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+8
HSAI: ASP Keeps Plunging — How Long Will the Pain Last?
Sacrifice margin to defend share, ride out deflation until the turn?
+8HESAI
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HSAI (Trans): SGI guide raised to 300 mn; breakeven in 2027
Guidance for 2026 SGI (Strategic Growth Initiatives) revenue was raised from RMB 100 mn to RMB 200–300 mn. Management also guided to around $100 mn revenue in 2027 with breakeven in the same year.
The segment still posted an OP loss of RMB 64 mn this quarter. R&D expense rose in tandem to RMB 231 mn.Meanwhile, beyond lidar, the company is positioning actuator modules and Kosmo as its second growth curve. Q3 non-ADAS revenue is expected to approach, or even exceed, half of total revenue.D![PED PED]()
![Hesai FinancialPerformance Unit亿元 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 1]()
HSAI (Trans): SGI biz to match LiDAR scale in 5 yrs
Q2 total revenue is expected at RMB 850–900 mn.
LiDAR shipments are estimated at ~650k units.D![PED PED]()
![Hesai Financial Performance Unit：亿元 1Q24 2Q24 3Q24 4Q24 .1 1025 2Q25 3Q25 4Q25 1]()
![禾赛国内ADAS激光雷达市占率 禾赛科技 速腾聚创 华为 图达通 100.0% 90.0% 13.9%13.7%13.0%14.4%8.8%14.3%15.5%]()
![Hesai market cap forecast (US$mn) 158 288 China ADAS Europe ADAS 124 Other ADAS]()
+6
HSAI: Cut Losses, Hold the Line — Sector Leader Under Pressure?
2026 will remain a 'price-for-volume' year for Hesai Group amid high-stakes competition.
D![HesaiFinancialPerformance Unit亿元 1023 2Q23 3Q23 4Q23 1024 2Q24 3024 4024 1Q25 2Q]()
HSAI (4Q25 Trans): 2026 shipment guidance raised to 3.0–3.5 mn units---
Overall GPM is expected to remain resilient in 2026. Resilience should hold through the year.
D![PED PED]()
![Hesai Financial Performance Unit：亿元 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q25]()
![禾赛国内ADAS激光雷达市占率 禾赛科技 速腾聚创 ■华为 图达通 100.0% 13.9% 13.7% 1 13.0% 14.4% 10.6% 8.8% 9.]()
![禾赛市值预计 158 中国ADAS 288 欧洲ADAS 124 ■其他ADAS 机器人 245 LONGPORT]()
HSAI: Worried About ASP Collapse? 'Tesla Castoff' Goes for Volume---
FY26 shipment guidance raised sharply to 3.0-3.5 mn units
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D![PED PED]()
![Hesai Financial Performance Unit：亿元 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25]()
Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026
The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.
D![PED PED]()
![Hesai Financial Performance Unit：亿元 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25]()
![禾赛国内ADAS激光雷达市占率 1元 禾赛科技 速腾聚创 ■华为 图达通 100.0% 7.1% 8.3% 8.3% 7.1% 4.7% 4.7% .2% 5.]()
![禾赛市值预计 158 中国ADAS 288 欧洲ADAS 124 ■其他ADAS 机器人 245 LONGPORT]()
Hesai: Tesla 'Disdain'? Still Growing Wildly Towards the Sun
ATX continues to increase volume in shipments!
D![HESAI]()
![30 Unit：S 禾赛股价 25 20 15 海豚投研 10 5 C DolphinResearch 2023/2/9 2023/3/9 2023/4/9 投]()
![大类场景 细分场景 应用说明 代表客户/案例 智能驾驶 乘用车ADAS L2+及以上自动驾驶必备传感 理想、小米、比亚迪 器，用于环境感知、障碍物检测 商用车A]()
![70% 63% 64% 58% 60% 48% 50% 43% 45% 40% 33% 38% 30% 22% 30% 20% 14% 20% 7% 10% 2]()
+30
Hesai: Tesla's 'Abandoned Child'? Unstoppable 'Magnificent Comeback' of LiDAR
In the first half of the article "'4 Times' Hesai: Why Has the Lidar Abandoned by Tesla Become 'Promising' Again?", Dolphin Research conducted a detailed review of the reasons behind Hesai's market value explosion. In the high-growth track of lidar, Hesai continues to reduce costs through the technological path of chip integration and increased integration, which leads to a continuous decline in the cost of lidar, thereby bringing about an increase in penetration rate and continuous expansion of application scenarios. The market value of $Hesai(HSAI.US) began to rise significantly after the third quarter report of 2024, as its earnings consistently exceeded market expectations...