Hesai Technology secures additional orders from top global OEMs.
On May 21, Hesai Technology (HSAI:NASDAQ) announced its unaudited financial data for the first quarter of 2024. The financial report indicates that Hesai Technology achieved a revenue of CNY 360 million in the first quarter; the total delivery volume of lidar sensors reached 59,101 units, marking a 69.7% year-on-year increase; of which ADAS product delivery volume was 52,462 units, reflecting an 86.1% year-on-year growth. The combined gross margin for Robotaxi and ADAS businesses was 38.8%.
Since the first quarter of 2022, Hesai has achieved three consecutive jumps in total quarterly delivery volume and ADAS product delivery volume year-on-year. In this quarter, Hesai's overseas ADAS business made breakthrough progress and gained recognition from top global OEMs. Leveraging its outstanding product technology strength and large-scale mass production delivery capabilities, Hesai has reached mass production cooperation agreements with two international car manufacturers ranked in the top ten globally by revenue, including a global mass production model of an international top-tier car brand. Among these, there are international clients who have previously cooperated with other industry peers but have now chosen Hesai. This will help Hesai to continue expanding its international market influence and solidify its position as a global leader in the lidar industry.
Domestically, Hesai has reached a cooperation agreement with GAC Group. Both parties will deeply collaborate in the field of automotive intelligence based on Hesai's next-generation lidar products, jointly creating highly competitive intelligent driving products. At present, Hesai has accumulated orders for nearly 70 models from 18 OEMs and Tier-1 customers in the front-loading mass production market.
Not long ago, Hesai released the compact high-performance long-range lidar ATX. The ATX is equipped with a fourth-generation chip architecture and has fully upgraded the optical machine design and laser transmission and reception modules, achieving a perfect combination of compact size and strong performance. Compared with the AT128, the ATX has reduced its volume by 60% and weight by 50%. While achieving a smaller size, the core performance has been fully upgraded. Not only can it detect distances up to 300 meters, but it also supports 7x optical zoom, achieving a 140° ultra-wide horizontal field of view, helping intelligent cars to perceive complex road conditions on both sides in time, such as emergency lane changes, pedestrians, or non-motorized vehicles crossing, effectively enhancing the safety of urban assisted driving.
Furthermore, Hesai has established a partnership with Marelli, a leading mobile technology supplier in the automotive industry, integrating Hesai's latest ATX lidar seamlessly into Marelli's high-end headlight solutions, providing excellent environmental perception capabilities without affecting the vehicle's appearance and aerodynamic performance, while also reducing costs. The ATX has already received orders for front-loading mass production projects from four leading global and domestic OEMs and is expected to start mass production in Q1 of 2025.
The intelligent automotive industry continues to develop rapidly, with a notable feature being that lidar is becoming a standard configuration for more and more models, not only widely adopted in the mid-to-high-end model market but also penetrating the mass consumer market below CNY 150,000. To grasp this market trend, Hesai has formulated a dual-track strategic development path for ADAS products—ultimate performance and ultimate cost. This is reflected in Hesai's latest two long-range lidar products, AT512 and ATX, providing more flexible and innovative solutions for a wider range of models for global OEM customers, making safety a standard configuration for more intelligent models with lidar technology.
In terms of business, with its profound technical accumulation and mature market experience, Hesai continues to steadily expand its business map. Hesai always insists on deeply cultivating the global market and has recently achieved remarkable results on the international stage, successfully obtaining designated cooperation with two top customers—an international top-tier car brand and an international mainstream joint venture car manufacturer. These cooperative relationships not only demonstrate the significant progress in our business this quarter but also foretell Hesai's great growth potential in the future.
In the future, Hesai will adhere to the concept of independent research and technological innovation, continue to promote product iteration and upgrades, bring safe and comfortable intelligent driving experiences to consumers, and promote the development of global intelligent travel.
As of press time, Hesai Technology's share price is USD 4.73, with a total market value of USD 603 million.