On March 12th, Hesai Technology released unaudited financial data for the fourth quarter and full year of 2023. According to financial report data, in 2023, Hesai Technology's annual revenue was 1.88 billion yuan, a year-on-year increase of 56.1%; The revenue in the fourth quarter was 560 million yuan, a year-on-year increase of 37.1%.
According to data, in 2023, the annual delivery volume of LiDAR by Hesai Technology was 222100 units, a year-on-year increase of 176.1%; The delivery volume of LiDAR in the fourth quarter was 87736 units, a year-on-year increase of 84.6%.
It is worth mentioning that in the fourth quarter, the cumulative delivery volume of Hesai Technology's LiDAR exceeded 300000 units, becoming the first car mounted LiDAR company in the industry to achieve this milestone.
According to Hesai Technology, with the continuous expansion of its product delivery scale, the company's cost structure and operating efficiency have been improved. In 2023, Hesai Technology has achieved positive annual operating cash flow.
It is reported that the recently launched Ideal Car MEGA is equipped with Hesai Technology's ultra-high definition long-range LiDAR AT128.
In addition, Hesai Technology has also reached strategic cooperation with Great Wall Motors and Zero Run Motors to jointly promote the development and landing of the new generation LiDAR project. Multiple new models will start mass production in 2024.
In terms of international business, Hesai Technology has reached fixed-point cooperation with two top international automotive brands for front-end production. The new flagship pure electric models under these two brands will be equipped with Hesai ultra high definition long-range LiDAR. In addition, Hesai's overseas ADAS business cooperation negotiations have expanded to 9 leading host manufacturers in North America, Europe, and Asia (outside of China).
At CES 2024, Hesai Technology also officially released the 512 line ultra high definition ultra long range LiDAR AT512. This product is developed based on the latest fourth generation technology platform of Hesai, and has doubled its ranging capability by introducing cutting-edge technologies such as 3D stacking and light noise suppression.
Li Yifan, co-founder and CEO of Hesai, stated that 2023 will be a record breaking year for Hesai. Hesai's performance continues to significantly surpass its peers and expand its leading market share. At the same time, Hesai Technology also achieved outstanding financial and operational performance throughout the year, including strong revenue growth, significantly increased shipment volume, and stable comprehensive gross profit margin, all of which exceeded the company's previous expectations.
According to Hesai Technology, China's electric vehicle industry is currently at a critical turning point in its intelligent transformation. As the industry gradually moves towards a new era of L2+/L3 intelligent driving systems, more and more car brands consider advanced intelligent driving functions such as urban NOA as their core competitiveness. Consumers are also beginning to realize that LiDAR, like airbags, provides indispensable guarantees for driving safety.
At the same time, LiDAR is gradually penetrating the mid to low-end vehicle market, equipped on vehicles priced close to 150000 yuan. This means that the market for LiDAR will further open up.