Company Overview - Company maintains a "outperforming the industry" rating for Hesai Technology (02525) after showcasing its latest lidar technology at CES 2026 [1] - The company plans to deliver over 1.6 million units in 2025, with production capacity expected to double to 4 million units per year by 2026 [2] - Hesai has secured over 120 model designations from 24 OEMs as of January 5 [2] Production Capacity and Delivery - The company is set to increase its annual production capacity from 2 million units in 2025 to 4 million units in 2026, indicating strong growth potential [2] - The Bangkok Galileo factory is expected to commence production in early 2027, contributing to the company's capacity expansion [2] L3 Vehicle Development - The Ministry of Industry and Information Technology approved L3 autonomous vehicles for trial operation in designated areas on December 15, 2025 [3] - The number of lidar units per vehicle is anticipated to increase to 3-6, with models like Avita 12 and Lantu Taisan featuring 4 lidar units as standard [3] - Hesai's new generation L3 automotive lidar solution, combining long-range ETX and solid-state FTX lidar, has received its first passenger vehicle mass production designation [3] Emerging Markets and Partnerships - The company is actively expanding into emerging markets such as Robotaxi and robotics, collaborating with leading firms like Motional, Baidu, Didi, and NVIDIA [4] - Hesai's JT series lidar is widely used in robotics and industrial markets, with cumulative shipments exceeding 200,000 units [4]
中金：维持禾赛-W(02525)“跑赢行业”评级 全年交付超160万台