摘要：Chinese tech stocks have made a strong comeback, outperforming the Nasdaq 100 and S&P 500, reigniting interest among global invest

Chinese tech stocks have made a strong comeback, outperforming the Nasdaq 100 and S&P 500, reigniting interest among global investors.

The rally, fueled by government stimulus measures, easing regulatory pressures, AI breakthroughs and robust corporate earnings, has seen giants like Alibaba and Tencent surge over 60% and 20% year-to-date, respectively.

More recently, Hesai (Nasdaq: HSAI) has emerged as a standout, with shares soaring 40.5% to $22.50 on March 11, following an impressive Q4 earnings report and a major partnership with German automaker Mercedes.

In contrast, US markets are faltering. As of March 11, the S&P 500 (SPY) was down over 5% year-to-date, while the Nasdaq 100 has dropped more than 6%. High valuations, Federal Reserve’s interest rate policy, and the overconcentration in a few dominant tech stocks have led to a broader correction. As a result, investors are shifting into undervalued Chinese equities, further driving up Hesai’s stock price.

Shipments doubled,

world’s first profitable LiDAR maker

Headquartered in Shanghai, Hesai is a global leader in LiDAR (Light Detection and Ranging) technology, specializing in providing solutions for autonomous driving, robotics, and industrial automation applications. LiDAR uses laser pulses to create detailed 3D maps of a vehicle's surroundings, a critical component for navigation and obstacle avoidance in self-driving systems.

The company's latest Q4 and full-year 2024 earnings report highlights its strong growth trajectory:

In Q4, Hesai’s revenue jumped 28.3% year-over-year to RMB 719.8 million ($98.6 million), driven by surging demand for its LiDAR products. On a full-year basis, revenue reached RMB 2,077.2 million ($284.6 million), reflecting a 10.7% YoY increase, reflecting the company's expanding market footprint.

One of the most notable improvements was in profitability. The company turned profitable in Q4, with a net income of RMB 147 million, compared to a net loss of RMB 140.9 million over the same period in 2023. This also means that it has become the world's first profitable LiDAR manufacturer.

The full-year net loss narrowed significantly to RMB 102.4 million, a sharp improvement from RMB 476 million in 2023. Additionally, operating loss shrunk by 64.2% year-over-year, signaling improved operational efficiency and cost discipline.

The company maintained its commitment to innovation, increasing R&D expenses by 6.1% YoY in Q4 and 8.2% for the full year, underscoring its dedication to advancing LiDAR technology and sustaining a competitive edge.

Perhaps most impressively, Hesai’s annual LiDAR shipments doubled for the fourth consecutive year, signaling robust demand across its product segments. ADAS (Advanced driver-assistance system) LiDAR shipments in 2024: 456,386 units (up 134.2% year-on-year), total LiDAR shipments in 2024: 501,889 units (up 126.0% year-on-year).

With a war chestof RMB 3.2 billion ($439.1 million) in cash and investments, Hesai has ample firepower for expansion, product development, and strategic acquisitions.

The company’s market cap has climbed more than 60% year-to-date, approaching $3 billion. Hesai debuted on the Nasdaq on February 9, 2023, raising $190 million in its initial public offering—the largest US listing by a Chinese firm since 2021, following a slowdown in overseas IPOs by Chinese companies.

Secured 100+ design orders

from 22 OEMs

first Chinese LiDAR adopted by a foreign automaker for global models

Hesai’s growth is bolstered by strategic alliances with leading OEMs. Domestically, it's locked in design wins with multiple major Chinese automakers, including BYD, Chery, Great Wall Motor, and Changan.

To meet rising demand, Hesai is set to scale production capacity to 2 million units annually by the end of 2025, with new production lines launching in Q3. This expansion will further solidify its leadership in both the automotive and robotics sectors.

Hesai’s guidance for 2025 reflects ambitious growth plans:

●Revenue forecast: RMB 3.0 to 3.5 billion ($411 to $479 million), a 44% to 69% YoY increase.

● GAAP net profit: RMB 200 to 350 million.

