---
title: "Daiwa initiates coverage on HESAI-W with a \"Buy\" rating and a target price of 264 yuan"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/261360413.md"
description: "Daiwa initiates coverage on HESAI-W with a \"Buy\" rating and a target price of 264 yuan. It is expected that LiDAR shipments will reach 1.46 million units in 2025, a year-on-year increase of 191%. Despite a decline in selling prices, the growth in sales will drive approximately 50% revenue growth in 2025. The forecast for LiDAR shipments in 2026 has been raised from 1.8 million units to 2.1 million units, and for 2027 from 2.8 million units to 3.1 million units"
datetime: "2025-10-16T03:09:50.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/261360413.md)
  - [en](https://longbridge.com/en/news/261360413.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/261360413.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/261360413.md) | [繁體中文](https://longbridge.com/zh-HK/news/261360413.md)


# Daiwa initiates coverage on HESAI-W with a "Buy" rating and a target price of 264 yuan

Daiwa published a report, initiating coverage of HESAI-W (02525.HK) with a "Buy" rating and a target price of 264 yuan. The firm started coverage of HESAI (HSAI.US) on March 10.

Daiwa raised its forecast for HESAI's LiDAR shipments for the fiscal years 2026 to 2027, expecting total shipments to reach 1.46 million units in 2025, a year-on-year increase of 191%. Although the average selling price may continue to decline significantly, mainly due to the product mix shifting towards the $200 ATX series, the firm believes that the growth in sales should fully offset the decline in average price, driving approximately 50% year-on-year revenue growth in 2025.

The firm expects that the decline in average price will slow down after 2025, as further cost reduction opportunities from engineering innovations are limited. Based on the overall increase in LiDAR shipments in China, it raised HESAI's LiDAR shipment forecasts for 2026 to 2027, adjusting the estimated shipments for 2026 from 1.8 million units to 2.1 million units, and for 2027 from 2.8 million units to 3.1 million units

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