HESAI has risen by 30% over three days, Huaxi Securities gives it an initial "Buy" rating
HESAI-W (02525.HK) continues to perform strongly, opening up 5.1% this morning (26th) and reaching an intraday high of 7.7%, peaking at HKD 157.4. It was last reported at HKD 154.6, up 5.82%, with a trading volume of 772,000 shares, involving HKD 120 million. HESAI's H shares have accumulated nearly 30% over three consecutive trading days, significantly outperforming the Hang Seng Index's approximately 3% increase during the same period. HESAI (HSAI.US) rose 11% in the US stock market overnight (25th), closing at USD 20.22.
Recently, HESAI released the Fermi C500, a high-performance intelligent main control chip specifically for LiDAR based on the RISC-V architecture, along with the world's only photon isolation safety technology and the updated version of the 256-line safety LiDAR ATX. Currently, the photon isolation technology has been fully integrated into HESAI's main LiDAR products such as ATX and ETX. It is reported that the flagship ATX updated version of the 256-line LiDAR, based on the self-developed chip platform, has a maximum detection range of 230 meters, doubling the performance of the previous generation, and has received over 4 million orders, with mass production planned for April 2026.
Huaxi Securities has initiated coverage of HESAI's H shares with a "Buy" rating, indicating that its self-developed ASIC technology and platform architecture provide a balance between performance, quality, and cost in its star products like the AT series. The company has secured 120 model designations from 22 major manufacturers in the ADAS field, ranking first in production volume; in the robotics market, its monthly shipment volume has exceeded 20,000 units, and it is a key supplier with over 55% market share in the autonomous taxi sector.
Bank of America recently stated that HESAI's upgraded ATX products have backlogged orders exceeding 4 million units, with mass production targeted to begin in April next year. The bank believes that the new chip technology and integration represented by the Fermi C500 will allow HESAI to continuously reduce costs and enhance competitiveness. It has given HESAI a "Buy" rating in the US stock market, with a target price of USD 25. China International Capital Corporation has also initiated coverage of HESAI's H shares with an "Outperform" rating, setting a target price of HKD 182.5, citing that the company builds a core moat through chip technology, self-built automated production capacity, and extensive customer resources, with multiple factors driving the industry into a high growth period
