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中国激光雷达新秀 禾赛科技美股失宠
送交者: icemessenger[♂☆★★★SuperMod★★★☆♂] 于 2023-06-04 1:34 已读 1622 次 1 赞  

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Hesai Group: No love on the Nasdaq for China’s rising LiDAR star



公布最新业绩一周后,这家全球最大的自动驾驶技术开发商的股价,比2月IPO时的价格下挫了近60%。




China ranks first in the world in shipments of vehicles equipped with laser imaging, detection and ranging sensors (LiDAR), a key component for autonomous driving, and is likely to retain that position after recently overtaking Japan to become the world’s largest auto exporter. In addition to its scale advantage as the world’s biggest auto market, the country also lacks legacy internal combustion engine technologies that are holding back many western auto giants as the industry enters a new era of electric, autonomous driving. 6park.com

中国配备自动驾驶重要组成部分──激光成像、探测与测距(LiDAR,简称激光雷达)传感器的车辆出货量,正高居世界首位,并且在最近取代日本成为全球最大的汽车出口国之后,很可能会保持这一地位。除了作为全球最大汽车市场的规模优势外,中国因为缺乏传统的内燃机技术,随着整个行业进入新的电动、自动驾驶时代,更方便它轻装上阵,而传统内燃机技术正在拖累很多西方汽车巨头。 6park.com


So, why is leading LiDAR technology company Hesai Group (HSAI.US) getting such a cold shoulder from Wall Street investors, despite reporting solid growth in its latest quarterly financial report since its Nasdaq IPO in February? 6park.com

那么,为什么尽管在最新季度财报中,报告自2月在纳斯达克上市以来增长稳健,但在行业领先的激光雷达技术公司禾赛科技(HSAI.US),依然会遭到华尔街投资者的冷待? 6park.com


It’s certainly not because the company lacks street cred. Third-party data cited in Hesai’s IPO prospectus showed the company controlled a huge 60% of the global LiDAR market by 2021. What’s more, Hesai is the only one of 28 Chinese LiDAR companies with a Nasdaq listing, according to a report by the Shenzhen Autonomous Driving Intelligence Research Center. The Chinese group accounts for nearly half the 60 LiDAR technology specialists worldwide. 6park.com

这当然不是因为该公司缺乏声望。禾赛的招股说明书引用的第三方数据显示,到2021年,该公司控制着全球60%的激光雷达市场。此外,根据深圳自动驾驶智能研究中心的一份报告,禾赛是中国28家激光雷达公司中,唯一一家在纳斯达克上市的。在全球60家激光雷达技术专业公司中,近一半是中国企业。 6park.com


Hesai made its IPO in early February, raising $190 million by selling shares for $19 apiece in one of the largest new U.S. listings by a Chinese company since 2021. But after initially rising, the stock has moved steadily downward – including a 13% drop the day after announcing its latest results. At its Tuesday close of $7.95, the shares are now nearly 60% below their IPO price. 6park.com

禾赛在2月初进行了IPO,以每股19美元募资1.9亿美元(13.5亿元),这是自2021年以来,中国公司在美国规模最大的上市活动之一。该股起初有所上涨,但之后便逐级下跌,包括公布最新业绩后的第二天下跌13%。以周二7.95美元的收盘价计算,该股目前比IPO价格跳水近60%。 6park.com


Part of the investor concern could owe to intellectual property lawsuits that have muddied the waters around Hesai. The company was sued in the U.S. by Velodyne in 2019, and settled the case two years later. But then another company, Ouster Inc. (OUST.US), launched its own lawsuit against Hesai just last month, two months after buying Velodyne. Ouster also filed a complaint with the U.S. International Trade Commission (ITC). 6park.com

投资者的部分担忧,可能归因于让禾赛情况变得复杂的知识产权诉讼。该公司2019年在美国被Velodyne起诉,两年后达成和解。但另一家公司Ouster Inc.(OUST.US)在上月、也就是在它收购Velodyne两个月后,又对禾赛提起了诉讼。Ouster还向美国国际贸易委员会(ITC)作出投诉。 6park.com


