Core Viewpoint - Hesai Technology (2525.HK) experienced a significant increase of over 11.5%, reaching a peak of 132.8 HKD, following its inclusion in the Hang Seng Composite Index effective December 8, 2023, reflecting strong market recognition of the company's business performance and value [1] Group 1: Index Inclusion - The inclusion in the Hang Seng Composite Index indicates high market recognition of Hesai's business performance and value [1] - This event is expected to enhance Hesai's investor base by potentially allowing inclusion in the Stock Connect program, attracting additional mainland capital [1] Group 2: Production Milestone - Hesai announced the production and delivery of its 2 millionth LiDAR unit in mid-November at its Maxwell manufacturing center, marking a significant industry milestone as the first company to achieve this production level [1] - The company has secured mass production contracts from over 24 OEMs for more than 120 vehicle models, with plans for deliveries scheduled between 2025 and 2027 [1]

Group 1 - The stock of Hesai Technology (02525.HK) rose over 10% in early trading, specifically by 10.33%, reaching a price of 131.4 HKD [1] - The trading volume amounted to 98.01 million HKD [1]

Core Viewpoint - Hesai Technology (禾赛科技) has seen a significant stock price increase following its inclusion in the Hang Seng Composite Index, indicating positive market sentiment and potential growth opportunities for the company [1]. Group 1: Stock Performance - Hesai Technology's stock rose over 10%, specifically by 10.33%, reaching HKD 131.4, with a trading volume of HKD 98.01 million [1]. Group 2: Index Inclusion - The Hang Seng Index Company announced its quarterly review results on November 21, 2023, which will take effect after the market closes on December 5, 2025, and will be effective from December 8, 2025 [1]. - The number of constituent stocks in the Hang Seng Composite Index will increase from 503 to 509, with Hesai Technology being included [1]. Group 3: Business Developments - Hesai Technology has secured partnerships with its two largest ADAS (Advanced Driver Assistance Systems) clients for the full range of their 2026 models, achieving a 100% standardization of laser radar [1]. - The two major clients identified are Xiaomi and Li Auto (理想) [1].

Core Viewpoint - Hesai Technology's stock has significantly declined since its IPO, with a current price of 119.10 HKD, marking a 9.015% drop and a total decline of 44.03% since listing [1] Group 1: Stock Performance - The stock reached an all-time low of 116.30 HKD today, which is the lowest since its listing [1] - The final IPO price was set at 212.80 HKD, with a maximum public offering price of 228.00 HKD [3] - The total amount raised during the global offering was 4,160.24 million HKD, with a net amount of 4,005.25 million HKD after expenses [3] Group 2: Use of Proceeds - Approximately 50% of the net proceeds from the offering is planned for research and development investments [3] - About 35% (or approximately 1,297.1 million HKD) is allocated for production capacity investments to ensure the delivery of high-performance products [3] - 5% of the net proceeds is expected to be used for business development to accelerate expansion [3] - The remaining 10% is designated for working capital and general corporate purposes to support operations and growth [3] Group 3: Key Investors - HHLRA is identified as the largest cornerstone investor in Hesai Technology, with an investment of 50.0 million USD based on the indicative offer price [4] - Other significant investors include Taikang Life (28.0 million USD), WT Asset Management (30.0 million USD), Grab Inc. (10.0 million USD), Hongda Group (20.0 million USD), and Commando Global Fund (10.0 million USD) [4]

Summary of Key Points Core Viewpoint - As of November 21, 14 stocks reached their 52-week highs, with Hengfa Optical (01134), Chaowei Holdings (08059), and Cassava Resources (00841) leading the gains at 42.11%, 30.56%, and 22.49% respectively [1]. 52-Week Highs - Hengfa Optical (01134) closed at 0.375, with a peak price of 0.540, marking a 42.11% increase [1]. - Chaowei Holdings (08059) closed at 0.030, reaching a high of 0.047, reflecting a 30.56% rise [1]. - Cassava Resources (00841) closed at 0.200, with a maximum price of 0.207, indicating a 22.49% increase [1]. - Other notable stocks include Sibor Systems (08319) at 15.04%, MOS HOUSE (01653) at 11.46%, and Tianjin Jianfa (02515) at 5.19% [1]. 52-Week Lows - China Pengfei Group (03348) reached a low of 1.100, down 20.09% from its peak [1]. - China Information Technology (08178) closed at 0.285, reflecting a 19.35% decrease [1]. - XL Ernan Strategy - U (09799) saw a decline of 14.27% [1]. - Other significant declines include Hesai - W (02525) at -10.54% and MBC Bitcoin - U (03425) at -9.09% [1]. Additional Notable Stocks - Stocks like MBC Bitcoin (03430) and Tongyuan Kang Pharmaceutical - B (02410) also experienced declines of 6.64% and 6.62% respectively [2]. - The overall trend indicates a mix of significant gains in certain stocks while others are facing substantial losses, reflecting a volatile market environment [1][2].

