Group 1 - The core viewpoint of the report is that the company Hesai Technology (禾赛-W, 02525) is expected to maintain a 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 in 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 net profit forecast for the years 2025-2027 has been raised to RMB 410 million to RMB 540 million, considering scale effects and the performance in the third quarter [1] Group 2 - The report indicates that 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] - For the first three quarters, the revenue reached RMB 2.03 billion, representing a year-on-year increase of 49.3%; the third-quarter revenue was RMB 800 million, up 47.5% year-on-year, which is largely in line with expectations due to significant increases in shipment volume [1]
交银国际：看好禾赛-W盈利能力行业领先 维持“买入”评级