CICC: Gives Hesai-W (02525.HK) a target price of HK$22, maintains "Outperform" rating.

Zhitong Finance APP has learned that CICC has issued a research report stating that it maintains an "Outperform Industry" rating on Hesai-W (02525.HK) H-shares and its U.S. shares (HSAI.US), with an H-share target price of HK$22.00 and a U.S. share target price of US$22.00, corresponding to 33.5x and 32.5x 2027 P/E ratios, respectively, implying 48.0% and 53.7% upside from the current share prices. The bank expects the company's net profit for 2026 and 2027 to be RMB 285 million and RMB 694 million, respectively. In the third quarter of 2026, the company achieved revenue of RMB 1.07 billion, up 34.3% year-on-year and up 24.1% quarter-on-quarter, with net profit attributable to shareholders of RMB 80 million, up 14.5% quarter-on-quarter, in line with the bank's expectations. The bank believes that, with the commercialization of Kosmo and the gradual delivery of robot power modules, the SGI business is expected to become a new growth engine.