Aug. 18 at 12:45 PM
$HSAI Hesai's quarter was broadly in line, but prices are still the problem. Revenue was RMB 860M, up 22%, near the low end of guidance; excluding new businesses, core lidar revenue of about RMB 810M grew just 16.5% and missed expectations.
Volume of 628,000 units fell short of both guidance and consensus, on slower ADAS lidar growth for passenger cars and softer sales at Xiaomi and Li Auto. Average price dropped 35% to RMB 1,297 — Hesai has given up the 10–20% premium it once held as rivals closed the gap, while cheaper ATX versions and blind-spot units dilute the mix.
Gross margin held at 40.1% on scale and cost reduction, but operating profit was only RMB 2M.
