1. In 2023, Hesai delivered a very excellent report card, with all key indicators exceeding expectations and setting multiple industry records. Its product technology research and development strength has been unanimously recognized at home and abroad, with a solid foundation and huge potential.
2、In 2024, Hesai’s key words areoverall growth, its performance is expected to usher inMore flowers, more comprehensive breakthroughsnew pattern. Not onlyLi Auto IncSuch steady growth in orders”Big ticket warehouse”, and there are also the products that will be launched on March 28 and are hotly discussed by the people.Xiaomi SU7, as well as the popular car circle, bringing lidar into 150,000-class modelsZero running C10Such"New ticket warehouse". More than that,BYD、GWM等“Super ticket warehouse"It also provides huge potential for Hesai's subsequent long-term growth. In the medium and long term, there are2The mass production of top international automobile brands, and9International reserve OEM such "Underwater ticket warehouse" will surface in the future. Based on comprehensive research and judgment, Hesai's growth space will be fully opened in 2024.
On March 12, 2024, Hesai Technology (NASDAQ: HSAI) announced its unaudited financial data for the fourth quarter and full year of 2023. Its full-year revenue, delivery volume, and comprehensive gross profit margin for 2023 all exceeded expected.
Hesai achieves full-year revenue in 2023 18.8 billion, a year-on-year increase 56.1%; Among them, revenue in the fourth quarter was 560 million yuan, a year-on-year increase of 37.1%. In 2023, Hesai’s full-year lidar delivery volume is 222,116 units，year-on-year growth 176.1%; At the same time, the full-year gross profit margin remained at a high level of 35.2%; among which, the delivery volume of lidar in the fourth quarter was 87,736 units, a year-on-year increase of 84.6%. It is worth mentioning that in the fourth quarter, the cumulative delivery volume of Hesai Technology lidar exceeded 30 万units, becoming the first automotive lidar company in the industry to achieve this milestone.
Since 2020, Hesai's annual revenue has achieved three consecutive jumps, showing strong growth by leaps and bounds. As the company's scale continues to expand, its cost structure and operating efficiency have been effectively optimized and comprehensively improved. Hesai has successfully achieved positive annual operating cash flow, becoming the only company in the lidar industry to achieve this result. Demonstrates excellent commercialization capabilities and operational efficiency.
With the further deepening of the second half of intelligence and the further decline of smart car prices, 2024 will undoubtedly be the yearIntelligent Driving New Year, ADAS lidar will continue to maintain rapid growth in terms of shipments and market penetration. So far, Hesai has obtained来自 16 家OEMs and Tier-1 customers exceed 60 car models型The mass production of lidar has been set, and a variety of models from multiple car companies will be launched in 2024.
For Hesai, 2024 will beMore flowersyear.
First of all, the recently extremely popular Ideal MEGA has been officially launched, equipped with a Hesai ultra-high-definition long-range lidar AT128 as standard; at the same time, the Ideal L series is ushered in, and the upgraded versions of the Ideal L8 and L7 Pro models will also be equipped with Hesai as standard. LiDAR (Judging from the sales data of car companies in February, the total sales of the Ideal L7/L8 series accounted for nearly70%). The launch of these three models is expected to bring further room for growth on the basis of stabilizing the basic market.
Second, according to industry sources, Hesai has previouslyBYDReached mass production cooperation, covering multiple new models. Wang Chuanfu also said at the "BYD Dream Day" in January this year that BYD will launch more than 10 high-end smart driving models equipped with lidar in 2024. In the future, BYD's models priced above RMB 200,000 will offer high-end intelligent driving assistance systems as an option, while models priced above RMB 300,000 will all come standard.
Combined with BYD's recent series of actions and the determination behind it, it is almost certain that in 2024, new energy vehicles and smart driving vehicles (with lidar) will get more shares, which is full of imagination.
Third, the latest news,Xiaomi SUIt will be launched on March 28 and is also equipped with Hesai’s ultra-high-definition long-range lidar AT128. As a top entrepreneur in China and even the world, Lei Jun personally started building cars with great determination and unprecedented grandeur. Judging from past experience and actual results, Xiaomi today has almost no obvious shortcomings in strategy, consumer insights, products, brands, marketing, channels, finance, financing and other dimensions. Xiaomi cars will undoubtedly be the cars of 2024 The market has huge variables and huge potential increments.
