Hesai (HSAI.O /2525.HK) Share price could still double into FY26 with 5 catalysts; Maintain Buy (Auto-Tech sector top pick) Vi e w p o i n t | 28 Nov 2025 11:15:53 ET │ 14 pages CITI'S TAKE After our mgmt. update meeting with Hesai on 28-Nov, we maintain our 2025-27E LiDAR volume forecasts at 1.68/3.68/5.79mn units, with 2026E LiDAR shipment expectedly contributed by Li Auto (450k), Xiaomi (700k), Leapmotor (400k), BYD (350k), Geely (500k), GWM (200k), Robotics (400- 500k) and others, while we cut ASP assum ...