Abstract

Hesai Group will report its quarterly results on August 18, 2026 Pre-MKt. The preview reviews last quarter’s metrics and outlines revenue, margin, net profit, and adjusted EPS expectations for this quarter, with segment highlights and consensus views from institutions.

Market Forecast

For the current quarter, forecasts point to revenue of 869.04 million US dollars, an adjusted EPS of 0.57, and EBIT of 55.43 million, with year-over-year growth rates of 27.70% for revenue, 39.59% for EPS, and 1,550.24% for EBIT. Forecast commentary anticipates the gross profit margin to stay around the high-thirties, supported by product mix and scale, while the net profit margin is expected to expand modestly year over year. The company’s main business is products, with last quarter revenue of 2.98 billion US dollars and services at 44.65 million; the outlook emphasizes continued lidar shipment growth and enterprise adoption. The most promising segment is products, contributing 2.98 billion US dollars last quarter, as management targets higher utilization and diversified customer wins to support year-over-year momentum.

Last Quarter Review

Last quarter, Hesai Group reported revenue of 681.00 million US dollars, a gross profit margin of 39.09%, net profit attributable to the parent company of 18.32 million, a net profit margin of 2.69%, and adjusted EPS of 0.29, with year-over-year growth of 29.64% in revenue and 383.33% in EPS. A key highlight was an outperformance versus revenue expectations, reflecting stronger-than-anticipated volume and mix. Main business highlights: products delivered 2.98 billion US dollars and services 44.65 million, demonstrating the dominance of product revenue streams and solid services attachment.

Current Quarter Outlook

Main Business: Products

Products remain the core revenue driver and are expected to benefit from recurring orders from automotive and robotics customers. The mix continues to shift toward higher-value lidar solutions, which supports pricing and the gross margin framework around the high-thirties. Capacity utilization has improved, enabling operating leverage that should help EBIT scale ahead of revenue. Given the forecast revenue growth of 27.70% and EPS growth of 39.59% year over year, incremental margin capture looks plausible as fixed costs spread over larger shipment volumes.

Most Promising Area: Scaled Lidar Shipments

Scaled lidar shipments underpin the near-term growth trajectory, with products contributing 2.98 billion US dollars last quarter and remaining the largest opportunity. As enterprise and automotive customers expand platform adoption, unit volumes should rise, and the average selling price could be supported by advanced sensor configurations. This combination of volume and value is consistent with the forecast EBIT of 55.43 million and the expectation for modest net margin expansion. Execution on delivery schedules and customer qualification timelines will determine how much of the forecast uplift converts into realized profitability.

Stock Price Drivers: Margins, Order Visibility, and EPS Trajectory

Three factors are set to influence the stock this quarter. First, gross margin stability near the high-thirties will be scrutinized, given sensitivity to material costs and product mix; maintaining or modestly expanding margin would reinforce confidence in the earnings path. Second, order visibility and backlog updates across automotive and industrial clients could validate the revenue forecast and de-risk the second half. Third, the EPS trajectory, supported by operating leverage and disciplined expense control, will be important in assessing whether profitability can scale in line with guidance and consensus estimates.

Analyst Opinions

The majority of recent institutional commentary tends toward a constructive stance, focusing on revenue growth sustainability and margin resilience. Analysts highlight that year-over-year revenue growth of 27.70% and EPS growth of 39.59% would signal accelerating operating leverage, while projected EBIT of 55.43 million indicates improved efficiency versus the prior year. Well-followed institutions emphasize shipment growth and customer diversification as positives that reduce concentration risk and bolster forward visibility. The consensus view expects incremental margin improvements if product mix continues to favor higher-value lidar solutions and production efficiency gains persist, supporting a positive outlook for this quarter.