D
+9
HSAI: ASP Keeps Plunging — How Long Will the Pain Last?
Sacrifice margin to defend share, ride out deflation until the turn?
+9
HESAIFinancial Analysis
HESAI
D
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.
HESAIConference Minutes
D![图片 1，共 2 张]()
![图片 2，共 2 张]()
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.
HESAIConference Minutes
D![图片 1，共 10 张]()
![图片 2，共 10 张]()
![图片 3，共 10 张]()
+7
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.
HESAIFinancial Analysis
D![图片 1，共 1 张]()
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.
HESAIConference Minutes
D![图片 1，共 4 张]()
![图片 2，共 4 张]()
![图片 3，共 4 张]()
+1
HSAI: Worried About ASP Collapse? 'Tesla Castoff' Goes for Volume---
FY26 shipment guidance raised sharply to 3.0-3.5 mn units
HESAIFinancial Analysis
D
D![图片 1，共 2 张]()
![图片 2，共 2 张]()
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.
HESAIConference Minutes
D![图片 1，共 4 张]()
![图片 2，共 4 张]()
![图片 3，共 4 张]()
+1
Hesai: Tesla 'Disdain'? Still Growing Wildly Towards the Sun
ATX continues to increase volume in shipments!
HESAI
D![图片 1，共 34 张]()
![图片 2，共 34 张]()
![图片 3，共 34 张]()
+31
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...
HESAI