The following is a summary of the Hesai Group (HSAI) Q2 2024 Earnings Call Transcript:
Financial Performance:
Hesai Group achieved quarterly revenue of RMB 458.9 million, approximately USD 63.1 million.
Quarterly net loss narrowed by 33% QoQ to RMB 72.1 million, about USD 9.9 million.
Gross margin improved significantly to approximately 45%, attributed to effective cost management, economies of scale, and a high-margin service fee.The full-year revenue forecast was revised to a range of RMB 2.0 billion to RMB 2.3 billion.
Business Progress:
Hesai has secured design wins with 19 OEMs globally for over 70 vehicle models.
Exclusive long-range LiDAR supplier for 13 OEMs, reflecting strong market confidence.
Achieved significant design wins, including an exclusive agreement with a leading EV maker to adopt Hesai's next-generation L3 ultra high-performance LiDAR for all new models releasing in 2025.
Anticipated significant adoption and scale of new ATX ADAS LiDAR, starting SOP in Q1 2025 with several major OEMs.
Opportunities:
The thriving robotaxi market and the high penetration of ADAS technology in vehicles provide substantial growth opportunities, strengthened by strategic partnerships and significant design wins.
Risks:
The technology shift away from LiDAR by some manufacturers poses a potential challenge, emphasizing the need for competitive performance and pricing strategies to maintain market share.
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
