In This Article:
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Net Revenue (Full Year 2024): RMB 2 billion (USD 285 million).
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Lidar Shipments (Full Year 2024): Over 500,000 units.
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Gross Margin (Q4 2024): 39%.
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Non-GAAP Net Profit (Full Year 2024): RMB 14 million (USD 1.9 million).
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Operating Cash Flow (Full Year 2024): RMB 63 million (USD 8.6 million).
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Operating Cash Flow (Q4 2024): RMB 641 million (USD 88 million).
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Projected Revenue (Full Year 2025): RMB 3 billion to RMB 3.5 billion (USD 411 million to USD 480 million).
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Projected Lidar Shipments (Full Year 2025): 1.2 to 1.5 million units.
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Projected Net Revenue (Q1 2025): RMB 520 million to RMB 540 million (USD 71 million to USD 74 million).
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Projected GAAP Profitability (Full Year 2025): RMB 200 million to RMB 350 million.
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Projected Non-GAAP Profitability (Full Year 2025): RMB 350 million to RMB 500 million.
Release Date: March 11, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Hesai Group (NASDAQ:HSAI) achieved record high Lidar shipments and net revenue in 2024, with over 500,000 units shipped.
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The company became the first Lidar company to achieve full-year, non-GAAP net profit, demonstrating strong financial leadership.
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Hesai Group (NASDAQ:HSAI) projects significant growth in 2025, with expected Lidar shipments between 1.2 million to 1.5 million units.
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The company has secured design wins with 11 OEMs for its ATX Lidar, indicating strong market acceptance.
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Hesai Group (NASDAQ:HSAI) is expanding its presence in the Robotics market, with significant orders for its JT Mini Lidar.
Negative Points
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Blended gross margin decreased in Q4 2024 due to a shift in product mix towards ADAS shipments.
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The company faces potential ASP erosion in the ADAS market, which could impact profitability.
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There is a risk of key OEM customers seeking additional Lidar suppliers, which could affect market share.
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The electrification pace in European markets is slower than expected, potentially impacting Lidar adoption.
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Hesai Group (NASDAQ:HSAI) needs to manage CapEx effectively to meet increasing demand and expand production capacity.
Q & A Highlights
Q: Could you provide more detailed guidance on the quarterly volume trajectory, product mix, and gross margin trends for 2025? A: Andrew Fan, CFO: For Q1 2025, we expect revenues between RMB520 million to RMB540 million, with shipments around 200,000 units. The AT128 will see a price decline from $400 to around $350, while the ATX, priced at $200, has begun shipping. We anticipate gross profit margins close to 40% and expect profitability to rebound in Q2. For the full year, we forecast revenues of RMB3 billion to RMB3.5 billion, with shipments of 1.2 to 1.5 million units, maintaining a healthy gross margin around 40%.