Huaxi Securities Initiates Coverage on Hesai-W (02525) with "Buy" Rating, Citing Global LiDAR Leadership

Stock News11-26

Huaxi Securities has initiated coverage on Hesai-W (02525), assigning a "Buy" rating to the global leader in LiDAR technology. The company's proprietary ASIC technology and platform-based architecture enable its star product line, including the AT series, which balances performance, quality, and cost. Hesai has secured 120 vehicle model designations from 22 OEMs in the ADAS sector, ranking first in mass production volume. In the robotics market, its monthly shipments once exceeded 20,000 units, while it holds over 55% market share in the autonomous taxi segment. Key highlights from Huaxi Securities' report include:

**Global LiDAR Pioneer** Founded in 2014, Hesai listed on U.S. markets in 2023 and Hong Kong in 2025. Its products serve passenger/ commercial vehicles with ADAS, autonomous vehicles, and robotics applications. Leveraging ASIC technology, in-house design/manufacturing, and scalable architecture, Hesai delivers cost-effective LiDAR solutions while partnering with top-tier OEMs.

**Explosive Market Growth** LiDAR is becoming standard for ADAS, with robotics demand further accelerating expansion. According to CIC data, the global LiDAR market will grow from $1.6 billion in 2024 to $17.1 billion by 2029 (61.2% CAGR). - *ADAS Segment*: LiDAR’s precision, all-weather capability, and 3D perception make it indispensable for advanced safety systems. Adoption is rising, with vehicles expected to integrate multiple units for higher autonomy. The ADAS LiDAR market is projected to surge from $1 billion (2024) to $12 billion by 2029 (63.6% CAGR). - *Robotics Segment*: LiDAR’s high-resolution 3D mapping is critical for navigation in dynamic environments. The robotics LiDAR market is forecast to expand from $600 million (2024) to $5.1 billion by 2029 (53.6% CAGR).

**Competitive Edge** - *Technology*: Hesai is the only LiDAR firm to fully develop all core components (lasers, detectors, drivers, DSPs, etc.) in-house. Its integrated architecture—featuring VCSELs and 1D electronic scanning—enhances performance while reducing costs. A shared platform approach accelerates development cycles. - *Product Portfolio*: Hesai’s AT128, ATX, XT, and Pandar series lead in key metrics (range, point cloud density, power efficiency) and meet automotive-grade safety standards. - *Customer Base*: 1) ADAS: Ranked #1 by designations (120 models across 22 OEMs as of March 2025). 2) Robotics: Partnered with industry leaders (Meituan, DiDi, WeRide) and achieved record monthly shipments (20,000+ units). Dominates autonomous taxis with >55% share (2022-24).

**Risks**: Policy delays, weaker-than-expected demand, and intensifying competition.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment