On November 26th, Hesai Technology (NASDAQ: HSAI) released unaudited financial data for the third quarter of 2024.
According to the financial report, in the third quarter, Hesai Technology achieved a revenue of 540 million yuan, a year-on-year increase of 21.1%, exceeding the previous guidance.
It is reported that during the reporting period, the total quarterly delivery of Hesai Technology's LiDAR reached 134208 units, a significant increase of 182.9% year-on-year; The delivery volume of ADAS products was 129913 units, a year-on-year increase of 220.0%.
Li Yifan, co-founder and CEO of Hesai Technology, said, "In the third quarter, our business maintained strong growth and gained multiple new customers and projects. This quarter, Hesai has established cooperative relationships with a top three Japanese car company, SAIC Volkswagen, Leapmotor, and a high-end electric vehicle brand under a Chinese head car group. In addition, our cooperation project with a top international car brand for global production models has successfully entered the next new stage, which is a key milestone for Hesai's international expansion
It is reported that thanks to the flywheel effect of a virtuous cycle of cost and scale, as well as the assistance of development service revenue, the comprehensive gross profit margin of Hesai Technology's ADAS and Robotaxi businesses this quarter was 47.7%.
Public data shows that in the first nine months of this year, Hesai Technology delivered a total of 279835 laser radars, a year-on-year increase of 108.2%; Among them, the total delivery volume of ADAS products was 263148 units, a year-on-year increase of 129.9%.
According to Hesai Technology, the continuous increase in the delivery volume of LiDAR is expected to drive Hesai Technology to achieve multiple milestone targets in the automotive LiDAR industry in the fourth quarter of this year. Including: quarterly revenue of $100 million and achieving a profit of $20 million (GAAP), as well as achieving full year profit (Non GAAP).
It is reported that as of the third quarter of 2024, Hesai Technology has established mass production partnerships with 75 models from 20 domestic and foreign automobile manufacturers. With the increasing demand of consumers for smart driving safety and comfort, LiDAR is being widely applied as the "invisible airbag" of smart cars.
In terms of overseas markets, as of the third quarter of 2024, Hesai Technology has established mass production partnerships with 75 models from 20 domestic and foreign automobile manufacturers.
Recently, Hesai Technology launched a new generation flagship class 360& at the 2024 IAA Commercial Car Show in Germany; deg; The long-range LiDAR OT128 is mainly aimed at L4 autonomous driving, ADAS true value system development, port logistics automation, and industrial robot markets.
It is reported that OT128 has overturned the discrete device architecture of traditional mechanical rotary LiDAR. The transceiver module adopts a chip based design, which ensures high performance while also considering vehicle grade reliability. It can achieve efficient automated mass production and is easier to deploy on a large scale. Meanwhile, the number of components for OT128 has decreased by 66% compared to the previous generation, and the time required for core production processes has been significantly reduced by over 95% compared to the previous generation.
At present, OT128 has reached cooperation with more than 90 domestic and foreign customers, including Wenyuan Zhixing, Xijing Technology, Embotech, EasyMile, and has started mass production and delivery.