Goldman Sachs: Hesai's third-quarter earnings exceeded expectations, rating "Buy"

AASTOCKS
2025.11.12 03:28

Goldman Sachs research report indicates that Hesai (02525.HK) third-quarter operating profit and net profit were 125% and 200% higher than Goldman Sachs' forecasts, respectively, mainly due to higher lidar shipment volumes, reduced operating expenses, and equity investment income.

Goldman Sachs believes that Hesai Technology is in a favorable position to benefit from the accelerated adoption of navigation-assisted driving in China's new energy vehicle market starting in 2025, along with the launch of low-cost products, which will drive the use of lidar in mass-market vehicles; overseas advanced driver-assistance systems (ADAS) opportunities, with design orders from global automakers expected to enter mass production in 2026 and 2027; and the global Robotaxi market, where Hesai is projected to hold a 61% market share in the global Robotaxi market in 2024 and gain incremental orders from other verticals (such as automatic lawn mowers).

Goldman Sachs has set a 12-month target price of $36 for Hesai's U.S. stock (HSAI.US) and a 12-month target price of HKD 281 for its Hong Kong stock; rating "Buy."

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