---
title: "Goldman Sachs lowers Hesai's target price to 265 yuan, reiterates \"Buy\" rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/266148970.md"
description: "Goldman Sachs published a research report stating that Hesai's third-quarter performance exceeded expectations, but increased competition has led to an 8% downward adjustment in its non-GAAP earnings per share forecast for next year. Goldman Sachs expects Hesai's sales to grow by 90% next year, revenue to increase by 43%, and net profit to rise by 80%. Although the forecast for this year's non-GAAP net income has been raised by 16%, the forecasts for 2026 to 2030 have been lowered by 4 to 9%. The \"Buy\" rating is maintained, with the target price adjusted down to HKD 265"
datetime: "2025-11-17T08:46:11.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266148970.md)
  - [en](https://longbridge.com/en/news/266148970.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266148970.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/266148970.md) | [繁體中文](https://longbridge.com/zh-HK/news/266148970.md)


# Goldman Sachs lowers Hesai's target price to 265 yuan, reiterates "Buy" rating

Goldman Sachs published a research report indicating that Hesai (02525.HK) exceeded expectations in its third-quarter performance; however, the company generally maintained its guidance for this year and next. The company mentioned that next year's revenue is expected to record double-digit growth. The bank believes that the range of guidance is too broad, and if the final growth rate falls at the lower end of the double digits (10% to 20%), it may disappoint the market.

The bank noted that competition for Hesai is becoming increasingly fierce and lowered its non-GAAP earnings per share forecast for next year by 8%. Additionally, the bank expects that next year, Xiaomi, Leapmotor, Li Auto, and BYD will account for 29%, 26%, 21%, and 12% of Hesai's sales of advanced driver-assistance systems (ADAS) LiDAR. The bank continues to expect that the average selling price of Hesai's main ATX products will decline by 10% year-on-year.

The bank anticipates that Hesai's sales will grow by 90% next year, with a revenue growth rate of 43%. Coupled with stable gross margins and ongoing operational leverage, this will drive net profit growth of 80%. The bank raised its non-GAAP net income forecast for the company this year by 16%, but lowered its forecasts for 2026 to 2030 by 4% to 9% to reflect the impact of increased competition leading to a decline in average prices. The bank maintains a "Buy" rating for the company and lowered the target price by 6%, with target prices for H shares and US stocks (HSAI.US) set at HKD 265 and USD 34, respectively

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