Company Dynamics - Hesai Technology showcased its latest lidar technology at CES 2026 and updated its delivery volume, capacity planning, and strategic partnerships [1] - The company plans to increase its annual production capacity from 2 million units in 2025 to 4 million units in 2026, expecting to double its output [1] - As of January 5, the company has secured mass production contracts with over 24 OEMs for more than 120 vehicle models [1] Market Opportunities - The approval of L3 autonomous vehicles by the Ministry of Industry and Information Technology is expected to increase the number of lidar units per vehicle, with models like the 2026 Avita 12 and Lantu Tianshan featuring 4 lidar units [1] - Hesai's new generation L3 automotive lidar solution, combining long-range ETX and solid-state FTX lidar, has received its first mass production contract and is set to start production by late 2026 or early 2027 [1] Strategic Collaborations - The company is collaborating with leading firms such as Motional, Baidu, Didi, WeRide, and Pony.ai for the deployment of L4 autonomous driving fleets [1] - Hesai has been selected as a lidar partner for NVIDIA's "DRIVE AGX Hyperion 10 platform," indicating its strong position in the market [1] Financial Forecast - The revenue forecast for 2026 has been raised by 6.4% to 4.53 billion yuan, with a new revenue forecast of 6 billion yuan for 2027 introduced [2] - The target prices for Hong Kong and US stocks have been increased by 32.1% and 34.3% respectively, reflecting an upward adjustment in valuation due to the rising valuation center in the smart driving and robotics sectors [2]
禾赛-W(02525.HK)：全年交付超160万台；L3/L4智驾打开放量空间