Core Viewpoint - Company Hesai Technology (禾赛-W) is rated as outperforming the industry with a target price of HKD 182.50, based on a P/S valuation method corresponding to 6.0x 2026e P/S [1][2] Company Summary - Hesai is a global leader in LiDAR solutions, achieving profitability for the first time in Q4 2024, marking a significant milestone as the only publicly listed LiDAR company to do so [1] - The company has maintained the top position in global LiDAR revenue from 2021 to 2024, showcasing a leading market share [1] - Hesai has established three major competitive advantages: chip technology, self-built automated production capacity, and a broad customer base [1] - The company is a pioneer in chip technology, having developed its fourth-generation chip architecture, which aids in cost reduction and compact product design [1] - Hesai's self-built production capacity ensures delivery capabilities and cost dilution through economies of scale [1] - The company serves major domestic and international automotive manufacturers and has deep partnerships with leading Robotaxi companies, expanding into the robotics sector [1] Industry Summary - Multiple factors are driving the industry into a high-growth phase, including the proliferation of urban NOA functions, the layout of L3, and the decreasing prices of LiDAR [2] - The company forecasts that the shipment volume of automotive LiDAR in China will exceed 3 million units in 2025 and 10 million units by 2028, with a CAGR of 58% [2] - The robotics sector, including applications like lawn mowers and logistics robots, is emerging as a new growth area, with overseas markets poised for explosive growth [2] Valuation Summary - Hesai's current H-shares correspond to 5.4/4.0 times the P/S for 2025/2026, while its U.S. shares correspond to 5.5/4.0 times [2] - The target prices for H-shares and U.S. shares are set at HKD 182.5 and USD 23.5, respectively, indicating an upside potential of 53% and 52% from current prices [2] - The valuation corresponds to a Non-GAAP P/E of 35x for 2026e [2] Potential Catalysts - The gradual realization of overseas orders and the ramp-up of robotic LiDAR production are seen as potential catalysts for growth [3]
中金：首予禾赛-W(02525) “跑赢行业”评级 目标价182.5港元