Hesai(HSAI) 兴业证券·2024-11-29 03:28Investment Rating - The report maintains an "Add" rating for the company [1][3]. Core Insights - The company achieved a quarter-on-quarter delivery growth of 50%, indicating a positive trend towards profitability for the full year [1]. - The total shipment of LiDAR units reached a record high of 134,208 units in Q3 2024, representing a significant year-on-year increase of 182.9% [3]. - The financial performance showed a quarterly revenue of 539.4 million RMB, a year-on-year growth of 21.1%, with a gross margin increase to 47.7% from 30.6% in the same period last year [3]. - The company provided optimistic guidance for Q4 2024, projecting revenue of 100 million USD and a net profit of 20 million USD on a GAAP basis [3]. Summary by Relevant Sections Delivery and Revenue - The company’s total LiDAR shipments for the first nine months of 2024 reached 279,835 units, a year-on-year increase of 108.2%, with ADAS product deliveries at 263,148 units, up 129.9% [3]. - The gross margin improved significantly to 47.7%, attributed to cost management and scale optimization [3]. Market Expansion and Customer Collaborations - The company deepened its domestic market collaborations, becoming a strategic supplier for SAIC Volkswagen and securing exclusive orders from emerging EV manufacturers [3]. - Internationally, the company successfully delivered prototypes for a global automotive manufacturer and signed two proof-of-concept projects with a top Japanese automaker [3]. Financial Projections - For Q4 2024, the company expects to deliver approximately 201,000 LiDAR units, with total shipments for the year projected at 480,000 units, leading to an anticipated revenue growth of 11% to 2.083 billion RMB [3]. - The forecast for 2025 indicates a potential 100.3% increase in LiDAR deliveries to 962,000 units, with revenue expected to grow by 33.5% to 2.781 billion RMB [3].