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Aaron Wong

Senior Vice President and Equity Research Analyst at Jefferies

Aaron Wong is a Senior Vice President and Equity Research Analyst at Jefferies, specializing in the coverage of consumer and retail companies. He actively provides research on several key companies within this space, such as Target, Walmart, and Costco, and is recognized for his data-driven analysis and rigorous market insights. Throughout his career, Aaron has developed a reputation for insightful stock recommendations, ranking among the top-performing analysts in his sector with a consistent track record of strong success rates and positive returns on platforms like TipRanks. Aaron began his career at Citigroup before joining Jefferies in 2018, and he holds FINRA Series 7, 63, 86, and 87 licenses, underlining his deep professional expertise.

Aaron Wong's questions to Hesai (HSAI) leadership

Question · Q3 2025

Aaron Wong from Jefferies asked Hesai Group's management for more details on the robotics business, specifically regarding projected robotics LiDAR shipments for 2026 and the next few years. He also inquired about the proportion of different end markets within this segment and the anticipated product mix.

Answer

CFO Andrew Fan detailed the robust growth of Hesai Group's robotics business, emphasizing its higher ASPs and margins. He highlighted Hesai's global leadership in robotaxi LiDAR (60-70% market share), with new deals in China (e.g., WeRide, Pony.ai, Halo Inc.) adopting ADAS LiDARs for scalability, and international deals (e.g., Motional) favoring high-ASP mechanical spinning LiDARs. Fan projected exponential fleet growth for robotaxis, driving significant profit. Beyond robotaxis, he identified vast opportunities in non-auto robotics (home, factory, agriculture), with JT Robotics LiDAR shipments at 40,000-50,000 units quarterly in 2025. He anticipated robotics LiDAR volume to double in 2026 compared to 2025, foreseeing a total addressable market several times larger than ADAS in the long term.

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Question · Q3 2025

Aaron Wong asked for more details on Hesai Group's robotics shipment outlook for 2026 and the next few years, including the proportion of different end markets and the product mix within this segment.

Answer

CFO Andrew Fan stated that the robotics business, with its higher ASPs and margins, is a strong and accelerating growth driver. For robotaxi, Hesai Group is the largest global supplier with 60-70% market share, serving top players like WeRide, Baidu Apollo Go, DiDi, Pony.ai, and Halo Inc. He noted a shift towards ADAS LiDARs for scalability in China and new multi-LiDAR deals. Internationally, Hesai has signed new supply agreements with leading autonomous driving companies, including Motional, for tens of millions of dollars, with global players favoring high-ASP mechanical spinning LiDARs. Beyond robotaxi, Andrew Fan highlighted significant opportunities in non-auto applications, with JT Robotics LiDAR shipping 40,000-50,000 units quarterly in 2025 for home, factory, and agriculture robots. He projected the robotics market's Total Addressable Market (TAM) to be several times larger than ADAS, with robotics LiDAR volume potentially doubling in 2026 versus 2025.

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