禾賽科技: 24Q2收入符合指引,毛利率表現亮眼,量產定點穩步拓展

（以下内容从天风国际证券《禾賽科技: 24Q2收入符合指引,毛利率表現亮眼,量產定點穩步拓展》研报附件原文摘录）
　　Hesai Group (HSAI US) 24Q2收入符合指引，毛利率表现亮眼，量产定点稳步拓展 24Q2E: revenue in line with guidance; healthy gross margin; designated mass-production order growth BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 24Q2业绩概览：24Q2收入爲4.6亿元，位於此前指引上沿，yoy+4.2%；毛利率爲45.1%，yoy+15.3pct；经调整净利润爲-4360万元。 交付量情况：24Q2 ADAS激光雷达出货量爲80773台，同比增长76.8%。24Q2激光雷达总出货量爲86526台，同比增长66.1%。24H1 ADAS激光雷达出货量爲133235台，同比增长80.3%。24H1激光雷达总出货量爲145627台，同比增长67.5%。 业务进展： 海外已获得4家量产定点，国内获得多项25年新车型定点。截至24Q2，公司已在全球范围内与19家OEM厂商就超过70款车型达成ADAS量产定点。 24Q2E revenue up 4% yoy; net loss widened 7%; gross margin expanded 15ppt Key results: Hesai released unaudited 24Q2E results recently: ·Revenue climbed 4.2% yoy to RMB460m in 24Q2E, at the upper limit of the guidance range. ·Gross margin was 45.1%, up 15.3ppt yoy. ·Adjusted net loss was RMB43.6m, widening 7.4% yoy. Deliveries: ·Q2: the company shipped 86,526 lidar units, up 66.1% yoy; including 80,773 ADAS lidar units, up 76.8% yoy. ·H1: 145,627 lidar units were shipped, up 67.5% yoy; including 133,235 ADAS lidar units, up 80.3% yoy. Business update: ·Foreign market: Hesai inked four designated mass-production projects. ·China market: it obtained multiple designated orders for new vehicle models slated to launch in 2025E. ·Global market: the company secured designated ADAS lidar mass-production orders from 19 OEMs for more than 70 vehicle model versions as of 24Q2. 海外市场方面：1）已获得四家知名全球OEM的量产定点，其中包括三家全球OEM在中国的合资企业（两家北美，一家欧洲）。此外，公司还被一家全球汽车OEM选中用於其全球交付计划，目前正推进B样品的交付。2）获得两家欧洲领先OEM厂商的新POC项目订单。 国内市场方面：1）自动驾驶领域，被中国所有前五大Robotaxi公司选爲其自动驾驶车辆的独家长距离激光雷达供应商，包括百度。2）获得一系列将在25年开始推出的新车型量产定点，其中包括一家新客户的畅销电动车制造商的旗舰车型（目前月销1.5万台），以及来自现有客户的多个新车型和改款车型。3）在新量产定点中，一家中国电动车制造商与公司签署协议，计划在其所有计划於25年发布的新车型中独家采用公司下一代L3超高性能激光雷达。 Production projects: partnerships in both Chinese and foreign markets Foreign market: ·Hesai secured designated mass-production projects from four well-known global OEMs, three of which have JVs with Chinese companies (two North American and one European). ·A global automotive OEM selected Hesai for its global shipping program and the project is currently moving toward the delivery of B-samples. ·The company has new project orders (with purchase order confirmations) from two leading European OEMs. China market: ·Autonomous driving: Hesai has been designated exclusive lidar supplier for long-range autonomous vehicles for China’s top five robotaxi companies, including Baidu. ·Mass-production orders: it clinched a series of designated orders for new vehicle models slated to begin rolling out in 2025E, including a flagship model from a new customer, a best-selling electric vehicle (EV) maker whose current sales are at 15,000 cars per month. Hesai also has several orders for new models and refreshed model versions from current customers. ·New designated production contract: Hesai inked an exclusive deal with a Chinese EV manufacturer that will adopt its next-generation ultra-high-performance lidar for level-3 (L3) autonomous driving in all its new models to be released in 2025E. 公司预计25年和26年会有非常强劲和稳固的订单pipeline，目前已看到两个趋势：1）ATX产品在国内OEM中引起兴趣，产品已获得了七家OEM的定点。2）国内OEM在朝着L3标准发展。因此要求ADAS 激光雷达提供更好的性能。一家电动车制造商已经与公司签订协议，将采用公司下一代超高性能ADAS激光雷达，用於其计划在2025年量产的所有新车型。 後续展望：收入方面，公司预计24Q3的收入将在4.5 - 5亿元之间，同比增长约1.0%至12.2%。交付量方面，公司预计24H2出货量将在30-35万台，主要由於某些客户一些车型的发布时间推迟至明年初。 Order pipeline: Hesai expects a solid order book in 2025E and 2026E The company marks two major market trends: ·ATX products have won the notice of Chinese OEMs and become designated products of seven OEMs. ·L3 penetration in China: with Chinese OEMs advancing toward L3 autonomous driving, ADAS lidar would require better performance. Hesai signed a deal with an EV manufacturer to adopt its next-generation ultra-high-performance ADAS lidar for all of the EV maker’s new mass-production models planned to launch in 2025E. Q3E and H2E guidance: ·Q3E revenue: Hesai expects a range of RMB450m-500m, which would mean a yoy increase of 1.0-12.2%. ·H2E shipments: the company expects 300,000-350,000 units, due to the postponed release of some customers’ models to early next year. 投资建议/Investment Ideas 投资建议：禾赛有望显著受益於自动驾驶行业发展下L2+/L3渗透率提升，目前中国市场激光雷达进一步渗透至15万元左右的车型。本季度公司看到国内OEM对於下一代激光雷达产品需求积极。我们看好禾赛领先的技术/工程能力和已验证的大规模交付能力，以及更多OEM合作及相关车型发布。建议关注禾赛科技。 Forecasts and risks We expect Hesai will benefit substantially from rising penetration of L2+ and L3 autonomous driving systems as the industry continues to develop. Currently, lidar models priced around RMB150,000 have penetrated the Chinese market. The company has benefited from Chinese OEM demand for next-generation lidar in the quarter. We are bullish about Hesai’s leading technological and engineering capabilities and large-scale deliveries. We expect to see more OEM collaborations in view of their new model launches. We forecast revenue will arrive at RMB1.88bn/2.02bn/3.29bn in 2024/25/26E. We maintain our BUY rating. 风险提示：行业竞争加剧；L2+/L3渗透率不及预期；公司经营风险。 Risks include: intensifying competition; slower-than-expected penetration of L2+ and L3 systems; and operating risks. 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