$Hesai(HSAI.US)The first shot of the new year, this note will fluctuate between 22.5~24.5 for at least 20 trading days. Future highlights: 1. CES2026 to see if there are any blockbuster products. My personal view is that Hesai currently does not have truly innovative products, basically just extreme designs based on the VCSEL-SiPM architecture, fully demonstrating very strong technical barriers, but the SPAD technology seems not yet broken through, with no mass-produced products found;

2. According to previous release schedules, the Q4 quarterly report and annual report around mid-March 2026 should slightly exceed expectations, with the annual report likely to exceed expectations. The main product for large-scale shipments is the 64-line ATX, but this product is low-priced and has low wiring harness requirements, aiming to increase market share through volume. The current mainstream radar is generally recognized to require a true 192-line to scan clearly, and the upgraded equivalent 256-line ATX should have large-scale shipments in Q4.

3. The entry opportunity around 22 would be safer. If there is a big drop one day, such as breaking below the 20-day line or the box range (22~24), it should be a shakeout, creating panic and a good entry opportunity.