Core Viewpoint - Hesai Technology's stock has significantly declined since its IPO, reaching a record low, indicating potential challenges in market performance and investor confidence [1]. Group 1: Stock Performance - Hesai Technology's stock closed at HKD 130.90, down 6.43%, with an intraday low of HKD 130.00, marking the lowest price since its listing [1]. - The stock has fallen 38.49% since its IPO, which took place on September 16, 2025 [1]. Group 2: IPO Details - The final IPO price for Hesai Technology was HKD 212.80, with a maximum public offering price of HKD 228.00, raising a total of HKD 4,160.24 million [3]. - After deducting estimated listing expenses of HKD 154.99 million, the net proceeds amounted to HKD 4,005.25 million [3]. Group 3: Use of Proceeds - Approximately 50% of the net proceeds is planned for research and development investments [3]. - About 35% (approximately HKD 1,297.1 million) is allocated for production capacity investments to ensure the delivery of high-performance products [3]. - Around 5% is designated for business development to accelerate expansion, and 10% is for working capital and general corporate purposes [3]. Group 4: Cornerstone Investors - Major cornerstone investors include HHLRA, Taikang Life, WT Asset Management, Grab Inc., Hongda Group, and Commando Global Fund [3][4]. - HHLRA is the largest cornerstone investor, contributing USD 50 million, followed by Taikang Life with USD 28 million and WT Asset Management with USD 30 million [4].

Core Viewpoint - Hesai Technology's stock price has significantly declined since its IPO, currently trading at 140.90 HKD, which is 33.79% lower than its IPO price, marking a record low since its listing [1] Group 1: Stock Performance - Hesai Technology's stock closed at 140.90 HKD, down 7.728% on the day, with an intraday low of 139.80 HKD, the lowest since its IPO [1] - The company has experienced a cumulative decline of 33.79% since its listing on September 16, 2025 [1] Group 2: IPO Details - The final offer price for Hesai Technology was set at 212.80 HKD, with a maximum public offer price of 228.00 HKD, raising a total of 4,160.24 million HKD [3] - After deducting estimated listing expenses of 154.99 million HKD, the net proceeds amounted to 4,005.25 million HKD [3] Group 3: Use of Proceeds - Approximately 50% of the net proceeds is planned for research and development investments [3] - About 35% (or approximately 1,297.1 million HKD) is allocated for production capacity investments to ensure the delivery of high-performance products [3] - Around 5% is designated for business development to accelerate expansion, and 10% is for working capital and general corporate purposes [3] Group 4: Cornerstone Investors - Major cornerstone investors include HHLRA, Taikang Life, WT Asset Management, Grab Inc., Hongda Group, and Commando Global Fund [3] - HHLRA is the largest cornerstone investor, contributing 50 million USD based on the indicative offer price of 228.00 HKD [4]

Core Viewpoint - Haitong International initiates coverage of Hesai Technology (02525) with an "Outperform" rating and a target price of HKD 247.6, highlighting its position as a global leader in LiDAR technology [1] Group 1: Company Performance - Hesai is expected to achieve a total LiDAR shipment of 1.6 million units within the year, with 610,000 units projected for the fourth quarter [1] - The company's estimated revenue for the fourth quarter is RMB 1.01 billion [1] - Forecasted revenues for 2025, 2026, and 2027 are RMB 3.037 billion, RMB 4.439 billion, and RMB 5.735 billion respectively [1] Group 2: Profitability - The company is anticipated to report a GAAP net profit of RMB 400 million for the year, with RMB 117 million expected in the fourth quarter [1]

Core Viewpoint - Haitong International initiates coverage on Hesai Technology (02525) with an "Outperform" rating and a target price of HKD 247.6, highlighting its position as a global leader in LiDAR technology [1] Group 1: Company Performance - Hesai is expected to achieve a total LiDAR shipment of 1.6 million units within the year, with a projected shipment of 610,000 units in Q4 [1] - The company's projected revenue for Q4 is estimated at RMB 1.01 billion, with anticipated revenues for 2025, 2026, and 2027 being RMB 3.037 billion, RMB 4.439 billion, and RMB 5.735 billion respectively [1] - The forecasted GAAP net profit for the company this year is RMB 400 million, with Q4 net profit expected to be RMB 117 million [1]

Investment Rating - The report initiates coverage with an "Outperform" rating, targeting a price of HKD 247.6, indicating a potential upside of 59.9% from the current price of HKD 154.90 [2][3][22]. Core Insights - Hesai Group is positioned as a global leader in LiDAR technology, with a strong market share in the ADAS sector, holding 46% of the market as of August 2025, which is 1.5 times that of the second-ranked competitor [3][7][13]. - The company is expected to benefit significantly from the adoption of Level 3 (L3) autonomous driving regulations, which will likely increase both volume and pricing for its products [5][24]. - The company has established partnerships with leading autonomous vehicle and robotics firms across North America, Asia, and Europe, indicating a robust growth trajectory in both the ADAS and robotics sectors [3][8][13]. Financial Performance - For 2025, the company forecasts revenues of RMB 3.037 billion, with a projected growth rate of 46% year-over-year [2][14][22]. - In Q3 2025, the company reported revenues of RMB 800 million, a 47.5% increase year-over-year, and achieved a GAAP net profit of RMB 260 million, surpassing its full-year profit target ahead of schedule [4][23]. - The total LiDAR shipments for 2025 are expected to reach 1.6 million units, with 610,000 units anticipated in Q4 2025 [22][23]. Market Position and Growth Potential - The company has launched the world's longest-range automotive-grade LiDAR, the ETX, which is expected to play a crucial role in the L3 market [5][24]. - The anticipated increase in the number of LiDAR units per vehicle for L3 models (3 to 6 units) presents significant market expansion opportunities, with each unit valued between USD 500 and 1,000 [5][24]. - The report highlights that Hesai's product mix, including the cost-effective ATX, is expected to contribute to revenue growth despite a projected decline in average selling price (ASP) by 8% quarter-over-quarter in Q4 2025 [3][14][22].