禾赛-W（02525）盘中涨超3%，截至发稿，股价上涨2.78%，报214.40港元，成交额8827.23万港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 禾赛-W（02525）盘中涨超3%，截至发稿，股价上涨2.78%，报214.40港元，成交额8827.23万港元。 中金研报指出，禾赛-W本月在CES 2026上展示最新激光雷达技术成果，并更新交付量、产能规划、战 略合作等经营情况。量产交付能力领先行业；国内外产能稳步推进。L3车型获工信部准入许可，激光 雷达单车数量有望提升。Robotaxi、机械人等下一代物理AI浪潮袭来，激光雷达成关键引擎。 责任编辑：卢昱君 中金研报指出，禾赛-W本月在CES 2026上展示最新激光雷达技术成果，并更新交付量、产能规划、战 略合作等经营情况。量产交付能力领先行业；国内外产能稳步推进。L3车型获工信部准入许可，激光 雷达单车数量有望提升。Robotaxi、机械人等下一代物理AI浪潮袭来，激光雷达成关键引擎。 责任编辑：卢昱君 ...

该行维持对禾赛2025年营收预测不变，上调2026年营收预测6.4%至45.3亿元，首次引入2027年营收预测 60亿元。该行维持对其"跑赢行业"评级，考虑到智驾及机器人板块估值中枢上移，上调港股目标价至 241.1港元，上调美股目标价至31.56美元。 中金发表报告指，禾赛本月在CES 2026上展示最新激光雷达技术成果，并更新交付量、产能规划、战 略合作等经营情况。量产交付能力领先行业；国内外产能稳步推进。L3车型获工信部准入许可，激光 雷达单车数量有望提升。Robotaxi、机器人等下一代物理AI浪潮袭来，激光雷达成关键引擎。 ...

Core Insights - The automotive industry is entering a deep transformation phase towards electrification and intelligence, with the penetration rate of new energy vehicles exceeding 50% by 2025, marking a shift from early cultivation to large-scale commercialization and value realization [2] - A significant IPO wave is expected in the automotive sector, with over 100 companies projected to go public in the A-share market in 2025, raising more than 110 billion yuan, with approximately 30% of these companies belonging to the automotive supply chain [2] IPO Highlights - Major IPO events in 2025 include the listings of CATL, Chery Automobile, and Seres, which are expected to enhance China's automotive industry's global competitiveness [3] - CATL's IPO on May 20, 2025, raised approximately 35.3 billion HKD, marking the largest IPO in Hong Kong in nearly four years, with 90% of the funds allocated for projects in Hungary to support local supply strategies [3] - Chery Automobile successfully listed on September 25, 2025, raising about 9.145 billion HKD, with 35% of the funds dedicated to passenger vehicle R&D and 25% for next-generation automotive technologies [4] - Seres achieved the largest IPO for a car company in 2025, raising 14.016 billion HKD on November 5, with 70% of the funds earmarked for R&D in new energy vehicle technologies [4][5] Market Trends - The IPOs of companies in the intelligent driving and laser radar sectors, such as Pony.ai and WeRide, reflect the acceleration of commercialization in these fields, with significant capital inflow supporting technological advancements [6] - The listing of leading laser radar companies, including Hesai Technology, indicates a growing focus on core components that facilitate the large-scale implementation of intelligent driving [7] - The overall trend in 2025 shows a surge in IPOs for automotive-related component companies, driven by the increasing demand for vehicle electronics as the industry shifts from product competition to ecosystem competition [8]

Core Viewpoint - Hesai-W (02525) has shown a significant increase in stock price, rising over 3% and reaching 214.6 HKD, with a trading volume of 58.83 million HKD, indicating positive market sentiment towards the company following its recent developments at CES 2026 [1] Group 1: Company Developments - Hesai-W showcased its latest lidar technology achievements at CES 2026, highlighting its leading mass production and delivery capabilities in the industry [1] - The company is steadily advancing its domestic and international production capacity, with L3 vehicle models receiving approval from the Ministry of Industry and Information Technology, which is expected to increase the number of lidar units per vehicle [1] Group 2: Industry Trends - The emergence of next-generation physical AI applications, such as Robotaxi and robotics, positions lidar as a critical driving force in the industry [1] - Nvidia's CEO unveiled the open-source VLA (Vision-Language-Action) model platform, which is expected to enhance the ecosystem for autonomous driving [1] - With the continuous expansion of Nvidia's autonomous driving ecosystem and the gradual increase in penetration rates for high-level autonomous driving and Robotaxi, there is an anticipated rapid growth in demand for advanced driving-related components, including smart driving chips, lidar, domain controllers, and line control braking/steering systems [1]

