Hesai Technology becomes a key supplier for NVIDIA's Isaac GROoT Humanoid Robot Platform, to launch robot execution module products soon

Overview

Goldman Sachs released a research report, maintaining a buy rating for Hesai Technology. The report states that Hesai Technology, as a key supplier for NVIDIA's Isaac GROoT Humanoid Robot Platform in terms of laser雷达 and execution器, will benefit from the future development and mass production of humanoid robots. On June 1st, NVIDIA announced this open reference platform, adopting Unitree H2 Plus robot body and Sharpa Wave dexterous hand as hardware foundations. Hesai Technology is expected to officially launch its robot execution module products in the coming months.

Core views

The report believes that Hesai Technology holds a favorable position in the humanoid robot supply chain. NVIDIA's Isaac GROoT reference humanoid robot platform uses Unitree H2 Plus robot body and Sharpa Wave dexterous hand as hardware foundations, while Hesai Technology is the key supplier of laser雷达 and execution器 for these two companies. Hesai Technology has announced providing laser雷达 for Unitree's G1/H2 models and signed a product supply agreement framework with Sharpa, with a transaction cap of 100 million yuan人民币 annually.

Analysis framework

Goldman Sachs adopted a supply chain ecology analysis approach, tracking the technical architecture and partnership relationships of NVIDIA's humanoid robot platform, identifying Hesai Technology's key supplier status within it. The report also used financial modeling, considering factors such as laser雷达 market demand, product life cycle, and operational efficiency improvements to predict future financial performance. Additionally, the report takes into account Hesai Technology's competitive position and development prospects in the global laser雷达 market and the humanoid robot sector.

Methodology notes

• Valuation MethodPE/PEG valuation

  Based on a non-GAAP earnings multiple of 20x for 2030, discounted at a capital cost of 11%

  The report uses a PE valuation method, selecting the expected earnings per share in 2030 multiplied by a 20x earnings multiple as the long-term target price basis, then using discounting methods to calculate the current target price, which is suitable for the long-term value assessment of companies with high growth potential

• Company fundamentals and financial frameworkFree cash flow analysis

  Through analyzing revenue growth, changes in gross margin, and operational leverage to predict profitability

  The report focuses on the company's revenue growth rate, gross margin level, and the impact of operational leverage on profitability, which are important financial analysis methods for assessing company fundamentals

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Hesai Group (2525.HK)

  As a key supplier for Unitree and Sharpa in terms of laser雷达 and execution器, benefiting from the development of NVIDIA's Isaac GROoT Humanoid Robot Platform

  Strengths

  33% share of the global laser雷达 market, leading technology, entering the emerging humanoid robot market

  Weaknesses

  ASP pressure may affect gross margin

  Comparison

  Has competitive advantages in the laser雷达 and robot executioner fields

  Risks

  Slower laser雷达 adoption rate, intensifying competition, customer pricing pressure

• Hesai Group (HSAI.US)

  As a key supplier for Unitree and Sharpa in terms of laser雷达 and execution器, benefiting from the development of NVIDIA's Isaac GROoT Humanoid Robot Platform

  Strengths

  33% share of the global laser雷达 market, leading technology, entering the emerging humanoid robot market

  Weaknesses

  ASP pressure may affect gross margin

  Comparison

  Has competitive advantages in the laser雷达 and robot executioner fields

  Risks

  Slower laser雷达 adoption rate, intensifying competition, customer pricing pressure

Key data

• Revenue growth prediction for the fiscal year 202650%Driven by a 101% increase in laser雷达 shipments
• EBIT growth prediction for the fiscal year 2026139% YoYEBIT margin increases from 9% to 15%
• Gross margin prediction for the fiscal year 202640%2025 year was 41.8%
• Global Laser Radar Market Share33%Revenue share in 2024
• Target PriceUS$35/HK$273Target price for 12 months, based on a 20x non-GAAP EPS discount
• Expected Upside75%/78%Potential upside compared to current stock prices

Impact & implications

The report believes that Hesai Technology, as a key supplier for NVIDIA's humanoid robot ecosystem, will benefit from the future development of the humanoid robot market. With the launch of NVIDIA's Isaac GROoT platform (expected in October 2026) and the official release of Hesai Technology's robot execution module products, the market may have greater confidence in its capabilities and positioning in the humanoid robot supply chain. This not only helps to secure additional orders in the humanoid robot market but may also expand to other clients.

Risks

• Slower adoption rate of laser雷达
• Intensifying competition
• Customer pricing pressure
• Policy risks

What to watch

• Details of Hesai Technology's official launch of robot execution module products
• Market acceptance of NVIDIA's Isaac GROoT platform
• Progress of cooperation with more customers
• Penetration of laser雷达 in the automotive market