Shang Yu's questions to Hesai Group (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.