随着全球激光雷达需求加速，和赛预计第二季度收入增长48%-57%，并维持120万-150万出货量目标

Earnings Call Insights: Hesai Group (HSAI) Q1 2025

Management View

• CEO David Li indicated a strong start to 2025, highlighting that "our shipments more than tripled year-over-year to nearly 200,000 lidar units in the first quarter despite the impact of typical seasonal patterns." He stated this drove "an almost 50% year-over-year jump in our net revenue" and emphasized an 84% year-over-year reduction in net loss due to operational discipline and cost control. Li noted Hesai's continued leadership in the global automotive lidar market, citing Yole Intelligence's 2024 analysis ranking the company #1 with a 33% share by revenue, 26% in the passenger car segment, and 61% in the robotaxi market.

• Li outlined significant product and partnership milestones, saying "ATX has been a true champion, driving the democratization of intelligent driving," and referenced design wins with 12 major OEMs, including Li Auto and Zeekr. He announced a "landmark order for 200,000 units of Hesai's ATX lidar" from Leapmotor, and described an exclusive design win with a top European OEM for a multiyear program as a key step in global expansion.

• He revealed the launch of the "Infinity Eye lidar solution, alongside three next-generation automotive-grade lidar sensors," targeting Level 2 to Level 4 autonomy and leveraging a shared architecture to enhance scalability and cost efficiency. Li also highlighted the dismissal of Ouster's patent infringement case, stating, "This brings an end to all existing IP actions against us and reaffirms the integrity of our technology."

• CFO Andrew Fan reported "total revenues saw 46% year-over-year, reaching RMB525.3 million or US$72.4 million," driven by shipment performance, and cited a gross margin of 42% and a 9% year-over-year cut in operating expenses. Fan described narrowing the first quarter net loss by 84% to RMB17.5 million or US$2.4 million, and noted the company remained non-GAAP profitable for the quarter. He added, "For Q2, we are expecting net revenues of between RMB680 million or US$93.7 million and RMB720 million or US$99.2 million, which would be a 48% to 57% increase year-over-year."

Outlook

• Fan stated that full year 2025 guidance is unchanged, maintaining "2025 revenue guidance at RMB3 billion to RMB3.5 billion, the total shipment remained at 1.2 million to 1.5 million, and 40% in gross margin, with RMB200 million to RMB350 million GAAP net profit for 2025."

• For Q2, management expects "net revenues of between RMB680 million or US$93.7 million and RMB720 million or US$99.2 million," and over 300,000 units shipped. Gross margin is projected to remain "healthy at around 40%." Fan signaled confidence in reaching GAAP breakeven in Q2 and reiterated the company's full year profitability targets despite tariff concerns.

Financial Results

• Revenues reached RMB525.3 million (US$72.4 million), supported by nearly 200,000 units shipped. Robotics lidar shipments reached nearly 50,000 units, with JT lidar accounting for 45,000 units. Gross margin was 42%, with a net loss of RMB17.5 million (US$2.4 million), reflecting an 84% year-over-year reduction.

• Operating expenses declined by 9% year-over-year. Management described the quarter as being "significantly stronger than our earlier guidance and especially notable given that Q1 is typically a seasonally slower period."

Q&A

• Tina Hou, Goldman Sachs: Asked about maintaining annual shipment guidance and gross margin trajectory in light of strong lidar take rates. Fan responded, "we are still maintaining our 2025 revenue guidance at RMB3 billion to RMB3.5 billion, the total shipment remained at 1.2 million to 1.5 million, and 40% in gross margin, with RMB200 million to RMB350 million GAAP net profit for 2025."

• Jessie Lo, Bank of America: Asked about ADAS lidar ASP trends and capacity/CapEx. Fan explained the blended ASP would decrease due to ATX ramp-up, but "we believe lidar content per vehicle will remain stable in the long run...in the range of $500 to $1,000." He also confirmed production capacity expansion to 2 million units by year-end, with 2025 CapEx guided at US$30 million to US$50 million.

• Tim Hsiao, Morgan Stanley: Questioned competitive dynamics and new product launches. Fan stated, "winning contracts doesn't mean mass production," and described the flexibility and high value content of Infinity Eye solutions, noting pricing for ATX at $200 and AT1440/ETX above $500.

• Additional analyst questions addressed tariff impacts, with Fan stating, "the U.S. market is projected to account for only 10% of our total revenue in year 2025" and that profitability guidance had already assumed a 45% tariff scenario. Questions also covered ATL vs. ATX product differentiation, robotaxi market strategies, global OEM traction, dual listing rumors, regulatory outlooks, and operating efficiency.

Sentiment Analysis

• Analysts expressed positive sentiment, congratulating management on strong results and guidance, and seeking clarity on growth, margins, and competitive positioning.

• Management maintained a confident tone during both prepared remarks and Q&A, reiterating guidance and addressing risks directly. Li and Fan used language such as "we are confident," "we are proud," and "we believe," signaling strong conviction.

• Compared to the previous quarter, both analysts and management sustained a positive, confident tone, with management emphasizing operational discipline and strategic progress.

Quarter-over-Quarter Comparison

• Guidance for full year revenue, shipments, gross margin, and net profit remains unchanged from the previous quarter. Both quarters highlighted strong growth in ADAS and robotics, with Q1 2025 seeing a notable 84% reduction in net loss and a 9% decline in operating expenses.

• Strategic focus has shifted slightly toward mass production and deployment of ATX, expansion in international markets, and the launch of new product platforms like Infinity Eye. Analysts' questions similarly evolved, with increased focus on global expansion, tariffs, and product differentiation.

• Management's tone remained confident, with emphasis on cost control and shipment growth. Analyst tone was positive in both quarters, focused on sustainability of growth and margins.

Risks and Concerns

• Management cited tariffs as a business risk but indicated "direct exposure is very limited," with mitigation strategies including pricing adjustments, cost control, and overseas manufacturing expansion. A new factory lease in Southeast Asia was signed to address geopolitical risks.

• Analysts raised concerns about ASP erosion, competition, tariff impacts, and potential supply chain disruptions. Management addressed each area, emphasizing operational flexibility and long-term partnerships.

Final Takeaway

Hesai Group management emphasized that Q1 2025 established a strong platform for the year, with rapid shipment growth, robust financial results, and significant product and market wins. The company reaffirmed full year guidance on revenues, shipments, gross margin, and profitability, underscoring confidence in navigating tariff risks, executing global expansion, and sustaining cost discipline while scaling production and innovation.

Read the full Earnings Call Transcript