Investors in the secondary market are perpetually in pursuit of high-growth stocks. However, even for top-tier companies, sustaining growth momentum while maintaining flexibility is no easy feat. Hesai Group (02525, HSAI.US), a leader in the high-growth LiDAR sector, has once again proven itself as a rare growth-value stock with its latest earnings report, which exceeded expectations.
The financial report reveals that Hesai’s Q3 revenue surged 47.5% year-over-year to RMB 800 million, marking six consecutive quarters of YoY growth. Net profit reached RMB 260 million, a record high, allowing the company to achieve its full-year profit target one quarter ahead of schedule. Consequently, Hesai raised its annual profit guidance to RMB 350–450 million.
What fuels Hesai’s relentless growth trajectory? Beyond financial metrics, the company’s dominance in LiDAR is evident. By the end of Q3, Hesai became the first global LiDAR manufacturer to surpass an annual production milestone of one million units, reinforcing its industry leadership.
Production capacity has been a key driver of Hesai’s market supply. In Q3 alone, LiDAR deliveries totaled 441,400 units, up 228.9% YoY. ADAS deliveries rose 193.1% to 380,800 units, while robotics deliveries skyrocketed 1,311.9% to 60,600 units.
Hesai’s robotics business is no accident. CEO David Li, a robotics expert, has long emphasized the diverse potential of robotics applications. This vision is now materializing as LiDAR adoption accelerates across robotics use cases.
To capture this market, Hesai launched its XT and JT series LiDAR products tailored for robotics. The JT series, introduced earlier this year, features a miniaturized ultra-hemispherical 3D LiDAR with Hesai’s fourth-generation self-developed chip architecture. Its ultra-high resolution enables precise environmental and obstacle detection, empowering robotic systems.
Beyond financials, Hesai’s Q3 report highlights strategic wins. In ADAS, the company secured full-series designations from two top-tier clients for 2026 models, with LiDAR as standard equipment. Notably, Zeekr’s flagship models 001 and 7X now feature Hesai LiDAR as standard, solidifying its ADAS leadership.
In the Robotaxi sector, Hesai secured mass-production designations from Motional and other global autonomous driving leaders across North America, Asia, and Europe. Domestically, partnerships with Pony.ai, Hello Inc., and JD Logistics will see some vehicles equipped with up to eight Hesai LiDAR units, including primary and blind-spot models.
At the Munich Motor Show, Hesai unveiled the ETX, the world’s longest-range automotive-grade 800-line LiDAR. As the first fully self-developed digital single-photon platform LiDAR, the ETX breaks reliance on imported chips, with all core modules—laser emission, signal processing, and single-photon reception—developed in-house.
The ETX, designed for L3/L4 autonomous driving, has already secured a designation from a top-three Chinese EV startup, with mass production expected by late 2026 or early 2027. This product cycle underscores Hesai’s growing market influence.
Policy tailwinds further bolster Hesai’s prospects. In September, China’s MIIT and seven other ministries issued guidelines supporting L3 autonomous vehicle production, signaling regulatory progress. As L3 adoption demands higher-performance LiDAR, Hesai’s ETX and complementary FTX models are poised to thrive.
With new products aligning with smart vehicle trends and robotics driving a second growth curve, Hesai’s multi-engine growth strategy continues to deliver. The company’s latest earnings reaffirm that its growth ceiling remains far from sight.