●Non-GAAP net profit: RMB 350 to 500 million—a staggering 25 to 35 times its 2024 non-GAAP profit.

If Hesai successfully achieve these targets, it will not only cement its leadership in LiDAR but also make it emerge as a highly profitable, technology-driven powerhouse.

In terms of overseas market, Hesai is also making progress. The company has won exclusive design contract with for Mercedes, marking the first time a foreign automaker to adopt Chinese LiDAR technology for models sold outside China.

This deal comes amid escalating trade tensions, with Washington intensifying efforts to limit the use of Chinese components in vehicles produced by global automakers, according to Reuters.

Sources close to the matter told Reuters that Mercedes deliberated for months, weighing legal and geopolitical risks, before ultimately choosing Hesai for its cost advantages and production capabilities.

The LiDAR industry is experiencing rapid expansion, driven by demand from automotive, robotics, industrial, and smart infrastructure sectors. Market forecasts project growth from $2.9 billion in 2025 to $15.8 billion by 2034, reflecting an impressive CAGR of 20.9%.

With the global push toward autonomous vehicles and ADAS, automotive LiDAR remains a key driver of this growth.

In a strategic hedge against geopolitical uncertainty, Hesai is establishing overseas production capabilities, with plans to launch international manufacturing as early as next year. Chief Financial Officer Andrew Fan told Reuters the facilities will serve customers outside of China who are concerned about tariffs and logistics risks, without disclosing their specific locations.

As of February, the company has won more than 100 design orders from 22 automotive OEMs.

Made-in-China vs Made-in-USA

Luminar vs Hesai

Within the LiDAR sector, Hesai’s Nasdaq-listed rival, Florida-based Luminar, has struggled to maintain its footing.

After going public in 2019, Luminar saw its market cap soar to $12 billion in 2020, riding the wave of easy money and investor enthusiasm for high-growth tech ventures. However, the post-pandemic rate-hike cycle has forced a sharp recalibration, with capital fleeing unprofitable firms. As a result, Luminar’s valuation has crashed to around $160 million.

Luminar’s latest financials paint a mixed picture. In Q3 2024, revenue slipped 8.6% YoY to $15.5 million, missing Wall Street’s $19.1 million target. However, the company narrowed its adjusted loss to $0.16 per share from $0.21 a year ago. In response to mounting pressure, the company has trimmed its non-technical workforce and enacted cost-cutting measures aimed at saving $80 million annually.

Looking ahead, Luminar is set to release its Q4 earnings on March 20 and anticipates a modest revenue increase compared to Q3. Despite recent struggles, the company scored a victory on March 5, announcing that its next-gen LiDAR will power the new Volvo ES90, setting to begin production this year.

Yet, while Luminar fights to regain stability, Hesai continues to expand its dominance—leveraging cost efficiency, production scale, and China’s industrial prowess to outmaneuver US competitors.

Hesai’s ability to scale production at lower costs is underpinned by China’s extensive supply chain networks and advanced automation capabilities. Such manufacturing advantages allow Hesai to produce LiDAR units at a fraction of the cost of its Western counterparts, reinforcing its price competitiveness in both domestic and international markets.

Moreover, while Luminar has struggled to land high-volume OEM deals, Hesai benefits from China’s status as the world’s largest automobile producer—a title it has held for 16 consecutive years.. In 2023 alone, China manufactured over 30 million vehicles, providing Hesai with a vast, built-in customer base of automakers eager to integrate cost-effective LiDAR solutions.

Geopolitics may further tilt the scales in Hesai’s favor. As the US hardens its stance toward European allies on trade and industrial policy, automakers in the EU may increasingly look to China for supply chain stability and cost-effective components. If this trend accelerates, Hesai could solidify its position as the LiDAR supplier of choice for global automakers navigating a shifting economic and geopolitical landscape.

In a recent interview with the South China Morning Post, the company said that international automakers, especially those in Europe, will use Hesai’s products as they consider lidar sensors to be an important feature in their gasoline and electric vehicles.

“The company is in partnership talks with several global automakers, which could generate ‘substantial’ business by 2027,” the CFO said.

来源：数智猿