Hesai: LiDAR Pays The Bills, Robotics Fixes The Margin

Hesai Group is rated Buy, leveraging cost leadership and LiDAR adoption for autonomous driving in China and globally. HSAI's economic moat is driven by in-house ASIC innovation, a 43% global LiDAR share, and sticky OEM relationships. Operating leverage, robotics expansion, and the Kosmo/SGI initiative underpin a long growth runway, despite near-term margin compression and growth slowdown. Delisting and ASP pressure are risks, but strong cash reserves and diversified listings mitigate structural concerns.

Hesai Group ( HSAI ) has been on my radar as a leading manufacturer of LiDAR automotive systems in China. There was a series of cost reduction and growth initiatives announced by the company over the last