HSHESAI@EC2611A

Hesai's Fermi C500 Chip Passes ISO26262 ASILB Certification, Becomes World's First RISC-V LiDAR Main Control Chip

Hesai Group Releases 2026 Q1 Report Turning Profit, Huachuang Securities Maintains Strong Buy Rating with Target Price of HKD 249.39

Bank of Communications International Maintains Buy Rating and HK$269.66 Target Price for Hesai, Upwardly Revises 2026-28 Revenue Forecast

Hesai Group Q1 Net Profit 18.3M RMB, Appointed Mercedes-Benz Strategic Partner, Q2 Revenue Forecast 850M-900M RMB

HESAI-W released FY2026 Q1 earnings on May 19 Pre-Market (BJT), actual revenue HKD 771.57 M (forecast HKD 758.76 M), actual EPS HKD 0.1247 (forecast HKD 0.0035)

HESAI-W to Release FY2026 Q1 Earnings on May 19 Pre-Market (BJT), Forecast Revenue HKD 768.66 M, EPS HKD 0.0035

US Bank Securities Maintains Buy Rating on Hesaitech Class B Shares

Hesa Achieves Annual GAAP Profitability and Leads in Automotive Lidar Market

Hesai Provides Exclusive LiDAR Solution for KargoBot Space 2.0 Mass Production

China Merchants International Securities Maintains Buy Rating for Hesaigroup B Shares with a Target Price of HKD 228.54

CMB International Maintains HSAT Group Target Price and Rating

UBS Maintains BUY Rating and Sets Target Price for Hesai Technology Class B Shares

Hesa Hosts Technology Open Day to Showcase Strategic Transformation and Launch New Products

Goldman Sachs Raises Hesai Target Price to HKD273

Hesa ETX 6D LiDAR Platform Scheduled for Mass Production in the Second Half of the Year

Hesa Technology Achieves Full-Year Profit in 2025, Becoming the First Globally

Guotai Junan and DBS Reaffirm Buy Rating for Hesai Tech Class B Shares

CICC Downgrades Hesai's Profit Forecast and Adjusts Target Price

Hesa Group Signs Lidar Product Supply Agreement with Sharpa

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Haitong International reports that HESAI-Wachieved strong 1Q26 results with revenue of RMB680 million, up 30% YoY, and a net profit of RMB18 million. LiDAR shipments surged 141% YoY, with significant growth in both ADAS and robotics segments. HESAI launched the Picasso chip and Kosmo product, enhancing its spatial intelligence strategy. Projected revenue for 2026 exceeds RMB4.3 billion, with a 40% growth rate. The broker maintains an Outperform rating with a target price of HKD247.

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Haitong International: HESAI-W  Delivers Strong 1Q26 Results, Advances Spatial Intelligence Strategy

Hesai Group will hold its annual general meeting on June 26, 2026, at 1:30 p.m. Beijing time in Suzhou, China. Shareholders as of May 22, 2026, are entitled to attend and vote. The board supports the proposed resolutions. The company has filed its annual report for the fiscal year ended December 31, 2025, with the SEC, available on its website.

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Hesai Group to Hold Annual General Meeting on June 26, 2026 | HSAI Stock News

Goldman Sachs has maintained its 'buy' rating for Hesai Technology, with a target price of HKD 273 for its Hong Kong shares and USD 35 for its U.S. shares. According to Jin10, following the release of first-quarter results for 2026, the company provided order guidance indicating that revenue from its SGI business is expected to slow to RMB 1 billion by 2027-2030 due to uncertain market conditions.

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STOCKS | Goldman Sachs Maintains Buy Rating for Hesai Technology

CMSI reported that HESAI-Wdelivered 1Q results in line with expectations, with revenue of RMB681 million, up 29.6% YoY. LiDAR shipments reached 477,000 units, exceeding forecasts. Despite a 45% YoY drop in LiDAR ASP to RMB1,441, management views this as a healthy trend. CMSI emphasizes breakthroughs in spatial intelligence AI hardware, targeting RMB100 million in SGI revenue by 2026. The broker maintains an Overweight rating, with target prices of USD32 forand HKD250 for HESAI-W.

