Group 1 - The core viewpoint of the report is that the company HeSai-W (02525) is rated "Buy" with a target price of HKD 269.66, reflecting a positive outlook on its future performance [1] - The revenue forecast for the group for 2026-2027 has been raised by approximately 2%, while net profit forecasts have been increased by 6%-7% [1] - HeSai has recently established partnerships with multiple enterprises, indicating a strategic move to enhance its market position [1] Group 2 - In the first half of the year, the company's technology laser radar shipments increased by 276.2% year-on-year, reaching 550,000 units [1] - The delivery volume for Advanced Driver Assistance Systems (ADAS) rose by 237.5% year-on-year to 450,000 units, showcasing significant growth in this segment [1] - Deliveries in the robotics sector surged by 629.9% year-on-year, totaling 98,000 units, highlighting the expanding applications of the company's technology [1] Group 3 - The report anticipates that the implementation of L3 autonomous driving regulations, as outlined in the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" by eight departments, will accelerate the penetration of laser radar technology and increase the number of units per vehicle [1] - This regulatory development is expected to act as a catalyst for automotive-related components in the coming year [1]
交银国际：首予禾赛-W(02525)买入评级 并予目标价269.66港元