Group 1 - The core viewpoint of the article is that the company Hesai Technology (禾赛-W, 02525) is expected to maintain its leading profitability in the industry, with a target price set at HKD 269.66 and a "Buy" rating [1] - The report emphasizes the importance of the progress of L3-level autonomous driving regulations, which is anticipated to accelerate the penetration of LiDAR technology and increase the number of units per vehicle, serving as a catalyst for automotive autonomous driving components, including LiDAR, by 2026 [1] - The company has raised its net profit forecast for 2025-2027 to RMB 410 million to RMB 540 million, considering scale effects and third-quarter performance [1] Group 2 - Hesai's third-quarter shipment volume continues to show rapid growth, with an expected total shipment volume of 1.64 million units for the year [1] - The revenue for the first three quarters reached RMB 2.03 billion, representing a year-on-year increase of 49.3%, while the third-quarter revenue was RMB 800 million, up 47.5% year-on-year, which is in line with expectations due to significant increases in shipment volume [1]
交银国际：看好禾赛-W(02525)盈利能力行业领先 维持“买入”评级