Hesai Group Sponsored ADR (HSAI)
NASDAQ:HSAI
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Hesai Group Sponsored ADR
(NASDAQ:HSAI)
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Rating:56Neutral
Price Target:
$20.50
▲(3.27% Upside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by weak technicals (price below key moving averages and negative momentum) and mixed fundamentals driven by negative free cash flow. Offsetting these are a solid balance-sheet position and a constructive earnings-call outlook with sharply higher 2026 volume guidance and expectations for continued profitability and positive operating cash flow.
Positive Factors
Market share & design wins
Large-scale OEM design wins and a >40% share in long-range automotive lidar create durable customer relationships and high content-per-vehicle exposure. These entrenched design positions support predictable multi-year production ramps and recurring product revenue as OEM programs scale.
Negative Factors
Negative free cash flow
Persistent negative free cash flow indicates investment intensity and working-capital absorption not yet self-funded. Over 2-6 months this elevates funding and cash-burn risk if capex or inventory builds continue, requiring sustained access to capital or higher conversion of profits to cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Market share & design wins
Large-scale OEM design wins and a >40% share in long-range automotive lidar create durable customer relationships and high content-per-vehicle exposure. These entrenched design positions support predictable multi-year production ramps and recurring product revenue as OEM programs scale.
Read all positive factors
Hesai Group Sponsored ADR (HSAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.15B
Dividend YieldN/A
Average Volume (3M)1.80M
Price to Earnings (P/E)51.4
Beta (1Y)1.93
Revenue Growth43.16%
EPS GrowthN/A
CountryUS
Employees1,142
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)0.14
Shares Outstanding130,143,360
10 Day Avg. Volume1,943,152
30 Day Avg. Volume1,803,425
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)2.43
Price to Sales (P/S)7.40
P/FCF Ratio-116.46
Enterprise Value/Market Cap5.31
Enterprise Value/Revenue6.10
Enterprise Value/Gross Profit14.76
Enterprise Value/Ebitda57.29
Forecast
1Y Price Target
$30.93Price Target Upside55.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)3.76
Revenue Forecast (FY)$4.41B
Hesai Group Sponsored ADR Business Overview & Revenue Model
Company Description
Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Its LiDAR products are used in passenger and commercial vehicles with advanced driver...
How the Company Makes Money
Hesai primarily makes money by selling lidar sensors and related products to customers that integrate these sensors into vehicles and intelligent machines. Its key revenue stream is product revenue from automotive-grade lidar shipped to automakers...
Hesai Group Sponsored ADR Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 26, 2026
Earnings Call Sentiment Positive
The call emphasized multiple notable achievements: record revenues (+46% YoY), industry‑first full‑year GAAP profitability (RMB 436 million), >1.6 million shipments (3x YoY), strong gross margins (>40%), large design wins and market share leadership, significant backlogs and strategic partnerships (NVIDIA, Grab), plus an upgraded 2026 shipment outlook (3.0–3.5 million units). Key near‑term cautions include expected blended ASP declines driven by product mix, reliance in part on investment gains when presenting GAAP results, a planned mid‑teen OpEx increase for new product R&D (RMB 200 million), no full‑year net income guidance, and seasonality affecting Q1 deliveries. On balance, the positive operational, financial and market‑share momentum appears to outweigh the manageable near‑term risks.Positive Updates
Record GAAP Profitability
Full-year GAAP net income of RMB 436 million (USD 62 million), the company stated as an industry first for a lidar company; GAAP profitability delivered for 3 consecutive quarters. Non-GAAP net income of RMB 551 million (USD 79 million). Positive operating cash flow of RMB 117 million (USD 17 million) and net assets of ~RMB 9 billion (USD 1.3 billion).
Negative Updates
Blended ASP Pressure from Product Mix
Management expects blended ASP to decline due to a shift toward lower-priced ADAS and volume products (AT series, FT series, JT series). Example: ATX expected around USD 150 in 2026. The company highlighted annual automotive price declines and volume-based pricing as ongoing headwinds to ASP.
Read all updates
Q4-2025 Updates
Positive
Negative
Record GAAP Profitability
Full-year GAAP net income of RMB 436 million (USD 62 million), the company stated as an industry first for a lidar company; GAAP profitability delivered for 3 consecutive quarters. Non-GAAP net income of RMB 551 million (USD 79 million). Positive operating cash flow of RMB 117 million (USD 17 million) and net assets of ~RMB 9 billion (USD 1.3 billion).
