Hesai(US:HSAI) Xin Lang Cai Jing·2025-11-12 09:16Core Viewpoint - Hesai Technology (HSAI.US) reported a strong Q3 performance with a 47% year-over-year increase in net revenue to 795 million yuan, achieving a record net profit of 256 million yuan, and exceeding its annual profit target one quarter early [1][2] Financial Performance - Q3 net revenue increased by 47% to 795 million yuan [1] - Gross margin remained stable at 42% [1] - Record net profit reached 256 million yuan in Q3, with total net profit for the first three quarters at 283 million yuan [1] Analyst Ratings and Price Targets - Goldman Sachs raised its 12-month price target for Hesai to $36, maintaining a "Buy" rating, citing Q3 operating profit and net profit exceeding forecasts by 125% and 200% respectively [1] - CMB International adjusted its GAAP net profit guidance for 2025 from 200-350 million yuan to 350-450 million yuan, raising its price target from $16.3 to $26.7, while maintaining a "Buy" rating [1] - Morgan Stanley reiterated an "Overweight" rating with a price target of $35, highlighting strong Q3 performance and positive guidance for Q4 [2]