英文_高盛_禾赛科技（HSAI）2025年第一季度收益回顾_净利润超预期_上调行业激光雷达销量；买入_11页_895kb

Hesai Group Earnings Review Summary

Key Financial Highlights

• Earnings: Net profit exceeded expectations due to higher gross margin and lower opex. Gross margin of 41.7% (+3.0pp yoy), higher than GS's 39.5%.
• Revenue: 1Q25 revenue aligned with expectations, non-GAAP net profit Rmb9bn.
• Opex: Reduced by -9% yoy and 5% below GS estimate, with S&M/ R&D/ G&A ratio improvements.

Forward Guidance

• 2025 Revenue: Rmb3-3.5bn (+56% yoy at midpoint), 3% higher than prior GS consensus.
• LiDAR Volume: 2025E forecast raised by +23% to 3.5mn units, driven by faster adoption.
• Balance Sheet: Improved net cash position (Rmb2.3bn), stable gross margin expected around 40%.

Investment Recommendation

• Analyst View: Reiterated "Buy" rating, 12m price target of $23.3 (8.6% upside based on 2026E EPS).
• Catalysts: New design wins, OEM model launches with LiDAR.
• Risks: Slower LiDAR adoption, intensified competition, tariff impacts.

Market and Business Update

• Adoption: Faster China auto market uptake, with premium and mass-market models adopting LiDAR.
• Design Wins: Expanded globally to 23 OEMs, secured key partnerships in ATX LiDAR and robotics segments.

Key Metrics

• 2025 Revenue Guidance: Rmb680mn-720mn (Q2) to Rmb3-3.5bn (annual).
• LiDAR Penetration: Expected to reach 25% in NEVs by 2025.