Hesai Group Sponsored ADR (HSAI)
NASDAQ:HSAI
Want to see HSAI full AI Analyst Report?
Top Page
Hesai Group Sponsored ADR
(NASDAQ:HSAI)
Select Model
Select Model
Rating:56Neutral
Price Target:
$22.50
▼(-3.23% Downside)
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
Rapid revenue and shipment scaling
Sustained top-line momentum and a tripling of shipments demonstrate scalable demand and production capabilities. Large, recurring unit sales from automotive and robotics programs create durable revenue streams as design wins convert to serial production across multiple years, supporting long-term growth.
Negative Factors
Persistent negative free cash flow
Despite operating cash flow turning positive, negative free cash flow signals ongoing heavy capital spending or working-capital absorption. This increases funding risk and reliance on external capital or asset monetization to sustain growth over the next several years if investments don’t rapidly convert to self-sustaining cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue and shipment scaling
Sustained top-line momentum and a tripling of shipments demonstrate scalable demand and production capabilities. Large, recurring unit sales from automotive and robotics programs create durable revenue streams as design wins convert to serial production across multiple years, supporting long-term growth.
Read all positive factors
Hesai Group Sponsored ADR (HSAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.38B
Dividend YieldN/A
Average Volume (3M)1.91M
Price to Earnings (P/E)40.5
Beta (1Y)1.85
Revenue Growth46.20%
EPS GrowthN/A
CountryUS
Employees1,142
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)3.03
Shares Outstanding130,143,360
10 Day Avg. Volume1,554,797
30 Day Avg. Volume1,908,514
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 Cap5.67
Enterprise Value/Revenue6.38
Enterprise Value/Gross Profit15.26
Enterprise Value/Ebitda105.42
Forecast
1Y Price Target
$30.76Price Target Upside32.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)3.82
Revenue Forecast (FY)$4.39B
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 end systems. The main revenue stream is product revenue from shipments of lidar units, with pricing tied to volume and product...
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.95B | 2.08B | 1.88B | 1.20B | 720.77M |
| Gross Profit | 1.23B | 884.59M | 661.38M | 471.99M | 381.80M |
| EBITDA | -12.32M | -118.64M | -385.93M | -247.15M | -217.63M |
| Net Income | 424.00M | -102.38M | -475.97M | -300.76M | -244.83M |
Balance Sheet | |||||
| Total Assets | 11.27B | 5.99B | 5.66B | 3.84B | 3.95B |
| Cash, Cash Equivalents and Short-Term Investments | 4.76B | 3.20B | 3.16B | 1.86B | 2.79B |
| Total Debt | 963.33M | 739.26M | 559.24M | 63.59M | 0.00 |
| Total Liabilities | 2.30B | 2.06B | 1.80B | 997.66M | 902.55M |
| Stockholders Equity | 8.96B | 3.93B | 3.86B | -3.15B | -2.49B |
Cash Flow | |||||
| Free Cash Flow | -187.14M | -207.85M | -357.41M | -936.40M | -509.99M |
| Operating Cash Flow | 113.80M | 63.50M | 57.26M | -696.01M | -228.39M |
| Investing Cash Flow | -5.40B | 955.88M | -1.06B | 1.12B | -1.98B |
| Financing Cash Flow | 4.23B | 250.68M | 1.59B | 15.18M | 2.40B |
Hesai Group Sponsored ADR Technical Analysis
Neutral
23.25
Price Trends
24.01
Negative
23.62
Negative
23.75
Negative
Market Momentum
<0.01
Negative
52.97
Neutral
87.78
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HSAI, the sentiment is Neutral. The current price of 23.25 is above the 20-day moving average (MA) of 21.37, below the 50-day MA of 24.01, and below the 200-day MA of 23.75, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.97 is Neutral, neither overbought nor oversold. The STOCH value of 87.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
58 Neutral | $343.96M | 12.30 | 4.38% | ― | 1.87% | ― | |
56 Neutral | $3.38B | 40.46 | 6.54% | ― | 46.20% | ― | |
52 Neutral | $93.41M | -2.79 | -72.75% | ― | 15.35% | 70.14% | |
48 Neutral | $1.04B | -5.91 | 9999.00% | ― | 99.44% | 5.62% | |
48 Neutral | $161.21M | -2.11 | -73.64% | ― | 127.00% | 40.53% |
* Consumer Cyclical Sector Average
HSAI
Hesai Group Sponsored ADR
22.45
6.26
38.67%
AEVA
Aeva Technologies
16.57
7.50
82.69%
INVZ
Innoviz Technologies
0.75
0.03
4.16%
HLLY
Holley
2.87
1.10
62.15%
LIDR
AEye Inc
2.06
1.41
216.92%
Hesai Group Sponsored ADR Corporate Events
Hesai Group Sets May 19 Board Meeting and Q1 2026 Earnings Call
Apr 27, 2026
Hesai Group has scheduled a board meeting for May 19, 2026, in Beijing/Hong Kong to review and approve its unaudited financial results for the three months ended March 31, 2026. The move signals the next formal disclosure of the lidar maker’...
Hesai Group Files 2025 Annual and ESG Reports with U.S. SEC
Apr 24, 2026
Hesai Group, a Cayman Islands–incorporated company based in Shanghai and listed in Hong Kong, operates as a foreign private issuer in U.S. markets and maintains compliance with SEC reporting requirements. Its governance structure includes we...
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...
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.