报告 | 行业动态研究 禾赛科技 证券研究报告 2024 年 08 月 25 日 作者 孔蓉 分析师 SAC 执业证书编号：S1110521020002 kongrong@tfzq.com 24Q2 收入符合指引，毛利率表现亮眼，量产定点稳步拓展 24Q2 业绩概览：24Q2 收入为 4.6 亿元，位于此前指引上沿， yoy+4.2%；毛利率为 45.1%，yoy+15.3pct；经调整净利润为 -4360 万元。 交付量情况：24Q2 ADAS 激光雷达出货量为 80773 台，同比增长 76.8%。24Q2 激光雷达总出货量为 86526 台，同比增长 66.1%。 24H1 ADAS 激光雷达出货量为 133235 台，同比增长 80.3%。 24H1 激光雷达总出货量为 145627 台，同比增长 67.5%。 业务进展： 海外已获得 4 家量产定点，国内获得多项 25 年新车型 定点。截至 24Q2，公司已在全球范围内与 19 家 OEM 厂商就超过 70 款车型达成 ADAS 量产定点。 海外市场方面：1）已获得四家知名全球 OEM 的量产定点，其中包 括三家全球 OEM 在中国的合资企业 ...

海 外 研 究 证券研究报告 ＃industryId＃ 汽车 ＃investSuggestion＃ 增持 ( ＃ investS uggesti onChan ge＃ 维持 ） 公 司 跟 踪 报 告 | --- | --- | |------------------|------------| | 日期 | 2024-08-22 | | 收盘价（美元） | 4.22 | | 总股本（百万股） | 127 | | 总市值（亿美元） | 5.4 | | 净资产（亿元） | 37.7 | | 总资产（亿元） | 56.6 | | 每股净资产（元） | 29.59 | 数据来源：Wind，兴业证券经济与金融研究院整理 ＃相关报告 relatedReport＃ 【兴证海外汽车】禾赛科技 （HSAI.O）2024Q1 业绩点评： 受客户影响下调出货量指引，24 年出货量至 50 万台 【兴证海外汽车】禾赛科技 (HSAI.O)2023Q4 业绩点评：销 量&交付超指引，24 年有望交付 60 万台 【 兴 证 海 外 汽 车 】 禾 赛 科 技 (HSAI.O) 深度覆盖 -- 全球激光 雷达第一股 -2023 年 7 ...

2024 年 08 月 22 日 公司研究 评级：增持(下调) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 罗琨S0350522110003 | | | luok@ghzq.com.cn | | 证券分析师： | 傅麒丞S0350524080001 | | | fuqc@ghzq.com.cn | [Table_Title] 盈利能力提升明显，乘用车&Robotaxi 双轮驱动 ——禾赛（HSAI）2024 年中报业绩点评 事件: 禾赛科技于 8 月 20 日发布 2024 年中报：2024H1 公司实现营业收入 1.13 亿美元，同比-6.01%，取得净利润-0.25 亿美元。 投资要点: 乘用车与 Robotaxi 双轮驱动，2024H1 激光雷达交付量同比 +67.5%，盈利能力提升明显。2024Q2，公司实现营业收入 4.6 亿元 人民币，同比+4.2%；激光雷达全球总交付量为 86,526 台，同比 +66.1%；其中 ADAS 产品全球交付量为 80,773 台，同比+76.8%， ADAS 业务和 R ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 毛利、订单高增，Robotaxi 驱动新一轮增长 禾赛(HSAI.US) [Table_Industry] 海外信息科技 [Table_Invest] 评级： 增持 ——禾赛 FY24Q2 业绩点评 [当前价格 Table_CurPrice] (美元)： 4.53 交易数据 | --- | --- | |-------------------------|------------| | 52 周内股价区间（美元） | 3.55-11.70 | | 当前股本（百万股） | 127.48 | | 当前市值（百万美元） | 577.48 | [Table_PicQuote] 52周股价走势图 禾赛 纳斯达克综指 -80% -60% -40% -20% 0% 20% 40% 60% 2023-08-212023-09-122023-10-032023-10-242023-11-142023-12-062023-12-282024-01-222024-02-122024-03-052024-0 ...

