Hesai 2Q26 First Take: results were broadly in line, but the print again highlights the core issue — lidar pricing pressure remains steep. Details below.
① Total revenue was RMB 860 mn (+22% YoY), roughly in line. It came in near the low end of the RMB 850–900 mn 2Q26 guidance range. New biz SGI (currently mainly Kosmo) contributed RMB 40 mn; excluding this, core lidar revenue was ~RMB 810 mn with YoY growth slowing to ~16.5%, below street expectations.
② Core lidar revenue missed, and ASP declines continued. Pricing remained on a downward trend.
On shipments, 2Q26 units were 628k, below company guidance of 650k and the street’s 637k. This was mainly due to softer-than-expected ADAS passenger-car lidar sales, likely tied to pressure on NEV market growth and slower growth at key customers Xiaomi and Li Auto.
On pricing, the blended 2Q26 lidar ASP was just RMB 1,297, down 35% YoY and below the street’s RMB 1,350. This was likely driven by the following:
a. Intensifying competition: rivals such as RoboSense’s EMX series have narrowed the product gap. As the leader, Hesai ceded its historical 10–20% pricing premium to trade price for volume and defend share.
b. The ATX dedicated versions for high-volume customers like BYD and Geely are priced at ~RMB 800. As their mix increases, the ATX line ASP moves lower.
c. The FTX blind-spot lidar ASP is guided at ~US$100. As blind-spot lidar weighs more in the mix, it structurally drags the blended ASP.
③ GPM held the 40% line: 2Q26 GPM was 40.1%, slightly above the street’s 39.5% and up 100bps QoQ. Despite rapid ASP declines, the 40% threshold held. This reflected scale benefits from higher QoQ shipments, localization and high integration of the main SoC, and in-house SPAD integration reducing costs.
④ OP missed on higher opex: 2Q26 OP was just RMB 2 mn vs. street at RMB 50 mn. The shortfall was mainly driven by higher R&D, with increased investment in the robotics new biz. Management had previously indicated a forward-looking RMB ~200 mn investment in 2026.$Hesai(HSAI.US)
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