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Haitong Int'l Initiates Coverage on HESAI-W (02525.HK) w/ Rating Outperform/ TP $247.6
2025-11-17 10:50:52
Haitong International released a research report initiating coverage on HESAI-W (02525.HK)'s H-shares, with rating at Outperform and a target price of $247.6.

Haitong International said that HESAI-W is a global leader in LiDAR sector, and expected HESAI-W's total LiDAR shipments to reach 1.6 million units within the year, with 4Q25 shipments at 610,000 units.

The broker anticipated that the Company's 4Q25 revenue will be RMB1.01 billion, and 2025-2027 revenues will be RMB3.037/ 4.439/ 5.735 billion, respectively. Haitong International also estimated the Company's 2025 GAAP net profit to be RMB400 million, with RMB117 million in 4Q25.
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