Whether Ouster can reach a similar settlement with Hesai remains to be seen. But the U.S. company is probably hoping to win sympathy from the ITC, a government agency, due to China’s weak record for intellectual property protection. 6park.com

Ouster能否与禾赛达成和解还有待观察,但由于中国在知识产权保护方面表现不佳,这家美国公司可能希望赢得政府机构ITC的同情。 6park.com


Intellectual property disputes aside, Hesai also has much more mundane problems due to its heavy losses. Even though the global tech sector has rebounded in recent months, investors may be growing wary of such startups that promise the future while burning big cash in the present. 6park.com

抛开知识产权纠纷不谈,禾赛因为亏损严重,也面临着更为常规的问题。尽管全球科技行业近几个月出现反弹,但投资者可能对这些前景光明、但眼下却在烧钱的初创公司越来越谨慎。 6park.com


Hesai reported its loss nearly doubled to 119 million yuan ($17 million) in the first three months of the year, while its gross margin plummeted to 37.8% from 50.9% a year earlier – though the company noted the latest margin was up 780 basis points from the previous quarter. 6park.com

禾赛报告今年前三个月的亏损几乎翻了一番,达到1.19亿元,毛利率也从去年同期的50.9%暴跌至37.8%,不过该公司指出,最新的毛利率比上第一季上升了780个基点。 6park.com


None of that fazed CEO and co-founder Li Yifan, who proclaimed that 2023 would be a “transformational year,” with likely interest from European and American OEM customers and the first successful production sample from Hesai’s new “Hertz” center in Hangzhou. 6park.com

这些都没有困扰到首席执行官兼联合创始人李一帆,他宣称2023年将是“转型的一年”,欧洲和美国的OEM客户可能会对其产品表现出兴趣,而且该公司也完成了杭州“Hertz”中心第一个生产样品。


Strong revenue growth
收入增长强劲


Despite the widening losses and tumbling margins, Hesai reported first-quarter revenues that will be hard for global competitors to beat, with the figure up 73% year-on-year to 429.9 million yuan. Hesai’s quarterly total LiDAR shipments also rose by a sharp 403% year-on-year to 34,834 units. 6park.com

尽管亏损扩大和毛利率大降,禾赛科技第一季营收仍同比增长73%至4.3亿元,这是它的全球竞争对手难以超越的数字。报告期内,激光雷达总出货量达34,834万台,同比暴增403%。 6park.com


Li added that second-quarter shipments of autonomous mobility and advanced driver assistance systems (ADAS) products were heading for record highs, with unit sales expected to rise 40% quarter-on-quarter. The company forecast its overall revenue would roughly double year-on-year in the second quarter to between 410 million and 430 million yuan. 6park.com

李一帆还说,二季度自动驾驶及高级辅助驾驶(ADAS)激光雷达出货量将创下历史新高,交付量将环比增长40%。该公司预计,二季度总营收将同比增长约一倍,达到4.1亿元至4.3亿元。 6park.com


In other developments, Hesai said it signed a deal to supply its newest LiDAR system to existing customer Li Auto (LI.US; 2015.HK), as well as to a new EV model from Jidu, a joint venture between Baidu (BIDU.US; 9888.HK) and domestic car giant Geely Group. It said it also signed the largest robotaxi LiDAR contract in its history, and added its advanced R&D and intelligent manufacturing center in Shanghai, called “Maxwell,” is due for completion in the third quarter. 6park.com

在其他方面,禾赛科技表示,它签署了一纸协议,将向现有客户理想汽车(LI.US; 2015.HK)以及智能车公司集度的一款新电动汽车,提供最新的激光雷达系统。集度是百度(BIDU.US; 9888.HK)和国内的汽车巨头吉利集团的合资企业。该公司还表示,它签署了公司历史上最大的一笔自动驾驶出租车激光雷达合同,而其位于上海的制造中心“麦克斯韦”将在三季度完工。 6park.com


The fusion around cameras, mapping software and LiDAR technology is currently driving growth in the autonomous driving sector, according to a report by Grand View Research. North America is currently the largest source of demand, with 36.6%, according to the report. But Asia is the fastest growing region, with 14.4% annual growth expected between 2022 and 2030. 6park.com

