Group 1 - Goldman Sachs reports that the adoption of LiDAR technology in the Chinese market is accelerating this year, with large-scale production expected globally by 2026-2027, predicting that overseas ADAS LiDAR shipments will reach 3 million units by 2030, equivalent to the scale of the Chinese market in 2025 [1] - Goldman Sachs initiates a "Buy" rating for Hesai (02525, HSAI.US) with a target price of HKD 281, and raises the US stock target price from USD 26.3 to USD 36, maintaining a "Buy" rating [1] - The firm forecasts that by 2030, overseas ADAS customers will contribute 10% of Hesai's shipment volume, 20% of revenue, and 23% of gross profit, with a gross margin 10 percentage points higher than domestic products [1] Group 2 - The projected revenue and net profit for Hesai by 2030 are expected to reach RMB 14 billion and RMB 3 billion, respectively, with a net profit margin estimated at 21% [1] - The net profit forecast for 2026-2027 has been raised by 11% to 17% [1]
高盛：首予禾赛-W(02525)“买入”评级 目标价281港元