Read all positive updates
Company Guidance
The company guided to materially higher 2026 volumes and continued profitability: full-year lidar shipments are expected to be 3.0–3.5 million units (vs. 1.6M in 2025), with ADAS and Robotics roughly doubling year-over-year and Robotics volumes (nearly 240k shipped in 2025) expected to at least double in 2026; Q1 2026 revenue is guided to RMB 650–700 million (USD ~93–100M), a ~24%–33% YoY increase, with Q1 shipments of ~400k–450k units (including ~100k Robotics) and a seasonal sequential dip vs Q4; management expects group blended gross margin to remain resilient (2025 GM >40%), sustained GAAP/non‑GAAP profitability, and continued positive operating cash flow, while ASPs may modestly decline on mix (ATX targeted ~$150 ASP in 2026) but cost reductions from scale and the FMC500 SoC should protect margins; they will not provide full‑year net income guidance, plan a mid‑teen increase in OpEx driven by RMB 200M R&D for new “eyes and muscles” products (otherwise OpEx flat or down single digits), and highlighted order backlogs including >6M units for ATX and >10M units in certain robotics mower programs.Hesai Group Sponsored ADR Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.74B | 2.95B | 2.08B | 1.88B | 1.20B | 720.77M |
| Gross Profit | 1.13B | 1.23B | 884.59M | 661.38M | 471.99M | 381.80M |
| EBITDA | 292.06M | -12.32M | -118.64M | -385.93M | -247.15M | -217.63M |
| Net Income | 428.33M | 424.00M | -102.38M | -475.97M | -300.76M | -244.83M |
Balance Sheet | ||||||
| Total Assets | 10.91B | 11.27B | 5.99B | 5.66B | 3.84B | 3.95B |
| Cash, Cash Equivalents and Short-Term Investments | 7.36B | 4.76B | 3.20B | 3.16B | 1.86B | 2.79B |
| Total Debt | 835.35M | 963.33M | 739.26M | 559.24M | 63.59M | 0.00 |
| Total Liabilities | 2.07B | 2.30B | 2.06B | 1.80B | 997.66M | 902.55M |
| Stockholders Equity | 8.84B | 8.96B | 3.93B | 3.86B | -3.15B | -2.49B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -187.14M | -207.85M | -357.41M | -936.40M | -509.99M |
| Operating Cash Flow | 0.00 | 113.80M | 63.50M | 57.26M | -696.01M | -228.39M |
| Investing Cash Flow | 0.00 | -5.40B | 955.88M | -1.06B | 1.12B | -1.98B |
| Financing Cash Flow | 0.00 | 4.23B | 250.68M | 1.59B | 15.18M | 2.40B |
Hesai Group Sponsored ADR Technical Analysis
Negative
19.85
Price Trends
25.58
Negative
23.52
Negative
23.65
Negative
Market Momentum
-1.12
Positive
29.34
Positive
15.55
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HSAI, the sentiment is Negative. The current price of 19.85 is below the 20-day moving average (MA) of 24.39, below the 50-day MA of 25.58, and below the 200-day MA of 23.65, indicating a bearish trend. The MACD of -1.12 indicates Positive momentum. The RSI at 29.34 is Positive, neither overbought nor oversold. The STOCH value of 15.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HSAI.
Hesai Group Sponsored ADR Risk Analysis
Hesai Group Sponsored ADR disclosed 91 risk factors in its most recent earnings report. Hesai Group Sponsored ADR reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
If we fail to complete the CSRC filing and other procedures for any future offshore offering or listing, we may be subject to sanctions imposed by the relevant mainland China governmental authority. Q4, 2023
2.
Uncertainties in the interpretation and enforcement of laws, rules and regulations, typically existing in the civil law systems, could materially and adversely affect us. Q4, 2023
3.
We have been added to the list of Chinese companies with alleged ties to the Chinese military issued by the U.S. government agencies and our business and results of operations may be affected. Q4, 2023
Hesai Group Sponsored ADR Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $3.15B | 51.40 | 8.00% | ― | 43.16% | ― | |
55 Neutral | $345.16M | 19.57 | -5.54% | ― | -3.20% | -257.73% | |
54 Neutral | $87.52M | -12.53 | -72.75% | ― | -19.11% | 73.51% | |
48 Neutral | $893.86M | -5.21 | 9999.00% | ― | 89.90% | 5.13% | |
47 Neutral | $137.30M | -2.52 | -73.64% | ― | 46.09% | 46.01% |
* Consumer Cyclical Sector Average
HSAI
Hesai Group Sponsored ADR
19.39
2.13
12.34%
AEVA
Aeva Technologies
14.20
7.82
122.57%
INVZ
Innoviz Technologies
0.64
-0.03
-4.48%
HLLY
Holley
2.88
0.19
7.06%
LIDR
AEye Inc
1.93
1.27
192.42%
Hesai Group Sponsored ADR Corporate Events
Hesai Group Reports Stable Share Capital and Non‑Dilutive Equity Incentive Activity for February 2026
Mar 5, 2026
Hesai Group filed its March 2026 Form 6-K on March 5, 2026, providing a monthly return on movements in its securities for the month ended February 28, 2026. The filing shows that authorized share capital remained at US$100,000, with 50 million Cla...
Hesai Group Sets March 24 Board Meeting and Earnings Call for Q4 and Full-Year 2025 Results
Mar 5, 2026
Hesai Group said its board of directors will meet on March 24, 2026, in Hong Kong to review and approve the company’s quarterly results for the three months ended December 31, 2025, as well as its annual results for the full year 2025. The t...
Hesai Group Sets Record Date and March 3, 2026 Meetings for Dual-Class Shareholders and ADS Holders
Jan 20, 2026
On January 19, 2026, Hesai Group announced that it will hold its first 2026 class meetings of holders of Class A and Class B ordinary shares, along with an extraordinary general meeting (EGM), on March 3, 2026, in Hong Kong. The board set February...
Hesai Group Reports December 2025 Movements in Share Capital and Equity Incentive Awards
Jan 8, 2026
Hesai Group reported its monthly share capital movements for the period ended December 31, 2025, confirming that its authorised share capital remained unchanged at US$100,000, divided into 50 million Class A and 950 million Class B ordinary shares...
Hesai Group Announces Independent Director Change and Committee Reassignments
Dec 29, 2025
On December 24, 2025, Hesai Group reported a board reshuffle, with independent director Dr. Jie Chen resigning from the board and its audit, compensation, and nominating and corporate governance committees, a move the company said was not related ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.