Citi: Maintains Hesai-W (02525.HK) H-share "Buy" rating and HK$21.4 target price; Q3 core net profit up 60% year-on-year

Zhitong Finance APP has learned that Citi issued a research report stating that it maintains the "Buy" rating on Hesai-W (02525.HK) H-shares and the target price of HK$21.4, while maintaining the target price of US$22 for its US shares (HSAI.US). The bank noted that Hesai's third-quarter net profit was RMB 81 million, in line with the bank's and the lowered market expectations. After excluding the one-off gain of RMB 185 million in the third quarter of 2025 and the impact of exchange rates, the bank estimates that third-quarter core net profit increased by 60% year-on-year to RMB 100 million.