| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 15 | 38.5x | 17.8x | Bottom tier | |
Growth | 97 | 34.0% | 7.1% | Top tier | |
Quality | 47 | 1.9% | 4.5% | Around median | |
Safety | 85 | — | 2.6x | Top tier | |
Capital Return | 87 | — | 2.12% | Top tier | |
Momentum | 19 | -32.3% | 2.9% | Bottom tier | |
Sentiment | 82 | 10 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Hesai Group is developing an integrated robotics and physical AI platform built on three layers: LiDAR sensors for vision, the Kosmo platform for converting real-world environments into usable three-dimensional spatial assets for training AI models, and actuation units that transform commands into precise movement. The LiDAR business remained the primary financial driver, serving advanced driver-assistance systems ADAS, robotics, robotaxis, logistics vehicles, and lawn mowers, while the strategic growth initiatives SGI began generating revenue from actuation units in Q2 FY2026.
In Q2 FY2026, net revenue reached RMB 861 million, or $127 million, up approximately 22% year over year, marking the ninth consecutive quarter of revenue growth. Gross margin was 40%, and GAAP net income reached RMB 71 million, or $10 million, up 60%, marking the fifth consecutive quarter of profitability. Adjusted net income also reached RMB 101 million, or $15 million.
The LiDAR business represented approximately 95% of Q2 FY2026 revenue, generating RMB 816 million in revenue and RMB 66 million in operating profit. SGI made its first revenue contribution of RMB 45 million, driven by actuation units, but recorded an operating loss of RMB 64 million due to investment in product development, marketing, and production capacity. For FY2025, the provided statements show revenue of $3.0 billion, gross profit of $1.3 billion, net income of $435.9 million, and earnings per share of 2.98, compared with a net loss of $102.4 million in FY2024.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average price target of $28.75 and a target range of $26.5 to $31; the average is below the 52-week high of $30.85, while the highest target nearly matches that high. No price-to-earnings ratio is available in the data, despite reported earnings per share of 2.98 for FY2025, so the stock's valuation depends more heavily on sustaining the 40% margin, FY2026 shipment guidance, and SGI's ability to reach breakeven in FY2027.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
RMB 816 million of the RMB 861 million in Q2 FY2026 revenue came from the core LiDAR business. The company sells sensors for ADAS, robotics, robotaxis, logistics vehicles, and lawn mowers, and its products include ATX, ETX, FTX, and JT128. SGI began generating RMB 45 million in revenue from actuation units, while Kosmo plans to combine hardware, cloud services, subscriptions, and spatial asset licensing.
Revenue reached RMB 861 million, or $127 million, up approximately 22% year over year. Gross margin remained at 40%, and GAAP net income reached RMB 71 million, or $10 million, up 60%. These results represented the ninth consecutive quarter of revenue growth and the fifth consecutive quarter of profitability.
Hesai seeks to build a platform covering vision, understanding, and movement instead of relying solely on LiDAR sensors. Actuation units began generating revenue in Q2 FY2026, and cumulative shipments exceeded 10 thousand units by the end of the quarter. Kosmo shipped its initial prototypes in July 2026 and received initial orders within seven days, with revenue contribution expected to begin during Q3 FY2026. These developments raised FY2026 SGI revenue guidance to RMB 200–300 million.
Management expects revenue of between RMB 1.1 billion and RMB 1.15 billion in Q3 FY2026. It also expects to ship 800–850 thousand LiDAR units during that quarter, with SGI revenue in the high tens of millions. For FY2026, the company maintained LiDAR shipment guidance at 3–3.5 million units and expects more than 500 thousand units to be allocated to robotics.
Gross margin was 40% in Q2 FY2026, and management maintained its FY2026 expectation near the same level. The company relies on internally developed ASIC chips, engineering integration, automated manufacturing, and an increasing number of LiDAR sensors per vehicle, and estimated content value in some advanced configurations at approximately $500–1,000 per vehicle. However, Xiaomi's addition of RoboSense to its suppliers confirms continued competition and the potential for shares to change based on price, performance, and production capacity.
The analyst consensus rates the stock a Buy, with an average price target of $28.75. The target range extends from $26.5 to $31, compared with a 52-week range of $14.29 to $30.85. The data does not provide a price-to-earnings ratio, so interpretation of these targets depends on continued LiDAR profitability, execution of FY2026 guidance, and SGI's transition from an operating loss of RMB 64 million in Q2 FY2026 to targeted breakeven in FY2027.