Fourth, I have to mention,Zero running C10Listed. Leapmoon C10 directly brings the high-end smart driving experience (with lidar) to a new value standard - 150,000 level. Consumers only need to pay more than 160,000 to have the high-end smart driving experience of Hesai AT128 ultra-high-definition long-range lidar + Orin-X smart driving chip, officially blowing the clarion call for lidar to penetrate into mainstream mass-market models of 150,000 to 200,000 yuan! This move of zero-running will undoubtedly stimulate other car companies to follow suit. More 150,000-class models equipped with lidar are expected to be launched at an accelerated pace. By then, the shipment volume and market penetration rate of lidar will continue to rise. Hesai, including Hesai, The financial statements of lidar companies will also become healthier, more sustainable, and more predictable.
In addition, Hesai cooperates with millions of global smart car brandsGWMA strategic cooperation has been reached to jointly promote the research and development of a new generation of lidar projects, and multiple new models will begin mass production in 2024.
Finally, in terms of international ADAS business, Hesai has cooperated withTwo top international car brandsA fixed-point cooperation for pre-installation mass production has been reached. The new flagship pure electric models of these two top brands will be equipped with Hesai’s ultra-high-definition long-range lidar, marking a solid step taken by Hesai on the road to global development. . In addition, Hesai’s overseas ADAS business cooperation negotiations have been expanded to 9 家Leading North American, European and Asian (excluding China) OEMs.
To sum up in one sentence,Hesai still has more cards in his hand。
Li Yifan, co-founder and CEO of Hesai, said: "2023 is a record-breaking year for Hesai. Our performance continued to significantly outperform our peers and expanded our leading market share. We achieved excellent full-year financial results and operating results, including strong revenue growth, substantial increase in shipments and solid comprehensive gross margin, these outstanding results exceeded our previous expectations. It is worth mentioning that we also successfully achieved positive annual operating cash flow, becoming the only company in the lidar industry to achieve this result.
Hesai Global CFO Xie Dongying said: "We achieved an unprecedented milestone in 2023, consolidating our leading position in the global lidar market with strong growth momentum. In 2023, our annual revenue hit a record high, reaching 1.88 billion. RMB (260 million U.S. dollars), an increase of 56.1% over the previous year. At the same time, our full-year comprehensive gross profit margin reached 35.2%, and we achieved positive annual operating cash flow for the first time. In 2023, our lidar delivery volume exceeded 22 million units, a year-on-year increase of 176.1%. At the same time, the cumulative delivery volume of Hesai lidar exceeded 300,000 units, becoming the first automotive lidar company to achieve this milestone. These outstanding results reflect our focus on building a virtuous cycle of cost and scale effective strategy and our rapid progress toward profitability."
In addition, it needs to be mentioned again that the 512-line ultra-high-definition ultra-long-range lidar AT512 officially released by Hesai at CES 2024. After the release of this product, it caused a fierce response inside and outside the industry. This product is developed based on Hesai's latest fourth-generation technology platform. By introducing cutting-edge technologies such as 3D stacking and optical noise suppression, it achieves doubled ranging capabilities and multiple parameters with ultimate optical transceiver efficiency and top vertical integration capabilities. Outperform similar products in the market. The major release of AT512, with a maximum range of 400 meters and a point frequency of over 12 million points per second, has refreshed the definition of performance benchmarks in the lidar industry and reflects Hesai's excellent self-research capabilities.
China's electric vehicle industry is ushering in a critical turning point in intelligent transformation, and Hesai is at the forefront of this rapid change. As the industry gradually moves towards a new era of L2+/L3 intelligent driving systems, more and more car brands regard high-end intelligent driving functions such as urban NOA as their core competitiveness; consumers are also beginning to realize that lidar is as important as airbags. Driving safety provides an indispensable guarantee; at the same time, lidar is gradually penetrating into the mid- to low-end car market and is installed on models with a price of nearly 150,000 yuan, thereby opening up a mass market that is 10-20 times wider than in the past. . These factors will greatly promote the widespread application and popularization of lidar technology in the automotive field. We believe that Hesai can continue to rely on its market-leading lidar technology and extensive cooperation ecosystem to more actively promote the development of intelligent driving, reduce traffic accidents, save lives, and create safer and smarter travel methods for mankind.
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The original text was originally posted on the WeChat public account (Lidar veteran):Hesai’s 2023 financial report: over 220,000 units, positive operating cash flow, and is expected to bloom more in 2024
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