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CMSI: HESAI-W  Quarterly Results In Line; LiDAR Shipments Beat; Reiterate Overweight

Daiwa has raised Hesai Group's target price to USD36 and reiterated a Buy rating, switching its valuation method to P/E. The report highlights Hesai's transition to a dual-engine growth model, with revenue from its new AI-integrated spatial intelligence device, Kosmo, expected to start in Q2. The company continues to secure significant orders from major clients, and Daiwa has increased its revenue forecasts for the next two years by 1% to 6%.

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Daiwa Raises Hesai Group  TP to USD36, Reiterates Buy; Switches Valuation Method to P/E

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.

BOCOM INTL

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

At today's close, HESAI-W's stock price plummeted by 9.01%, ranking among the top declines in the Hong Kong stock market, with a trading volume of HKD 368 million, indicating a massive capital outflow. The MACD daily line formed a death cross signal below the zero axis, suggesting that the medium-term downward trend is being further confirmed, and the bearish forces have shifted from probing to dominance. For a leading lidar company in its growth phase, such a significant single-day decline often indicates a temporary shake in the market's valuation logic, and the bulls will need time to rebuild confidence in the short term. On the industry level, the automotive parts and intelligent driving sectors have recently shown a divergence in performance. BYD's stock fell by 3.94% to HKD 90.2 today, while Geely Automobile dropped by 1.24%, putting pressure on the entire automotive supply chain. On the news front, global long-term bond yields remain high, with the U.S. 30-year Treasury yield reaching 5.20%, a new high since 2007, creating systemic pressure on high-valuation growth stocks in a high-interest-rate environment. Additionally, a member of the Federal Reserve's FOMC clearly stated that interest rate cuts are not advisable until inflation targets are met, further dampening market expectations for liquidity easing. For technology companies like HESAI that are still in the early stages of commercialization and rely on valuation premiums, the deterioration of the interest rate environment directly impacts their pricing foundation. Technically, the 9% single-day decline has pushed the stock price into the short-term oversold range, but the death cross pattern below the MACD zero axis indicates that the medium-term weakness has not yet bottomed out

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Pre-market trend | HESAI-W (2525.HK) plummeted 9% on May 20, is it a crushing sell-off by the bears?

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CHINA QINFA(00866) fell 27.84%, with a trading turnover 228.4 Million HKD, and a year-to-date fell 31.6%. ROBOTPHOENIX(06871) fell 17.93%, with a trading turnover 96.9 Million HKD, and a year-to-date rose 34.5%. BRAINAURORA-B(06681) fell 16.83%, with a trading turnover 539.7 Million HKD, and a year-to-date fell 47%.

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0520 | Dolphin Research Focus: 🐬 Stock pick 1: $BABA-W(09988.HK) unveiled its in-house AI chip 'Zhenwu' M890 at the recent Alibaba Cloud Summit, offering 3x the prior-gen performance and 144GB of VRAM. It also introduced a 128-card ultra-node server and plans to roll out V900 in 2027.This high-spec, self-developed compute chip is a major step by a domestic internet platform toward autonomy at the compute infrastructure layer. It should materially reduce reliance on overseas high-end chips for enterprise-grade compute workloads...

BABA launches in-house AI chip 'Zhenwu M890'; NVDA invests $2 bn in MRVL | Daily News Recap

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Q2 total revenue is expected at RMB 850–900 mn.LiDAR shipments are estimated at ~650k units.

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HSAI (Trans): SGI biz to match LiDAR scale in 5 yrs

Financial Analysis

2026 will remain a 'price-for-volume' year for Hesai Group amid high-stakes competition.

BOYD Gaming

HSAI: Cut Losses, Hold the Line — Sector Leader Under Pressure?