全球激光雷达领导者禾赛科技今日宣布，禾赛2025年割草机机器人3D激光雷达出货量第一，2026 CES 现场搭载3D激光雷达的割草机新机型数量也是行业第一。 作为机器人移动的最佳传感器，禾赛JT系列3D激光雷达于CES 2025正式发布，一年以来已累计交付超 20万台。高工机器人产业研究所（GGII）数据显示，2025年前三季度，禾赛持续领跑全球割草机器人 3D激光雷达市场，单季度出货量均位居第一。 据美国拉斯维加斯国际消费类电子产品展CES 2026现场统计，约十款全新割草机器人搭载禾赛JT系列 3D激光雷达重磅亮相，新机型数量行业第一，禾赛科技持续以360°高清三维感知重塑未来智慧庭院。 ...

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]

证券日报网讯1月8日，江苏雷利（300660）在互动平台回答投资者提问时表示，在激光雷达领域，公司 激光雷达电机产品已批量供应图达通，比亚迪（002594）、速腾聚创等客户已小批量产，并获得禾赛等 企业定点。 ...

Core Insights - Hesai Technology (NASDAQ: HSAI; HKEX: 2525) announced it is the leader in global 3D LiDAR shipments for robotic lawn mowers in 2025, with the highest number of new models showcased at CES 2026 [1] - The JT series 3D LiDAR has been delivered over 200,000 units within a year, maintaining the top position in the global market for robotic lawn mower LiDARs [1] - The JT series offers 360° wide field of view and can cover over 10,000 square meters in a single frame, enhancing the capabilities of robotic lawn mowers in navigation and obstacle avoidance [1] Group 1: Product Launches and Features - MOVA, a leading brand in smart gardening, launched two series of robotic lawn mowers at CES 2026, both equipped with Hesai's JT series LiDAR, maintaining its top position in the European market [2] - Dreame showcased its entire range of LiDAR robotic lawn mowers, leveraging Hesai's technology for comprehensive environmental perception, particularly suited for complex terrains [8] - Nexlawn introduced three new models at CES, utilizing Hesai's JT series for high-precision mapping and obstacle detection, capable of navigating narrow passages and uneven ground [14] Group 2: Market Growth and Trends - The global smart robotic lawn mower market is projected to grow from $1.5 billion in 2024 to $4.5 billion by 2034, with a compound annual growth rate (CAGR) of 11.5% [26] - Hesai's JT series LiDAR meets critical consumer demands for robotic lawn mowers, including no need for boundary wires, precise positioning, and dynamic obstacle avoidance, making it a preferred choice among leading manufacturers [26]

Core Insights - Hesai Technology announced plans to double its annual production capacity from 2 million units in 2025 to 4 million units in 2026 to meet the growing demand for LiDAR in ADAS and robotics [1][3] Group 1: Company Achievements - Hesai is the first global company to achieve an annual production of over 1 million units and cumulative deliveries exceeding 2 million units of LiDAR [3] - In 2025, Hesai delivered over 1.6 million units, with the highest monthly delivery exceeding 200,000 units [3] - The company has seen its annual delivery volume double for five consecutive years, with ADAS products accounting for approximately 1.4 million units and robotics products over 200,000 units in 2025 [3] Group 2: Production Capabilities - The company’s self-developed manufacturing capabilities are a key factor in its planned production capacity increase [3] - Hesai has established a comprehensive center integrating R&D and manufacturing, which supports large-scale production [3] - The fully automated production line can produce one LiDAR unit every 10 seconds, enhancing efficiency [3] Group 3: New Developments and Partnerships - At CES, Hesai showcased its new generation L3 automotive-grade LiDAR solutions, including the ETX and FTX models, which are designed for flexible integration into vehicles [5] - The company has secured production contracts with 24 OEMs for over 120 vehicle models, including major brands like Li Auto, Xiaomi, and Toyota [5] - Hesai's latest ATX model has received over 4 million orders and is set to begin mass production in April 2026 [5] Group 4: Market Trends - The robotics industry is experiencing rapid growth driven by AI, with stable and precise environmental perception becoming essential [6] - Hesai's LiDAR technology is being utilized in various autonomous driving applications, including Robotaxi and autonomous trucks, with some vehicles planning to use up to 8 LiDAR units [6] - The JT series of mini 360° LiDAR has been widely validated in the market, with over 200,000 units shipped since its launch [6]

Core Insights - Hesai Technology announced that it will be the leading supplier of 3D LiDAR for lawn mowing robots in 2025 [1] - The JT series 3D LiDAR was officially launched at CES 2025 and has delivered over 200,000 units in the past year [1]