Loading…
Chinese lidar sensor maker for autonomous driving and robotics, also listed on Nasdaq as HSAI.
Chinese lidar sensor maker for autonomous driving and robotics, also listed on Nasdaq as HSAI.
Wins a place in a carmaker's vehicle model well ahead of launch and then ships units as that model is built, so volume depends on a few customers' vehicle sales. Robotics and robotaxi buyers are a growing second market. It is also listed in the US as HSAI.
In one line: China's Velodyne/Luminar of lidar sensors.
Moat: narrow (scale, IP / patents, process know-how). Leading lidar shipment volumes and vertical manufacturing, but a fast-moving, price-competitive sensor market.
Headquarters: Shanghai, China · Founded: 2014 · Employees: 1,118
Size Hesai (2525.HK) is a Hong Kong Consumer Discretionary company (Auto Parts: OEM) with a market value of $2.20B, the 398th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$13.68 on 6 Nov 2026.
Performance Over six months the shares fell 38.8%, against -10.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 38.5% over the last twelve months (peer median +11.6%); the operating margin is 0.7% (peer median 7.0%).
Valuation It trades at 34.2× forward earnings against a peer median of 17.3× (3rd most expensive of 20).
Capital Return on invested capital runs 11.8 points below its cost of capital (12.4% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$3.73B | HK$3.28B | HK$2.25B | HK$2.07B | HK$1.40B |
| Revenue growth | — | +46% | +9% | +48% | — |
| Gross profit | HK$1.51B | HK$1.37B | HK$959M | HK$731M | HK$549M |
| EBITDA | n/a | HK$121M | -HK$379M | -HK$566M | -HK$390M |
| Net income | HK$550M | HK$473M | -HK$111M | -HK$526M | -HK$350M |
| Free cash flow | n/a | -HK$361M | -HK$216M | -HK$386M | -HK$1.08B |
| Capital expenditure | n/a | HK$371M | HK$294M | HK$458M | HK$280M |
| Total debt | HK$958M | HK$1.11B | HK$787M | HK$616M | HK$71.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hesai 2525.HK | $2.20B | -39% | +39% | 1% | 34.2× | n/a |
| RoboSense Technology Company 2498.HK | $914M | -55% | +32% | -22% | n/a | n/a |
| Innoviz Technologies INVZ | n/a | -43% | n/a | n/a | n/a | n/a |
| OUST OUST | $2.54B | +38% | +64% | -29% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2525.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.2% | -4.7% | 6th lowest of 21 |
| 6-month return | -38.8% | -10.0% | lowest of 21 |
| Distance from 52-week high | -52.6% | -35.8% | 2nd lowest of 21 |
| Revenue growth (TTM) | +38.5% | +11.6% | 2nd highest of 21 |
| Operating margin | 0.7% | 7.0% | 3rd lowest of 21 |
| Forward P/E | 34.2× | 17.3× | 3rd most expensive of 20 |
| ROIC minus cost of capital | -11.8 pp | -0.5 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hesai 2525.HK | Hong Kong | $2.20B | -39% | +39% | 1% | 34.2× | n/a | n/a |
| Keboda Technology 603786.SS | China | $2.20B | -32% | -1% | 10% | 20.4× | n/a | n/a |
| IKD 600933.SS | China | $2.21B | -16% | +26% | 14% | 13.3× | n/a | n/a |
| Belrise Industries BELRISE.NS | India | $2.19B | -6% | +12% | 8% | 31.6× | 18.6% | +13.0% |
| Dana DAN | United States | $2.17B | -38% | -9% | 4% | 6.1× | 8.8% | +1.1% |
| Chongqing Zongshen Power Machinery 001696.SZ | China | $2.25B | -24% | -5% | 5% | 17.3× | 7.6% | +9.6% |
| Autel Intelligent Technology 688208.SS | China | $2.14B | -37% | +14% | 19% | 13.2× | 5.0% | +25.2% |
| Ningbo Jifeng Auto Parts 603997.SS | China | $2.13B | -8% | +21% | 4% | 17.3× | n/a | n/a |
| Toyota Boshoku 3116.T | Japan | $2.28B | -9% | +8% | 2% | 7.7× | -7.3% | +9.9% |
| Huada Automotive Technology 603358.SS | China | $2.28B | +3% | +5% | -3% | 24.7× | n/a | n/a |
| Weifu High-Technology 000581.SZ | China | $2.29B | -11% | +17% | -3% | 10.2× | 16.4% | -1.4% |
| SPR Auto Technologies SHRIPISTON.NS | India | $2.10B | +19% | +47% | 14% | 30.5× | 31.3% | +22.9% |
| Hanon Systems 018880.KS | South Korea | $2.31B | -28% | +5% | 4% | 12.3× | 3.6% | +9.6% |
| Ningbo Hengshuai 300969.SZ | China | $2.07B | -4% | +16% | 15% | 75.9× | 43.2% | +22.7% |
| Jiangnan Mould & Plastic Technology 000700.SZ | China | $2.05B | +24% | -3% | 5% | 23.6× | 11.9% | +3.1% |
| Sundram Fasteners SUNDRMFAST.NS | India | $2.40B | +24% | +17% | 12% | 31.6× | 28.4% | +11.6% |
| Stanley Electric 6923.T | Japan | $2.41B | +1% | +11% | 7% | 9.9× | 1.3% | +7.6% |
| Ningbo Xusheng 603305.SS | China | $1.98B | -26% | +12% | 7% | 27.5× | 9.2% | +22.1% |
| PHINIA PHIN | United States | $2.48B | -14% | +6% | 9% | 10.1× | 0.4% | +27.5% |
| Forvia FRVIA.PA | France | $1.93B | -20% | -32% | 5% | n/a | -8.3% | +8.1% |
| Gabriel India GABRIEL.NS | India | $2.58B | +22% | +24% | 7% | 47.7× | 55.1% | +22.5% |