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 17,323 - -
Change - 62.13% 90.24% -29.19% - -
Enterprise Value (EV) 1 6,663 10,290 23,527 15,813 15,859 15,974
Change - 54.44% 128.65% -32.79% 0.29% 0.72%
P/E -16.6x -128x 52.6x 34x 18.5x 12.7x
PBR 2.08x 3.37x 2.43x 1.84x 1.68x 1.5x
PEG 0.4x 1.6x -0x 3.72x 0.2x 0.3x
Capitalization / Revenue 4.23x 6.19x 8.08x 4.03x 2.85x 2.16x
EV / Revenue 3.55x 4.95x 7.77x 3.68x 2.61x 1.99x
EV / EBITDA -13.7x -141x 80.4x 33x 15.8x 10.4x
EV / EBIT -11.7x -50.2x 139x 46.4x 20.2x 12.5x
EV / FCF -18.6x -49.5x -104x 581x 52.8x 29.6x
FCF Yield -5.36% -2.02% -0.96% 0.17% 1.89% 3.37%
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 63.18 100.87 156.67 110.74 110.74 110.74
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.($)
303.71x60.82x233.25x - 28.3B
-97.95x7.72x-106.3x0.38% 4.91B
34.04x3.68x32.97x-.--% 2.58B
20.14x3.53x12.38x3.14% 1.09B
-55.22x14.41x-192.3x - 755M
Average 40.94x 18.03x -4.00x 1.17% 7.53B
Weighted average by Cap. 217.36x 47.38x 160.25x 0.62%

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

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