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Jesse Lu

Research Analyst at Bank of America Securities

Jesse Lu is an Equity Research Analyst at Bank of America Securities, specializing in coverage of the clean energy, utilities, and energy infrastructure sectors. He is known for publishing comprehensive research on companies such as NextEra Energy, Duke Energy, and Southern Company, with a track record measured by recognized platforms like TipRanks, where he has consistently maintained strong success rates and positive average returns for his stock recommendations. Lu began his analyst career after completing relevant industry internships and advanced to his current role at Bank of America Securities, contributing keen sector insights and helping shape investment decisions for institutional clients. He holds FINRA Series 7 and 63 licenses and is recognized for his detailed financial modeling and sector expertise.

Jesse Lu's questions to Hesai (HSAI) leadership

Question · Q3 2025

Jesse Lu from Bank of America Securities asked for more color on Hesai Group's 2026 LiDAR order outlook, specifically regarding the timing of LiDAR adoption in mass-market models and Hesai's wallet share. He also inquired about the pricing strategy for customers with much higher vehicle sales.

Answer

CFO Andrew Fan discussed the acceleration of intelligent driving by domestic automakers, citing BYD's adoption of LiDAR in mass-market models (above RMB 100,000) as a key driver. He confirmed Hesai Group's strong partnership with BYD, including mass production since Q1 2025 and supplying AT120HP and ATX LiDARs for numerous models, with ATX leading in volume. Fan attributed Hesai's strong position to its decade of L4 LiDAR R&D, superior product performance, and cost control via ASIC technology and economies of scale, positioning Hesai as a key enabler for the autonomous driving industry.

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Question · Q3 2025

Jesse Lu requested additional color on Hesai Group's 2026 LiDAR order outlook, specifically regarding the timing of LiDAR adoption in mass-market models and Hesai's wallet share. He also inquired about the pricing strategy for high-volume customers given their significant vehicle sales.

Answer

CFO Andrew Fan highlighted the acceleration of intelligent driving by leading domestic automakers, citing BYD's move to equip models above RMB 100,000 with LiDAR and its God's Eye ADAS systems. He confirmed Hesai Group's partnership with BYD, with mass production starting in Q1 2025 and strong share in BYD's LiDAR supply using AT120HP and ATX across double-digit vehicle models through 2025 and 2026. Andrew Fan emphasized Hesai's 10 years of R&D, ASIC technology, cost control, and economies of scale, positioning it as a key partner in the autonomous driving industry.

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