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    Yu Jie Lo • Bank of America Securities

    Yu Jie Lo's questions to Hesai Group (HSAI) leadership

    Yu Jie Lo's questions to Hesai Group (HSAI) leadership • Q4 2024

    Question

    Jessie Lo (Yu Jie Lo) from Bank of America Securities raised concerns about ADAS ASP declines potentially offsetting volume growth and asked about the outlook for the robotics segment, particularly in the emerging field of humanoid robots.

    Answer

    CEO David Li asserted that ADAS LiDAR prices have reached a steady state at ~$200 for L2++ and ~$500 for L3, with future growth driven by penetration, not price cuts. CFO Peng Fan confirmed that current ASPs are factored into the strong 2025 guidance. Regarding robotics, Li noted that while the humanoid market is in an early phase, Hesai's platform semiconductor technology is well-positioned to provide essential localization sensors like the JT series as the market evolves.

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    Yu Jie Lo's questions to Hesai Group (HSAI) leadership • Q2 2024

    Question

    Yu Jie Lo of Bank of America Securities sought confirmation on the company's timeline to reach breakeven. She also asked about the potential risk of other OEMs following Tesla's vision-only approach and requested an updated shipment guidance for the second half of the year.

    Answer

    CEO Yifan Li confirmed the company is optimistic about approaching non-GAAP breakeven for the second half of 2024. Regarding competition from vision-only solutions, Li highlighted recent safety challenges faced by such systems and stated that for Level 3 autonomy, the industry consensus is that LiDAR is essential for redundancy. Executive Yuanting Shi revised the H2 2024 shipment guidance to 300,000-350,000 units, citing postponed model launches by certain ADAS clients.

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