Hesai: Bullish On Narrower Losses And Unchanged Full-Year Targets

  • I continue to rate Hesai as a Buy, following my evaluation of its recent quarterly performance and forward-looking management guide. HSAI's actual GAAP net loss of RMB 18M was better than the consensus forecast, as the company benefited from higher sales, expense reduction, and fixed-cost leverage effects. The group is still anticipating a robust revenue growth of +56% and a healthy 40% gross margin for full-year FY25.