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<Research> BOCOM International: HESAI-W (02525.HK) 1Q26 Shipments Exceed Upper-End Guidance, Maintains Buy on Long-term Growth Potential
Recommend 9 Positive 8 Negative 3 |
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BOCOM International said in a report that HESAI-W (02525.HK)'s lidar shipments in 1Q26 rose 140.9% YoY to 472,000 units, exceeding the company's upper-end guidance of 450,000 units set at the beginning of the year. Revenue for the period increased 29.6% YoY to RMB680 million. Corresponding ASP was RMB1,441, down 45% YoY and 7% QoQ, mainly due to a higher contribution from lower-priced ATX and JT series products, with gross margin declining to 39.1%. The broker believes HESAI's lidar and Strategic Growth Initiative (SGI) new businesses will begin contributing revenue from 2Q26, marking significant breakthroughs in its globalization strategy. HESAI has become the strategic lidar partner and designated supplier for Mercedes-Benz's L3 autonomous driving models. Construction of its new factory in Bangkok, Thailand is progressing steadily and is expected to commence production in early 2027, further enhancing HESAI's global capacity layout and strongly supporting future business growth. BOCOM International maintained its TP at HKD269.66, corresponding to 8.5x its 2026 forecast price-to-sales ratio. Based on expectations of volume expansion overseas and earnings improvement driven by the SGI business, the broker remains positive on the company's long-term growth potential and reiterates its Buy rating. (su/j) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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