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    Cindy Huang • Morgan Stanley

    Cindy Huang's questions to EHang Holdings Ltd (EH) leadership

    Cindy Huang's questions to EHang Holdings Ltd (EH) leadership • Q4 2024

    Question

    Cindy Huang of Morgan Stanley asked for more details on the Operator Certificate (OC) application timeline and key milestones. She also inquired about the timeline for achieving GAAP profitability and requested guidance on CapEx and OpEx for the upcoming year.

    Answer

    CEO Huazhi Hu confirmed that the CAAC has completed on-site inspections for the first two OC applicants and they are awaiting final approval. CFO Conor Yang projected achieving full-year GAAP profitability in 2026, provided a 2025 CapEx guidance of USD 40 million, and forecasted OpEx to grow at 40% year-over-year in 2025.

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    Cindy Huang's questions to EHang Holdings Ltd (EH) leadership • Q2 2024

    Question

    Cindy Huang of Morgan Stanley requested an update on the current order backlog, including the number of purchase orders, delivery timelines, and the geographic mix. She also asked about the expected trajectory of the gross margin over time, particularly post-commercial operations.

    Answer

    Founder, Chairman, and CEO Huazhi Hu stated that pre-orders in China exceed 1,100 units, with deliveries planned over the next 1-3 years. CFO Conor Yang added that the geographic mix is expected to be 90% from China for this year and next. Regarding margins, Mr. Yang expressed confidence in maintaining a gross margin of over 60% due to pricing power and expects the net income margin to improve with continued strong revenue growth.

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    Cindy Huang's questions to Hesai Group (HSAI) leadership

    Cindy Huang's questions to Hesai Group (HSAI) leadership • Q3 2024

    Question

    In a follow-up question, Cindy Huang from Morgan Stanley asked to identify the first customers for the new OT128 LiDAR and requested an update on the company's partnership with GM's Cruise.

    Answer

    CFO Andrew Fan announced that the new OT128 mechanical LiDAR has already secured deals with over 90 global clients and generated over $10 million in revenue. Regarding Cruise, Fan noted its recent operational progress and highlighted that Hesai's Q3 NRE revenue was from a leading global robotaxi player preparing for large-scale deployment, implying a continued strong partnership.

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