Hessai (HSAI.US) released its financial report for the fourth quarter and full year of 2023: Annual revenue exceeded 1.8 billion yuan, delivering over 220,000 units.

On March 12, 2024, Hesai Technology (HSAI.US) announced the unaudited financial data for the fourth quarter and full year of 2023, with annual revenue, delivery volume, and comprehensive gross profit margin all exceeding expectations. In 2023, Hesai achieved annual revenue of 1.88 billion yuan, a year-on-year increase of 56.1%; with fourth quarter revenue of 560 million yuan, a year-on-year increase of 37.1%. The full-year delivery volume of LiDAR for Hesai in 2023 was 222,116 units, a year-on-year increase of 176.1%; with a fourth quarter delivery volume of 87,736 units, a year-on-year increase of 84.6%. It is worth mentioning that in the fourth quarter, Hesai Technology's cumulative delivery volume of LiDAR exceeded 300,000 units, becoming the first in the industry to achieve this milestone for automotive LiDAR companies. According to data from the Gesociety Automotive Research Institute, in 2023, Hesai's ADAS LiDAR deployment volume ranked first in the industry. Since 2020, Hesai's annual revenue has achieved three consecutive jumps, demonstrating a breakthrough in strong growth. As the company continues to expand, its cost structure and operating efficiency have been effectively optimized and enhanced, Hesai has successfully achieved positive annual operating cash flow, becoming the only company in the LiDAR industry to achieve this result, fully reflecting its outstanding commercial capabilities and operational efficiency. ADAS business maintains high-speed growth and gains a designated point for mass production of over 60 vehicle models In 2023, Hesai's ADAS business maintained high-speed growth, and has secured designated points for mass production of LiDAR for over 60 vehicle models from 16 OEMs and Tier-1 customers. Recently, Hesai enabled the launch of the first model MEGA on the Ideal electric platform, equipped with the Hesai ultra-high-definition long-range LiDAR AT128 as standard; at the same time, Hesai also helped to revamp the Ideal L series, where the upgraded versions of Ideal L8 and L7 Pro models will come standard with Hesai LiDAR, starting delivery in March this year. In addition, Hesai has reached a strategic cooperation with the million-unit global intelligent car brand Great Wall Motor and leading new energy vehicle brand LEAPMOTOR, to jointly promote the research and development and mass production of new generation LiDAR projects for multiple new models starting from 2024. It is worth mentioning that Hesai has established a LiDAR mass production collaboration with one of the world's largest electric vehicle OEMs headquartered in China, covering multiple new models that will be launched one after another starting in 2024. In terms of international ADAS business, Hesai has reached designated points for mass production with two top international car brands, where their new flagship all-electric models will be equipped with Hesai ultra-high-definition long-range LiDAR, marking a solid step in Hesai's path towards global development. In addition, Hesai's overseas ADAS business cooperation talks have expanded to 9 leading OEMs in North America, Europe, and Asia (outside China). Hesai's co-founder and CEO, Li Yifan, said: "2023 was a record-breaking year for Hesai. Our performance continues to significantly surpass our peers, expanding our leading market share. We have achieved outstanding financial and operational performance over the year, including strong revenue growth, a significant increase in shipments, and a stable comprehensive gross profit margin, all of which have exceeded our previous expectations. It is worth mentioning that we have also successfully achieved positive annual operating cash flow, becoming the only company in the LiDAR industry to achieve this result." The Chinese electric vehicle industry is at a key turning point towards intelligent transformation, and Hesai is at the forefront of this rapid change. As the industry gradually transitions into a new era of L2+/L3 intelligent driving systems, more and more automotive brands are considering advanced ADAS functions like urban NOA as a core competitive advantage; consumers are also realizing that LiDAR, like airbags, provides indispensable protection for driving safety; at the same time, LiDAR is gradually penetrating the mid-to-low-end automobile market, being installed on models priced close to 150,000 yuan, which opens up a much larger consumer market compared to the past. These factors will greatly drive the widespread application and popularization of LiDAR technology in the automotive field. With its leading LiDAR technology and extensive cooperation ecosystem, Hesai will actively promote the development of intelligent driving, aimed at reducing traffic accidents, saving lives, and working with global partners to create safer and smarter travel options. Hesai's Global CFO, Xie Dongying, said: "We have achieved unprecedented milestones in 2023, consolidating our leading position in the global LiDAR market with strong growth momentum. In 2023, our annual revenue reached a record high of 1.88 billion yuan (260 million US dollars), an increase of 56.1% over the previous year. At the same time, our annual comprehensive gross profit margin reached 35.2%, and we achieved positive annual operating cash flow for the first time. In 2023, our LiDAR delivery volume exceeded 220,000 units, a year-on-year increase of 176.1%, and the cumulative delivery volume of Hesai LiDAR exceeded 300,000 units, making it the first company to achieve this milestone in the automotive LiDAR industry. These outstanding achievements reflect our effective strategies in cost and scale management, as well as our rapid progress in profitability." Release of "Performance Ace" AT512, international recognition of product research and development strength Hesai officially released the 512-line ultra-high-definition long-range LiDAR AT512 at CES 2024. This product is developed based on Hesai's latest fourth-generation technology platform, introducing cutting-edge technologies such as 3D stacking and optical noise suppression, achieving double the ranging capability, and surpassing market counterparts in multiple parameters. The launch of AT512, with a maximum range of 400 meters and a point frequency of over 12 million per second, redefines the performance benchmark in the LiDAR industry, showcasing Hesai's excellent self-developed capabilities. In addition, Hesai's ultra-thin in-cabin long-range LiDAR ET25 won the 2024 CES "Vehicle Technology and Advanced Mobility" Innovation Award. This award, known as the "Oscars of the tech industry," fully proves Hesai's outstanding technical research and development capabilities and innovative product design.Already received international recognition.In the future, Hesai will continue to lead the development of ADAS and autonomous driving fields with its leading technology, strong cost control capabilities, and high-quality large-scale production capabilities. By continuously iterating high-performance, high-reliability products, it will promote the popularization of lidar technology in vehicles, and help the global intelligent driving industry reach new heights.