中金：维持禾赛-W“跑赢行业”评级 升目标价至241.1港元

Core Viewpoint - The report from CICC maintains the revenue forecast for Hesai Technology (02525) for 2025, raises the 2026 revenue forecast by 6.4% to 4.53 billion yuan, and introduces a first-time revenue forecast for 2027 at 6 billion yuan, while maintaining an outperform rating for the industry [1] Group 1: Company Current Status - In January 2026, Hesai Technology showcased its latest lidar technology achievements at CES 2026 and updated its delivery volume, production capacity planning, and strategic partnerships [2] Group 2: Production and Delivery Capacity - The company is expected to deliver over 1.6 million units in 2025, with 24 OEMs securing over 120 models for mass production as of January 5. The annual production capacity is planned to increase from 2 million units in 2025 to 4 million units in 2026, achieving a doubling growth. The Bangkok Galileo factory is expected to commence production in early 2027. The company has a strong order backlog and is actively expanding domestic and international production capacity, which is likely to drive future shipment volume and revenue growth [3] Group 3: L3 Vehicle Approval and Lidar Quantity Increase - On December 15, 2025, the Ministry of Industry and Information Technology approved L3 level conditional autonomous driving vehicles for trial operation in designated areas. This is expected to accelerate penetration, with the number of lidar units per vehicle likely to increase to 3-6. The 2026 models of Avita 12 and Lantu Tianshan are expected to be equipped with 4 lidar units. Hesai showcased a new generation L3 automotive lidar solution at CES 2026, which has received the first mass production approval for passenger vehicles, with production planned to start by the end of 2026 or early 2027 [4] Group 4: Next-Generation AI and Lidar as a Key Engine - Global companies are accelerating the large-scale deployment of L4 autonomous driving fleets. The company has partnered with leading firms such as Motional, Baidu, Didi, WeRide, and Pony.ai, and has been selected by NVIDIA as a lidar partner for the "NVIDIA DRIVE AGX Hyperion 10 platform." Additionally, Hesai's JT series lidar is widely used in the robotics and industrial markets, with cumulative shipments exceeding 200,000 units, including applications in mowing robots, smart companion robots, and 3D spatial digitization devices [5]