Bank of Communications International Maintains HESAI-W (02525) Target Price at HK$269.66, Reiterates "Buy" Rating

Stock News05-21

Bank of Communications International has issued a research report maintaining its target price for HESAI-W (02525) at HK$269.66 and a "Buy" investment rating. The target price corresponds to 8.5 times the projected 2026 price-to-sales ratio. Based on expectations of improved profitability driven by overseas volume expansion and the Strategic Growth Initiatives (SGI) business, the firm continues to view the company's long-term growth potential favorably. Bank of Communications International noted that Hesai Group's first-quarter shipments exceeded expectations, paving the way for revenue contributions from its LiDAR business and SGI business starting in the second quarter. The firm has incorporated the SGI business into its revenue forecasts, raising its revenue projections for Hesai Group for 2026-2028 by 2% to 12% to RMB 4.364 billion, RMB 5.987 billion, and RMB 7.502 billion, respectively.

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