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CMS: HESAI-W 3Q Results Basically in Line; Long-term Expansion Potential Enormous
2025-11-14 17:16:30
HESAI-W (02525.HK) delivered 3Q25 revenue and GPM largely in line with expectations, and it decided to raise its full-year profit guidance, according to China Merchants Securities' research report.

HESAI-W's shipment guidance for next year is strong. While the market is overly concerned about competition in the short term, there is significant long-term expansion potential.

China Merchants Securities reduced HESAI-W's target price to HKD218.1, reflecting the expansion of equity following the H-share listing.
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