Company Valuation: Hesai Group

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 7,931 12,859 24,464 17,924 - -
Change - 62.13% 90.24% -26.73% - -
Enterprise Value (EV) 1 6,663 10,290 23,527 16,413 16,460 16,574
Change - 54.44% 128.65% -30.24% 0.28% 0.7%
P/E -16.6x -128x 52.6x 35.2x 19.1x 13.1x
PBR 2.08x 3.37x 2.43x 1.91x 1.74x 1.55x
PEG 0.4x 1.6x -0x 3.85x 0.2x 0.3x
Capitalization / Revenue 4.23x 6.19x 8.08x 4.17x 2.95x 2.23x
EV / Revenue 3.55x 4.95x 7.77x 3.82x 2.71x 2.06x
EV / EBITDA -13.7x -141x 80.4x 34.2x 16.4x 10.8x
EV / EBIT -11.7x -50.2x 139x 48.2x 21x 12.9x
EV / FCF -18.6x -49.5x -104x 603x 54.8x 30.7x
FCF Yield -5.36% -2.02% -0.96% 0.17% 1.83% 3.25%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -3.81 -0.79 2.98 3.253 5.984 8.725
Distribution rate - - - - - -
Net sales 1 1,877 2,077 3,028 4,295 6,073 8,029
EBITDA 1 -485.3 -73.1 292.5 479.7 1,002 1,533
EBIT 1 -571.6 -204.9 168.8 340.5 785.3 1,280
Net income 1 -476 -102.4 435.9 496.8 875.9 1,323
Net Debt 1 -1,269 -2,570 -936.5 -1,510 -1,464 -1,349
Reference price 2 63.18 100.87 156.67 114.57 114.57 114.57
Nbr of stocks (in thousands) 125,535 127,478 156,142 156,440 - -
Announcement Date 11/03/24 10/03/25 24/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
316.25x63.42x243.22x - 29.53B
-101.94x8.08x-111.23x0.37% 5.13B
35.22x3.82x34.22x-.--% 2.68B
20.62x3.61x12.66x3.06% 1.1B
243.58x - - - 958M
305.63x5.8x163.82x - 744M
Average 136.56x 16.94x 68.54x 1.14% 6.69B
Weighted average by Cap. 234.05x 49.33x 174.57x 0.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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