The 21st Century Economic Reporter Zheng Zhiwen reports from Shanghai
On May 21 local time, Woxay Technology (NASDAQ: HSAI) released its unaudited financial data for the first quarter of 2024 after the closing of the US stock market, and Woxay US stock once fell by more than 15% after the closing of the market.
During the reporting period, Hesai Technology achieved a total revenue of 359 million yuan, down 16.5% year on year, less than expected. Hesai Technology said that the decline in total revenue was due to the slowdown in robotaxi business demand and the decrease in sales revenue of autonomous laser radar products.
At the same time, the comprehensive gross profit rate in the first quarter was 38.8%, 37.8% in the same period last year; The net loss was 106.9 million yuan, compared with 118.9 million yuan in the same period last year; As of March 31, 2024, Hesai's cash reserves reached 2829.9 billion yuan.
In the same period, the total delivery of Hesai Technology's lidars was 59101, up 69.7% year on year; Among them, 52462 ADAS products were delivered, up 86.1% year on year.
It is worth noting that one year later, the ranking of China's market share of lidar has been very different.
According to the statistics of the market research organization Geshi Automotive Research Institute, from January to May 2023, Hesai Technology ranked first with a market share of 49.4%, with an installed capacity of 65000 units; Tudatong followed closely, with an installed capacity of 36000 units, accounting for 27.5% of the market share; Huawei and Sagitar Juchuang ranked third and fourth, with market shares of 15.4% and 7.4% respectively.
According to the latest data of the Gesch Automotive Research Institute, in the first quarter of 2024, Sagitar Juchuang will occupy 51.6% of the market share with 116000 installed units, and Hesai Technology will rank third with 34300 installed units, with a market share of 15.2%.
It is reported that Sagitar Juchuang has currently obtained fixed orders for mass production of 71 models from 22 automobile manufacturers and Tier1, of which 25 models have achieved mass production and delivery; For Hesai, nearly 70 models from 18 OEMs and Tier-1 have been selected in the front loading mass production market.
During the reporting period of Sumiton Juchuang, which released the financial report for the first quarter of 2024 in the same period, the sales volume of lidar products reached 120400 units, a year-on-year surge of 457.4%, and the sales volume of ADAS lidar products was about 11.62 units, a year-on-year increase of 542%. By the end of the first quarter of 2024, its historical cumulative total sales of lidars had exceeded 460000 units.
Thanks to the substantial growth of product sales, the operating revenue of Sagitar Juchuang in the first quarter of 2024 reached 361 million yuan, up 149.1% year on year, of which the product revenue of ADAS lidar was 310 million yuan, up 327% year on year. In the same period, the net loss of Sagitar Juchuang also narrowed significantly to 131 million yuan, compared with 343 million yuan in the same period last year.
However, the "hard wound" in the latest financial report of Sagitar Juchuang is still in the gross profit rate. Although the gross profit rate in the first quarter was 12.3%, significantly improved compared with 8.4% in the same period last year, there is still a big gap between Sagitar Juchuang and Hesai Technology. However, the ADAS business turned loss into profit, rising from 58.5% gross loss rate in the first quarter of 2023 to 10.6% gross profit rate in the first quarter of 2024.
It is worth mentioning that the laser radar is entering the era of "one thousand yuan machine". The laser radar is not only widely used in the high-end model market, but also gradually penetrated into the mass consumer market below 150000 yuan. For this reason, the leading enterprises of domestic lidar have seized this blue ocean market, but the profit is still the biggest test.
According to the prediction of Gaogong Intelligent Automobile Research Institute, in 2024, the number of laser radars will exceed 975900, and in 2025, it will exceed 1.75 million.
With the expansion of market demand, the competition for market share has become fierce. Hesai Technology expects the net income in the second quarter of 2024 to be between 440 million yuan and 460 million yuan, with a year-on-year growth of about 0% to 4.5%. The annual income in 2024 is expected to be between 2.5 billion yuan and 2.8 billion yuan, and is expected to be more profitable before the fourth quarter of 2024. At the same time, it is expected that the shipment of lidar will reach about 90000 units in the second quarter, and will exceed 500000 units by 2024. Sagitar Juchuang said it would turn losses into profits by 2025.
