Core Viewpoint - The report from CMB International initiates coverage on Hesai Technology (02525) with a "Buy" rating and sets a target price of HKD 269.66, while also raising revenue forecasts for 2026-2027 by approximately 2% and net profit forecasts by 6%-7% [1] Group 1: Company Performance - Hesai's technology laser radar shipments increased by 276.2% year-on-year, reaching 550,000 units in the first half of this year [1] - Deliveries for Advanced Driver Assistance Systems (ADAS) rose by 237.5% year-on-year to 450,000 units [1] - Deliveries in the robotics sector surged by 629.9% year-on-year, totaling 98,000 units [1] Group 2: Industry Outlook - The implementation of the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" by eight departments, including the Ministry of Industry and Information Technology and the Ministry of Public Security, is expected to accelerate the penetration of laser radar and increase the number of units per vehicle for L3 autonomous driving regulations [1] - This regulatory development is anticipated to act as a catalyst for automotive autonomous driving-related components over the next year [1]
交银国际：首予禾赛-W买入评级 并予目标价269.66港元