
BOCOM International: HESAI-W 1Q26 Shipments Exceed Upper-End Guidance, Maintains Buy on Long-term Growth Potential

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BOCOM International reported that HESAI-W's lidar shipments in 1Q26 rose 140.9% YoY to 472,000 units, exceeding guidance. Revenue increased 29.6% YoY to RMB680 million, but ASP fell 45% YoY. HESAI is now a strategic partner for Mercedes-Benz's L3 models and is expanding its global capacity with a new factory in Thailand. BOCOM maintains a Buy rating, citing long-term growth potential and a target price of HKD269.66.
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