Financial Data and Key Metrics Changes - In Q2 2024, the company achieved quarterly revenue of RMB 458.9 million (USD 63.1 million), reaching the high end of guidance [18] - LiDAR shipments rose to over 86,000 units, marking a 56% year-over-year and 46% quarter-over-quarter increase [18] - The blended gross margin was approximately 45%, improving quarter-over-quarter due to effective cost management [18] - The quarterly net loss narrowed significantly by 33% quarter-over-quarter to RMB 72.1 million (USD 9.9 million) [18] - For Q3 2024, the company expects net revenue between RMB 450 million (USD 61.9 million) and RMB 500 million (USD 68.8 million), representing a year-over-year increase of approximately 1% to 12.2% [19] - The full-year revenue forecast was revised to a range of RMB 2.0 billion to RMB 2.3 billion (approximately USD 280 million to USD 320 million) [19] Business Line Data and Key Metrics Changes - The company captured 37% of the global LiDAR market and 74% of the global robotaxi LiDAR market in 2023 [7] - The overall LiDAR penetration rate in China reached 22% in June 2024, with installations increasing by approximately 250% year-over-year [10][11] - The company secured design wins with 19 OEMs globally across over 70 vehicle models, including 13 exclusive long-range LiDAR suppliers [16][17] Market Data and Key Metrics Changes - The robotaxi market in China is thriving, with Baidu's Apollo Go providing over 6 million rides since 2019 [9] - The average LiDAR adoption rate among the top 10 best-selling new EV makers in China exceeds 60% [11] - The ADAS market is projected to see a LiDAR adoption rate among EVs priced above RMB 150,000 surpassing 16% in 2024 [10] Company Strategy and Development Direction - The company aims to capitalize on the rapid growth of the robotaxi market, particularly in China, with significant partnerships and design wins [22] - The strategic approach includes offering both high-performance and value-to-cost products to meet diverse client needs [12] - The company is focused on enhancing its product lineup and securing design wins for new car models scheduled for SOP in 2025 and beyond [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stronger performance in the second half of the year, driven by robust demand for LiDAR technology [19] - The company anticipates that less than 20% of total revenue will come from the U.S. market, with the majority generated outside the U.S. [20] - Management highlighted the importance of regulations mandating higher safety standards, which are expected to drive demand for LiDAR technology [26] Other Important Information - The company published its inaugural ESG report, outlining efforts in sustainable development and commitment to ESG best practices [27] - The company is optimistic about achieving profitability in Q4 2024, supported by effective expense controls and operational efficiencies [21] Q&A Session Summary Question: Update on U.S. Defense Department status - Management clarified that being on the DoD list impacted reputation and business opportunities, but they have never sold to the DoD and do not plan to in the future [29][30] Question: Market opportunities for robotaxi - Management stated that they are the largest robotaxi LiDAR supplier globally and expect significant orders for robotaxis in the coming years [33][36] Question: Breakdown of LiDAR shipments and pricing - Management confirmed that the AT128 LiDAR is included in autonomous mobility shipments and that pricing for robotaxi customers is higher due to lower volumes [42][44] Question: Gross margin improvement factors - Management attributed gross margin improvement to product mix, economies of scale, and a one-off high-margin service fee [47][50] Question: Future shipment guidance - Management revised the shipment expectation for the second half of 2024 to 300,000 to 350,000 units due to client adjustments [64]

Chesky_W My Hold rating for Hesai Group's (NASDAQ:HSAI) shares stays unchanged. There is a mix of positives and negatives for HSAI, considering read-throughs from its results and guidance. On one hand, the company might have a good chance of becoming profitable in the next quarter or two. On the other hand, Hesai's top-line outlook is uninspiring, as seen with its Q3 revenue guidance miss. I wrote about Hesai Group's full-year FY 2024 guidance and geopolitical risks in my previous April 10, 2024, articl ...