交银国际每日晨报-20251114

Company Overview - Hesai Group (2525 HK) reported a strong performance in Q3, with GAAP earnings exceeding expectations and an upward revision of the full-year profit guidance [1][2] - The closing price was HKD 170.00, with a target price set at HKD 269.66, indicating a potential upside of 58.6% [1] Financial Performance - In the first three quarters of 2025, Hesai's revenue reached RMB 2.03 billion, representing a year-on-year increase of 49.3% [1] - Q3 revenue was RMB 800 million, showing a year-on-year and quarter-on-quarter growth of 47.5% and 12.6%, respectively [1] - The total shipment volume for the first three quarters was 989,311 units, with Q3 laser radar deliveries reaching 441,398 units, a significant year-on-year increase of 229% [1] Profitability Metrics - The gross margin for Q3 was 42.1%, slightly down by 0.4 percentage points quarter-on-quarter, maintaining an industry-leading position [2] - Net profit for Q3 was RMB 260 million, surpassing market expectations, partly benefiting from gains from the disposal of an early-stage tech company equity investment [2] - The full-year net profit guidance has been revised to a range of RMB 350 million to RMB 450 million [2] Market Outlook - The report emphasizes the importance of monitoring the progress of L3 autonomous driving regulations, which could accelerate the penetration of laser radar and increase the number of units per vehicle, serving as a catalyst for automotive components related to autonomous driving in the coming year [2] - Considering scale effects and Q3 performance, net profit forecasts for Hesai for 2025-2027 have been raised to RMB 410 million, RMB 460 million, and RMB 540 million, respectively [2] Valuation - A DCF valuation model maintains the target price at USD 34.66 / HKD 269.66, with a buy rating sustained [2]