---
title: "Goldman Sachs: Hesai's third-quarter earnings exceeded expectations, rating \"Buy\""
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/265436440.md"
description: "Goldman Sachs released a research report stating that Hesai's earnings in the third quarter exceeded expectations, with operating profit and net profit surpassing forecasts by 125% and 200%, respectively. The main reasons include an increase in lidar shipments, a reduction in operating expenses, and income from equity investments. Goldman Sachs believes that Hesai has an advantage in the Chinese new energy vehicle market and is expected to benefit from the accelerated adoption of navigation-assisted driving. The target price for Hesai's U.S. stock is $36, the target price for its Hong Kong stock is HKD 281, and the rating is \"Buy.\""
datetime: "2025-11-12T03:28:21.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265436440.md)
  - [en](https://longbridge.com/en/news/265436440.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265436440.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/265436440.md) | [English](https://longbridge.com/en/news/265436440.md)


# Goldman Sachs: Hesai's third-quarter earnings exceeded expectations, rating "Buy"

Goldman Sachs research report indicates that Hesai (02525.HK) third-quarter operating profit and net profit were 125% and 200% higher than Goldman Sachs' forecasts, respectively, mainly due to higher lidar shipment volumes, reduced operating expenses, and equity investment income.

Goldman Sachs believes that Hesai Technology is in a favorable position to benefit from the accelerated adoption of navigation-assisted driving in China's new energy vehicle market starting in 2025, along with the launch of low-cost products, which will drive the use of lidar in mass-market vehicles; overseas advanced driver-assistance systems (ADAS) opportunities, with design orders from global automakers expected to enter mass production in 2026 and 2027; and the global Robotaxi market, where Hesai is projected to hold a 61% market share in the global Robotaxi market in 2024 and gain incremental orders from other verticals (such as automatic lawn mowers).

Goldman Sachs has set a 12-month target price of $36 for Hesai's U.S. stock (HSAI.US) and a 12-month target price of HKD 281 for its Hong Kong stock; rating "Buy."

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- [Hesai (HSAI.US)](https://longbridge.com/zh-HK/quote/HSAI.US.md)

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