根据市场研究公司Grand View Research的一份报告,围绕摄像头、制图软件和激光雷达技术的融合,正在推动自动驾驶领域的增长。这份报告称,北美是目前最大的需求来源地,占到36%。但亚洲是增长最快的区域,预计2022年到2030年之间的年增长率为14.4%。 6park.com


Engineering and corridor mapping of major infrastructure dominated the global LiDAR market in 2022, with a total estimated market size of $2.23 billion. Grand View forecasts the overall LiDAR market will be worth at least twice that amount by 2030, and other forecasts also see strong growth of 50% more between 2022 and 2030, according to Straits Research. 6park.com

2022年,大型基础设施的工程测绘和走廊测绘,主导着全球激光雷达市场,估计市场总规模达到22.3亿美元。Grand View预测,到2030年,激光雷达市场的规模将至少是这个数字的两倍,据Straits Research称,还有一些预测也认为,2022年至2030年之间,激光雷达市场将出现逾50%的强劲增长。 6park.com


So, with such big potential, why isn’t Hesai more popular with investors? 6park.com

那么,既然市场潜力这么大,为什么禾赛科技没有受到投资者的青睐呢? 6park.com


Part of the answer may be a lack of diversity among its customers. All 11 of Hesai’s OEM customers are based in, or owned by, mainland Chinese entities, including the historic British Lotus sportscar brand, now owned by Geely. 6park.com

部分原因可能是它的客户缺乏多样性。禾赛科技的11家OEM客户全部位于中国大陆,或者被中国大陆的实体所拥有,包括历史悠久的英国跑车品牌莲花汽车,现在它归吉利汽车所有。 6park.com


Hesai needs to show more business with the European and American manufacturers it has said it is currently negotiating with to prove it can be successful outside China. That’s not to downplay the importance of China, which is quickly emerging as a leader in technology used in a new generation of clean energy, autonomous vehicles. 6park.com

禾赛科技需要展示出更多与欧美制造商的业务联系,以此表明它能在中国之外的市场取得成功,它表示目前正在与欧美车企进行谈判。这并非贬低中国市场的重要性,中国正在迅速成为新一代清洁能源自动驾驶汽车技术的领导者。 6park.com


On the other hand, in there is no assurance that Hesai will stay dominant in the current crowded marketplace. From an investor’s perspective, its current $1 billion market cap gives it a relatively high price to book (P/B) ratio of 2.5. That’s roughly double the 1.3 for both Ouster and Denso (6902.T), Toyota’s LiDAR partner, whose market cap of $47 billion is far higher than Hesai’s. Israel’s Innoviz Technologies (INVZ.US) also trades at a lower P/B ratio of 1.86. 6park.com

另一方面,在目前拥挤的市场中,禾赛科技能否保住主导地位也无法保证。从投资者的角度来说,基于它目前10亿美元的市值,它的市净率相对较高,为2.5倍。这大致是Ouster和电装(6902.T)的两倍,它们的市净率都是1.3倍。电装是丰田汽车的激光雷达合作伙伴,市值达到470亿美元,远高于禾赛科技。以色列的Innoviz Technologies(INVZ.US)市净率也不高,为1.86倍。 6park.com


None of those ratios is particularly high for such a high-growth industry. As we’ve previously noted, Hesai also faces stiff competition at home from companies affiliated with other big domestic carmakers like Nio (NIO.US; 9866.HK), XPeng (XPEV.US; 9868.HK) and Great Wall, which are also undervalued. All this shows there are still lots of choices for investors in the LiDAR space, each with its own pluses and minuses, making it more difficult to figure out who will come out on top. 6park.com

对于一个高增长的行业来说,这些数字都不算特别高。正如我们之前所指出的,禾赛科技在国内也面临着来自其他大型本土车企的激烈竞争,比如蔚来汽车(NIO.US; 9866.HK)、小鹏汽车(XPEV.US; 9868.HK)和长城汽车(2333.HK; 601633.SH),它们也遭到了低估。所有这些都表明,在激光雷达领域,投资者仍然有很多选择,每个选择都有利有弊,因此更难判断谁将脱颖而出。 6park.com


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