HSAI 1Q26 First Take: Slight beat overall, with revenue above the midpoint of guidance, but core OP remained in the red as ASP deflation weighed on margins. 1) Revenue: higher volume, lower price, slight beat Revenue was RMB 684 mn (+28.7% YoY), landing toward the upper end of the RMB 650–700 mn guide. Growth was fully driven by shipments beating plan. Shipments beat: seasonally soft quarter proved resilient, with ADAS and robotics as dual drivers.Q1 is typically off-season, compounded by the phase-down of domestic NEV purchase tax incentives (domestic NEV sales -4% YoY), yet total shipments reached 477k units vs. 400–450k guided. This again underscores accelerating LiDAR penetration into mid- to lower-end models. ADAS shipments were 353k units (+142% YoY), led by the thousand-yuan ATX ramping in RMB 100k–200k models at BYD and Geely. The lower-priced blind-spot filler FTX also started to scale. Robotics shipments were 124k units (+138% YoY), exceeding the 100k guide. Growth was driven by the JT series for lawn mowers and related use cases.② ASP still deflating: intensified competition as the main driver Blended ASP was about RMB 1,441, down 45% YoY and a further 7% QoQ vs. 4Q25. Despite a higher mix of higher-priced robotics LiDARs (up 13ppt QoQ to 25%), overall ASP was dragged down, reflecting both mix and price-for-volume competition. a. Mix shifted toward lower-priced ATX (e.g., custom versions supplied to BYD and Geely) with unit price around RMB 800. This is well below the 2026 overall ATX Avg. of about USD 150. b. The lower-priced FTX blind-spot filler (about USD 100) began to ship. This further pushed down blended ASP. 2) Gross margin: notably pressured, GPM fell below the key 40% threshold for the first time GPM was 39.1%, down 260bps YoY, below the market’s 39.9% expectation and the company’s usual 40%+ level. This marks a break below a psychologically important line. The decline was mainly because ASP deflation (-45% YoY) outpaced cost reductions from in-house chips, with scale benefits not yet realized. As a result, per-unit GP was under pressure. 3) Opex and profit: disciplined spend, but core OP still loss-making Q1 opex totaled RMB 300 mn; against ~30% revenue growth, opex rose ~40% YoY, reflecting tighter internal management and a more refined operating approach. Cost control remained a focus despite growth investments. Core OP came in at -RMB 30 mn, a small loss as ASP deflation compressed GP and seasonality limited scale leverage. Still, it was slightly better than the market expected. $Hesai(HSAI.US) $Hesai(HSAI.US)

0519 | Dolphin Research Focus: 🐬 Macro/Industry 1) Trump announced on social media that, at the request of leaders of Qatar, Saudi Arabia and the UAE, the planned strike on Iran set for the 19th has been postponed. He said the US and Iran are in 'serious talks', while the three Gulf states fear an escalation could hit their own energy infrastructure. He also stressed that US forces remain on alert, warning that if talks collapse, a full-scale offensive would follow.This move keeps a window open for diplomacy while applying military pressure on Tehran. In the near term, it eases risks around Middle East oil prices and shipping, supporting global energy markets and risk appetite. Over the longer run, US-Iran rifts are unlikely to be resolved...

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JD 618 Kicks Off Low-Price Deals; Tencent Speeds Up AI Monetization | Daily News Recap

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0427 | Dolphin Research Focus: 🐬 Macro/Industry1) Last week, DeepSeek surprise-launched its flagship foundation model DeepSeek-V4 and fully open-sourced it, a key market catalyst. With AI advances as a tailwind, semis extended gains today: the Hong Kong Semiconductor Index jumped 5%+, led by SMIC and Hua Hong Semiconductor.The new model is tuned for domestic compute and pursues a non-CUDA stack, expanding edge-AI use cases and sustaining demand for local chips. Flows continue to pile into themes of self-reliant compute and domestic substitution...

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DeepSeek-V4 open-sourced, igniting the AI compute supply chain; Tencent's QClaw rolls out a major update | Daily News Recap

HSHESAI@EC2611A(29599.HK)

Haitong International: HESAI-W Delivers Strong 1Q26 Results, Advances Spatial Intelligence Strategy

Hesai Group to Hold Annual General Meeting on June 26, 2026 | HSAI Stock News

STOCKS | Goldman Sachs Maintains Buy Rating for Hesai Technology

CMSI: HESAI-W Quarterly Results In Line; LiDAR Shipments Beat; Reiterate Overweight

Daiwa Raises Hesai Group TP to USD36, Reiterates Buy; Switches Valuation Method to P/E