Hesai StockProThe research focus during the introduction phase is the feasibility of the business model; during the growth phase, it's the market size (scalability); during the maturity phase, it's the moat (defensiveness) and competitive landscape (profitability); and during the decline phase, attention needs to be paid to threats from substitutes.
The industry consensus is that pure vision and LiDAR are complementary, not substitutive.
The penetration rates of 15%–20% and 35%–40% are empirical benchmarks distinguishing the introduction phase from the growth phase, and the growth phase from the maturity phase, respectively.
LiDAR has already passed the introduction phase and is now in the growth phase. Players in this stage all have opportunities; the issue of moats in the maturity phase can be considered later. $Hesai(HSAI.US) $ROBOSENSE(02498.HK)
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