Core Viewpoint - Hesai Technology (HSAI.US) reported a strong Q3 performance with a 47% year-over-year increase in net revenue to 795 million yuan, achieving a record net profit of 256 million yuan, and exceeding its annual profit target one quarter early [1][2] Financial Performance - Q3 net revenue increased by 47% to 795 million yuan [1] - Gross margin remained stable at 42% [1] - Record net profit reached 256 million yuan in Q3, with total net profit for the first three quarters at 283 million yuan [1] Analyst Ratings and Price Targets - Goldman Sachs raised its 12-month price target for Hesai to $36, maintaining a "Buy" rating, citing Q3 operating profit and net profit exceeding forecasts by 125% and 200% respectively [1] - CMB International adjusted its GAAP net profit guidance for 2025 from 200-350 million yuan to 350-450 million yuan, raising its price target from $16.3 to $26.7, while maintaining a "Buy" rating [1] - Morgan Stanley reiterated an "Overweight" rating with a price target of $35, highlighting strong Q3 performance and positive guidance for Q4 [2]

高盛对禾赛美股12个月目标价为36美元，港股12个月目标价为281港元，评级"买入"。 高盛发表研报指，禾赛第三季营运利润及净利润分别较高盛预测高125%和200%，主要归因于激光雷达 出货量更高、营运费用降低以及权益投资收入。高盛相信，禾赛科技处于有利地位，能够受益于中国新 能源车市场从2025年开始加速采用导航辅助驾驶，连同低成本产品的推出，将驱动激光雷达在大众车型 中的使用；海外高级辅助驾驶(ADAS)机会，从全球汽车制造商获得设计订单，量产预计于2026及2027 年开始；全球Robotaxi/机器人市场，禾赛在2024年拥有全球Robotaxi市场61%的市占率，并从其他垂直 领域(如自动割草机)获得增量订单。 ...