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    Shang Yu

    Research Analyst at Huatai Securities

    Shang Yu is an analyst at Huatai Securities who specializes in equity research with a focus on the technology sector. He has covered companies such as Hesai Group, participating in earnings call analyses to provide detailed insights. Shang Yu began his career in quantitative and statistical analysis, completing his academic training in related fields before joining Huatai Securities in the late 2010s. He maintains strong technical credentials, leveraging advanced statistical expertise in his coverage, though specifics such as FINRA registrations or securities licenses are not publicly listed.

    Shang Yu's questions to Hesai (HSAI) leadership

    Shang Yu's questions to Hesai (HSAI) leadership • Q3 2024

    Question

    Shang Yu from Huatai Securities asked about the primary LiDAR products for the robotics market, the key technology and ASP differences compared to ADAS LiDAR, and the expected 2025 shipment proportion between the new ATX and the AT128.

    Answer

    CEO David Li and CFO Andrew Fan explained that robotics LiDAR (Panda, OT, XT series) commands a much higher ASP than ADAS LiDAR due to lower volumes and different technical priorities, such as wider FOV over long range. Li noted that Hesai leverages its ADAS semiconductor technology to maintain high margins in robotics. Regarding the 2025 mix, Fan confirmed total shipments would exceed one million units but deferred on a specific breakdown, expressing confidence in maintaining healthy blended gross margins.

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