CICC: Maintain Hesai-W outperform industry rating with a target price of HKD 217.00.

CICC released a research report stating that the current P/E ratio of Hesai-W's Hong Kong stocks corresponds to 43.6 times / 27.0 times in 2026/2027. It maintains an outperform rating, with a target price of HKD 217.00 for Hong Kong stocks, corresponding to 57.0 times / 35.3 times P/E in 2026/2027, with a 30.7% upside potential. The company released its 2025 performance: annual revenue was RMB 3.03 billion, a year-on-year increase of 46%, with a net profit attributable to the parent company of RMB 440 million, and non-GAAP net profit of RMB 550 million, a significant year-on-year growth. 4Q25 revenue was RMB 1 billion, with a net profit attributable to the parent company of RMB 150 million and a non-GAAP net profit of RMB 180 million, meeting market expectations.