LiDAR (Automotive Electronics & Autonomous Driving Perception)
All research in LiDAR (Automotive Electronics & Autonomous Driving Perception) — 2 reports.
RoboSense is a LiDAR supplier driven by the twin engines of automotive ADAS and robotics, using in-house chips to cut costs and scale up volume. In 2025 it posted revenue of 1.941 billion yuan and lifted gross margin to 26.5%, turning its first-ever quarterly profit in Q4; in Q1 2026 gross margin slipped back to 21.7% and it lost another 63.32 million yuan, so the scale inflection has arrived but the profit inflection is not yet proven. Rating Watch: robotics volume is materializing, but durable profitability still needs validating, and the current price sits above the ideal buy zone of HKD 19 to 23.
Hesai Group is the global leader in automotive lidar, founded in Shanghai in 2014, listed on Nasdaq in 2023, and dual-primary listed in Hong Kong in 2025. As a pure-play lidar hardware supplier, its products span ADAS factory installation, Robotaxi/L4, and robotics, with customers including 40 auto brands and most of the world's leading Robotaxi companies. Research rating Watch: 2025 shipments reached 1.62 million units, revenue was about $433 million, or roughly RMB3.0 billion, and Hesai became the world's first lidar company to deliver full-year GAAP profitability, yet weak earnings quality, slowing growth, and binary U.S. regulatory tail risk keep the stock below a Buy threshold.