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Yu Zhang

Senior Equity Analyst at Huatai Securities

Yu Zhang is a Senior Equity Analyst at Huatai Securities, specializing in coverage of key companies across China and Hong Kong equities, with a particular focus on emerging industries and innovative enterprises. He provides in-depth research and investment analysis for major listed firms such as HUTCHMED, reflecting his involvement in the biotech and healthcare sectors as part of a broader mandate spanning growth sectors. While explicit performance metrics and rankings are not publicly disclosed, Huatai Securities itself has achieved top positions in Institutional Investor’s All-China Research poll, indicative of a high research standard within its analyst team. Yu Zhang began his equity research career at Huatai Securities, where he continues to serve, and is recognized for his sector expertise, though specific licenses or FINRA registration details for Zhang are not available.

Yu Zhang's questions to Hesai (HSAI) leadership

Question · Q1 2025

Yutong Zhang from Huatai Securities inquired about Hesai's global market progress, asking for delivery timelines to global OEMs, the expected volume impact over the next two years, and the potential for NRE (Non-Recurring Engineering) income from these partnerships.

Answer

CFO Andrew Fan highlighted significant progress, including five active Proof of Concept (POC) programs with top global OEMs and Tier 1s in Europe and Japan. He emphasized an exclusive, multi-year design win with a top European OEM, calling it the industry's largest global program. While not providing specific timelines or NRE figures, he underscored the massive long-term market potential of $30 to $60 billion as global LiDAR penetration grows.

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Question · Q4 2024

Yu Zhang from Huatai Securities asked for the strategy to achieve the strong 2025 guidance for shipments and profitability. He also questioned the long-term necessity of LiDAR in robotics, suggesting cheaper sensors might suffice.

Answer

CFO Peng Fan explained that the 2025 profit guidance is achievable through strong top-line growth driven by customer orders, generating RMB 400-600 million in additional gross profit, combined with disciplined OpEx management. CEO David Li countered the robotics question by using the robotic vacuum cleaner as an example, arguing that LiDAR provides essential functions like SLAM that create significant value, making it a long-term necessity for many applications.

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Question · Q2 2024

Zhang Yu from Huatai Securities inquired about the key differences between the new ATX product and the AT128, including its expected impact on gross margin. He also asked about Hesai's product offerings and order pipeline for the broader robotics market.

Answer

Executive Yuanting Shi described the ATX as a high value-to-cost product that improves performance while reducing cost, leading to design wins with seven OEMs, with SOP expected in Q1 2025. CEO Yifan Li added that Hesai has always served the non-ADAS robotics market with its QT and XC series and is developing more miniaturized, lower-cost products for emerging applications. Yuanting Shi cited a recent deal with Westwell for logistics as an example of Hesai's activity in the industrial robotics space.

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