Hesai 2Q26 First Take: results were broadly in line, but the print again highlights the core issue — lidar pricing
Hesai reported 2Q26 revenue of RMB 860 million, up 22% YoY and near the low end of its RMB 850–900 million guidance. Core lidar revenue and shipments missed expectations, with blended lidar ASP at RMB 1,297 down 35% YoY. GPM held at 40.1%, but operating profit was RMB 2 million versus RMB 50 million expected.
How this was made
The 30-second read
Why it matters
Traders may reprice Hesai’s near-term earnings power because the report combines slowing core lidar growth, continued ASP declines, and a large operating profit miss, even as gross margin holds.
Market read
In-line revenue and stable gross margin are outweighed by weaker core lidar growth, a sharp ASP decline, and an operating profit miss driven by higher R&D.
What to watch
The article notes localization, SoC integration, and in-house SPAD integration; if these continue, margin resilience could improve even with lower ASP.
Background
The piece is an analyst-style first take on Hesai’s 2Q26 results, emphasizing that pricing pressure remains steep.
Ticker impact
Hesai reported 2Q26 revenue near guidance but core lidar revenue and blended ASP fell, with OP missing due to higher R&D.
Near-term downside bias for the stock as investors focus on continued ASP declines and margin durability.
Core lidar revenue growth slowed and blended ASP dropped 35% YoY, while operating profit missed materially, even though GPM held at 40.1%. This combination typically keeps valuation sensitive to pricing and demand assumptions.
Market effects
Highlights intensifying lidar competition and mix shift toward lower-priced blind-spot and ATX variants, pressuring industry ASPs.
China NEV and ADAS demand sensitivity is implied by weaker passenger-car lidar sales tied to NEV growth.
Reinforces global investor focus on lidar unit economics and pricing power rather than shipment growth alone.
Counterpoint
GPM holding around 40% suggests cost-down and integration benefits may offset pricing pressure longer than feared.
Key entities
- companyHesai
Lidar supplier reporting 2Q26 revenue, shipments, ASP, gross margin, and operating profit, with emphasis on pricing pressure.
