Hesai Shares Fall Sharply After Softer First-Quarter Guidance

Dow Jones03-25 11:05

By Jiahui Huang

Hesai's shares fell sharply in Hong Kong after the car-sensor maker guided for slowing revenue growth.

Hesai's shares slid as much as 10% early Wednesday. They were last down 8.0% at 163.90 Hong Kong dollars, equivalent to US$20.94. The benchmark Hang Seng Index was last up 0.9%.

Hesai guided for first-quarter revenue growth to slow to 24%-33%, which could prompt investor concern about intensifying price competition and the company's long-term growth, Bernstein analysts said in a note. The company's revenue grew 46% in 2025 to a record high.

The company guided for shipments of 450,000 units in the first quarter. Citi analysts said in a note that Hesai could face strong pressure to increase shipments in the second half.

Hesai may also face pressure on average selling prices and gross profit margin given stiff competition, the Citi analysts added.

Both Citi and Bernstein lowered their target prices for the stock.

On the bright side, Bernstein is excited about Hesai's ambitions in the physical AI space.

"We believe Hesai deserves some credit for its innovation capabilities, given the team's strong technological intuition," they said.

The company's management said during the earnings call that it plans to introduce two innovative products in the coming months for robotics and autonomous systems, including an "eye" to enhance perception beyond what is currently possible, and "muscles" that can deliver precise and powerful motion control.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

March 24, 2026 23:05 ET (03:05 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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The benchmark <a href=\"https://laohu8.com/S/HSNGF\">Hang Seng</a> Index was last up 0.9%. \n</p>\n<p>\n  Hesai guided for first-quarter revenue growth to slow to 24%-33%, which could prompt investor concern about intensifying price competition and the company's long-term growth, Bernstein analysts said in a note. The company's revenue grew 46% in 2025 to a record high. \n</p>\n<p>\n  The company guided for shipments of 450,000 units in the first quarter. 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They were last down 8.0% at 163.90 Hong Kong dollars, equivalent to US$20.94. The benchmark <a href=\"https://laohu8.com/S/HSNGF\">Hang Seng</a> Index was last up 0.9%. \n</p>\n<p>\n  Hesai guided for first-quarter revenue growth to slow to 24%-33%, which could prompt investor concern about intensifying price competition and the company's long-term growth, Bernstein analysts said in a note. The company's revenue grew 46% in 2025 to a record high. \n</p>\n<p>\n  The company guided for shipments of 450,000 units in the first quarter. 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They were last down 8.0% at 163.90 Hong Kong dollars, equivalent to US$20.94. The benchmark Hang Seng Index was last up 0.9%.Hesai guided for first-quarter revenue growth to slow to 24%-33%, which could prompt investor concern about intensifying price competition and the company's long-term growth, Bernstein analysts said in a note. The company's revenue grew 46% in 2025 to a record high.The company guided for shipments of 450,000 units in the first quarter. Citi analysts said in a note that Hesai could face strong pressure to increase shipments in the second half.Hesai may also face pressure on average selling prices and gross profit margin given stiff competition, the Citi analysts added.The company's management said during the earnings call that it plans to introduce two innovative products in the coming months for robotics and aut","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"02525":"禾赛-W","BK4124":"机动车零配件与设备","HSAI":"禾赛"},"translate_title":"第一季度指引走软后禾赛股价大幅下跌","themeId":"8603dabb40994e59ac78c04c930c0d49","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02525":1.96,"HSAI":1.96},"content_text":"By Jiahui Huang \n\n\n \n\n\n  Hesai's shares fell sharply in Hong Kong after the car-sensor maker guided for slowing revenue growth. \n\n\n  Hesai's shares slid as much as 10% early Wednesday. They were last down 8.0% at 163.90 Hong Kong dollars, equivalent to US$20.94. The benchmark Hang Seng Index was last up 0.9%. \n\n\n  Hesai guided for first-quarter revenue growth to slow to 24%-33%, which could prompt investor concern about intensifying price competition and the company's long-term growth, Bernstein analysts said in a note. The company's revenue grew 46% in 2025 to a record high. \n\n\n  The company guided for shipments of 450,000 units in the first quarter. Citi analysts said in a note that Hesai could face strong pressure to increase shipments in the second half. \n\n\n  Hesai may also face pressure on average selling prices and gross profit margin given stiff competition, the Citi analysts added. \n\n\n  Both Citi and Bernstein lowered their target prices for the stock. \n\n\n  On the bright side, Bernstein is excited about Hesai's ambitions in the physical AI space. \n\n\n  \"We believe Hesai deserves some credit for its innovation capabilities, given the team's strong technological intuition,\" they said. \n\n\n  The company's management said during the earnings call that it plans to introduce two innovative products in the coming months for robotics and autonomous systems, including an \"eye\" to enhance perception beyond what is currently possible, and \"muscles\" that can deliver precise and powerful motion control. \n\n\n \n\n\n  Write to Jiahui Huang at jiahui.huang@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 24, 2026 23:05 ET (03:05 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.38.0","shortVersion":"4.38.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2622045643","isCrawlerRequest":true}