Hesai-HESAI（HSAI）：Q4出货量强劲，年度利润指引新高

Investment Rating - The investment rating for the company is "Buy" with a target price of $26.64 [6][7]. Core Insights - The company reported strong Q4 2024 performance with revenue of 720 million RMB, a year-on-year increase of 28.3% and a quarter-on-quarter increase of 33.3%. The net profit for the quarter was 150 million RMB, aligning with previous expectations. The laser radar shipment reached 222,000 units, marking the highest quarterly output and revenue levels in history [1]. - For Q1 2025, the company guides revenue between 520-540 million RMB, and for the full year 2025, it expects laser radar shipments to double or triple, achieving revenue of 3-3.5 billion RMB and a non-GAAP net profit of 350-500 million RMB [1]. - The report highlights the growing demand in the intelligent driving and robotics sectors, which is expected to drive market growth for laser radar [1]. Summary by Sections Q4 Performance - In Q4 2024, the company achieved a revenue of 720 million RMB, with a net profit of 150 million RMB. The laser radar shipment was 222,000 units, including 193,000 units for ADAS and 29,000 units for robotics, representing the best quarterly performance to date [1][2]. ADAS Segment - The total shipment of ADAS laser radar in Q4 2024 was 193,000 units, significantly up from 80,400 units in the same period last year. The company has secured orders from 22 OEMs for over 120 vehicle models, supporting a target delivery of 1-1.3 million ADAS laser radars in 2025, up from 456,000 units in 2024 [2]. Robotics Segment - The robotics laser radar sales reached 29,000 units in Q4 2024. The company aims to deliver 200,000 units in 2025, benefiting from product iterations and price reductions in various applications such as Robotaxi, industrial automation, and consumer robotics [3]. Valuation - The target price has been raised to$ 26.64, reflecting an optimistic outlook on the demand driven by intelligent driving and robotics. The expected shipments for 2025, 2026, and 2027 are projected to reach 1.41 million, 2.17 million, and 2.95 million units respectively, with revenue forecasts adjusted upwards to 3.42 billion, 5 billion, and 6.78 billion RMB for the same years [4][11].