Hesai发布全球首款6D全彩激光雷达芯片“Picasso”SoC及升级“ETX”激光雷达、新“ATX”激光雷达与“FTX”盲点激光雷达进入量产

China Autos&Auto Technology New tech offensive:6D SPAD-SoC, 4320line LiDAR, physical Al eyes & muscle Bin Wang Research Analyst+852-220-35496Wei Huang At its investor dayonApril17,Hesaidebuted its new generation"Picasso"SPAD SoC (Single-Photon Avalanche Diode System-on-Chip),the world's first 6D full-color,ultra-sensitive LiDAR chipset,achieving a photon detection efficiency (PDE)ofover40%.Thistechnologyaddressesakeylimitationoftraditional LiDAR,whichcanonlyperceivethree-dimensional space(xYZ)todetermineanobject'spositionand shape, but not its color. Hesai's"Picasso" SoC overcomes this by achieving apixel-level, "native fusion" of color sensing and Time-of-Flight (ToF) distancemeasurement directlyon thechip.This innovation enables the simultaneous"6D"chip, allowing it to directly generate a colored point cloud. Unlike historicalapproachesthatrequiredproblematicpost-processingtofusecameravideowithLiDAR data,"Picasso's" native fusion means each point in the LiDAR's outputinherentlycarriesitsowncolorinformationandisalreadyspatio-temporallyalignedat the pixel level. This eliminates the need for complex stitching or inference,meaning the autonomous driving system no longer needs to"guess"whenidentifying critical colored objects like traffic lights, lane lines,or constructionsigns.This capabilityis expectedto significantlyenhancethespatial intelligenceofAlworldmodels.Hesaideclared it is currentlythe onlycompanyin the industrytohave achieved full-stack,in-house development for all seven key LiDARcomponents.This includes the laseremitters,detectors,laser drivers,transimpedance amplifier (TIA) chips,analog-to-digital converter (ADC)chips,digital signal processors (DSPs),and controllers. ResearchAssociate+852-2203-7057 HesaiAnnounces Upgraded"ETX"LiDARs;New"ATX"LiDARand"FTX"Blind-spotLiDAREnterMassProduction Hesaiannounceditsnext-generation"ETx"seriesLiDARswillbeupgradedwiththenew"Picasso"SoC.Thiswillenableflexible configurations(1080,2160,or4320-line)withfull-colorperceptionanda400-meterdetectionrangeat10%reflectivity.Massproductionisexpectedinthesecondhalfof2026,withthenew"ETX"guidedto be on multiple flagship models in 2027 and 2028.Additionally,the new"ATX"LiDAR (based onthe"FMC500"SoCdebuted inNovember2025)enteredmassproduction in April.The company provided strong guidance for this product,expecting to deliver over 2 million"ATx"units in 2026,supported by an existingorderbookofover6millionunits. Autos&AutoTechnologyHesai industry's progression towards Level3/ Level 4 autonomous driving,which isvehicle.Hesai's second-generation solid-state blind-spot LiDAR,the"FTX,"beganmass production and delivery in April. It has already secured design wins on thenew LiAuto"L9"SUVand Chang'anAuto'snext-generation"L3"vehicleplatform. In addition to its new chipand LiDARproducts,Hesaialso showcased"KOSMO," is designed for 3D spatial capture and recording,combining multiple cameras,ato comprehensively capture the 3D world. A key application is to support thetraining of physical Al by providing high-quality spatial data essential for worldmodel development.Management indicated that"KOsMO"will be a high-marginwill focus on enterprise use cases such as movie filming, interactive gaming,andlivestreaming,withlonger-termplanstoentertheconsumerelectronicsmarkettopotentially replacedigital cameras. Expanding into"Physical AlMuscles"fortheRoboticsMarketBuilding on its strong position in robotics perception, Hesai announced its expansion into a new product category it calls"physical Almuscles"-robot jointactuatormodules.Thisstrategicmoveleveragesthecompany'sexistingexpertisein electric motor technology used in its LiDAR products.The expansioncomplements Hesai's leadership in a wide range of robotics LiDAR markets,including robotic lawnmowers, unmanned delivery vehicles, flying drones, andhumanoid robots. Autos & Auto TechnologyHesai Hesai is globally largest provider of the three-dimentionalLight Detection and Ranging (LiDAR) solutions. The passenger vehicles and commercial vehicles with ADAS andautonomous mobility. Cash Flow (CNYm)Cash flow from operations BalanceSheet (CNYm)Cash and other liquid assets Solvency0 KeyCompanyMetrics BinWang+852 220 35496wang.bin@db.com Autos & Auto TechnologyHesai Investment Thesis Hesaiis the largest LiDAR (light detection and ranging)maker globally,with ~61% global market share in the Level-4 autonomousmobility LiDAR market and ~33%market share in globalADAS (advanced driver-assistance system)LiDAR market.Weview LiDARas anessential sensorforhigh-levelautonomy (Levels3&4),givenit is more precise and detailed than the millimeter-wave radar and has lower lightcondition requirements than the camera.WebelieveLiDAR-camera Fusion underBirds-eye-view could provide complementary information for more accurate 3Dobjectdetection.ThisiseventrueunderthebackgroundoffallingLiDARprices,andautonomous driving expanding to much more complicated urban area scenarios(ratherthan the simpler highway).We