Hesai Group Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

Core Insights - Hesai Group achieved record-breaking lidar shipments in 2024, with total shipments exceeding 500,000 units, marking a doubling in shipments for four consecutive years [2][11] - The company reported full-year net revenues of RMB2,077.2 million (US $284.6 million), a 10.7% increase from the previous year, and became the first lidar company to achieve full-year non-GAAP net profits of RMB14 million [2][15] - The company anticipates significant growth in 2025, forecasting net revenues between RMB3.0 billion (US$ 411 million) and RMB3.5 billion (US $480 million) [3][16] Financial Performance - Quarterly net revenues for Q4 2024 were RMB719.8 million (US$ 98.6 million), up 28.3% from RMB561.2 million in Q4 2023 [12][15] - The gross margin for the full year of 2024 was 42.6%, an increase from 35.2% in 2023, attributed to effective cost and scale optimization [13][15] - The company reported a net income of RMB147.0 million (US$20.1 million) for Q4 2024, compared to a net loss of RMB140.9 million in the same period of 2023 [12][21] Business Developments - Hesai secured a groundbreaking, exclusive design win with a top European OEM, marking the largest global program for the automotive lidar industry [6][10] - The ATX long-range lidar is positioned to drive widespread adoption by offering cost-effective solutions for vehicle models priced as low as RMB100,000 [6][10] - The company has established partnerships with major domestic OEMs, including BYD, Great Wall Motor, and Changan, to enhance its market presence [2][10] Operational Highlights - In Q4 2024, ADAS lidar shipments reached 193,238 units, a 140.3% increase from the same period in 2023 [11][12] - Total lidar shipments for the full year of 2024 were 501,889 units, representing a 126.0% increase from 222,116 units in 2023 [11][15] - The company launched the JT series mini 3D mechanical lidar for Robotics, with mass production beginning in December 2024 [10][11] Market Outlook - The lidar industry is undergoing a transformation, with Hesai's products becoming essential for intelligent driving, akin to the importance of seat belts [2] - The company expects to continue its growth trajectory, with a forecasted increase in revenues and profitability for 2025 [3][16] - The Robotics market presents significant opportunities, with the company actively expanding its lidar applications in various sectors [2][10]