Hesai(US:HSAI) Ge Long Hui·2025-11-12 08:13Core Viewpoint - The report from CMB International indicates that Hesai's total revenue for Q3 reached 795.4 million, representing a year-on-year growth of 47%, exceeding market expectations by 1.4% [1] Financial Performance - Non-GAAP net profit for Q3 was 288 million [1] - The management has raised the 2025 GAAP net profit guidance from 200 million to 350 million, now expecting it to be between 350 million and 450 million [1] Market Outlook - The company maintains an optimistic outlook for its business development, projecting that total lidar shipments will reach at least 2 to 3 million units by 2026 [1] - If L3-level autonomous driving becomes an industry trend, shipments could be even higher, with expectations for robotic lidar shipments to double year-on-year by 2026 [1] Investment Rating - CMB International expresses optimism regarding Hesai's growth in line with increasing demand for lidar products, anticipating further market expansion due to more application scenarios in the robotics and industrial sectors [1] - The target price for Hesai has been raised from $16.3 to $26.7, maintaining a "Buy" rating [1]