실적분석 2026년 8월 18일

Hesai Group ($HSAI) Q2 2026 Earnings Analysis — Revenue & EPS Miss, Strategic Growth Outlook Raised

Earnings Scorecard

Revenue: $126.9 million (up 21.9% year over year, consensus $869 million) ❌ Miss

EPS: GAAP diluted $0.01 (consensus $0.43) ❌ Miss

Guidance: Newly issued — Q3 revenue of RMB 1.10–1.15 billion (approximately $162–169 million); full-year strategic-growth revenue raised to RMB 200–300 million

Stock reaction: After-hours -6.20% ($16.95) — as of 08:43 KST, 08-18

The Positives

Sharp acceleration in LiDAR shipments: Quarterly shipments of 628,275 units, up 78.4% year over year

Fifth consecutive quarter of profitability: Net income attributable to common shareholders of RMB 70.6 million (approximately $10.4 million), up 60% year over year

Strategic-growth outlook raised: Full-year revenue guidance lifted from RMB 100 million to RMB 200–300 million

Automotive ADAS shipments rose 60.1% and robotics LiDAR shipments climbed 193.4%, lifting the core business to a new scale. The strategic-growth segment generated its first revenue of the quarter (approximately RMB 44.9 million), and the robotics actuator production line has started operating.

The Negatives

Revenue miss: $126.9 million vs. consensus $869 million

Gross margin compression: 40.1%, down from 42.5% a year earlier

Sharp operating profit decline: RMB 2.2 million, down 90.4% year over year

Lower average selling prices and a heavier mix of lower-margin products weighed on margins, while R&D spending rose to fund strategic-growth investments, nearly wiping out operating profit. The increase in net income was largely supported by non-operating items such as interest and investment income.

What Management Said

Management emphasized both the profitability scale of the core LiDAR business and the first revenue from the strategic-growth segment, noting that the commercialization of robotics actuators is running ahead of schedule. The Q3 revenue guidance and the strategic-growth upgrade read as a long-term story, but the immediate deterioration in margins and operating profit is being weighted more heavily by the market.

Market Reaction and What to Watch

With revenue and GAAP EPS falling meaningfully short of expectations and gross margin compression and the steep operating profit decline raising near-term profitability concerns, the stock moved lower in after-hours trading.

Watch whether Q3 revenue lands within the RMB 1.10–1.15 billion guidance range.

Track whether strategic-growth revenue follows the raised full-year path of RMB 200–300 million.

Monitor whether gross margin and operating profit recover alongside the shipment growth.