Q3 2024 Hesai Group Earnings Call Transcript
Key Points
- Hesai Group (HSAI) surpassed the high end of its revenue guidance for the third quarter, achieving net revenue of RMB539.4 million.
- The company delivered over 134,000 lidar units in the third quarter, marking nearly 50% sequential growth for the second consecutive quarter.
- Hesai Group (HSAI) is on track to achieve full-year profitability on a non-GAAP basis for 2024, making it the first automotive lidar company worldwide to reach this milestone.
- The company has secured new platform wins with major EV manufacturers, including Leapmotor and a premium EV brand backed by a leading Chinese automotive group.
- Hesai Group (HSAI) has expanded its global reach, securing development projects with a top three OEM in Japan and signing a cooperative framework with SAIC Volkswagen.
- Hesai Group (HSAI) is facing legal challenges, including being relisted by the DOD on a different basis, which could impact its reputation and customer confidence.
- The company anticipates a potential low season impact in the first quarter of 2025, which could affect demand and margins.
- There is uncertainty regarding the detailed breakdown of shipments between ATX and AT128 for 2025, which could impact revenue projections.
- Hesai Group (HSAI) faces competition from Huawei, which has a significant share in the intelligent driving market and operates within its own ecosystem.
- The company's operating expenses are expected to grow by 10% to 15% on a non-GAAP basis in 2024, which could impact profitability.
Hello, ladies and gentlemen. Thank you for standing by. Welcome to Hesai Group's third-quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. Please note that today's conference call is being recorded.
I will now turn the call over to our first speaker today, Yuanting Shi, the company's Investor Relations Director. Please go ahead.
Thank you (inaudible) Hello, everyone and thank you for joining Hesai Group third-quarter 2024 earnings conference call. Our earnings release is now available on our IR website at investor.hesaitech.com as well as via news services. Today, you will hear from our CEO, Dr. David Li, who will provide an overview of our recent updates. Next, we would like to welcome our new CFO, Mr. Andrew Fan, who address our financial results before we open the call for questions.
Before we continue. I refer you to the safe public statement in our earnings press release which applies to this call as we will make forward-looking statements.
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