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<Research> Daiwa Raises Hesai Group (HSAI.US) TP to USD36, Reiterates Buy; Switches Valuation Method to P/E
Recommend 6 Positive 6 Negative 3 |
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Daiwa said in a report that HESAI-W (02525.HK) is transitioning from a single-engine growth model (LiDAR) to a dual-engine model, combining LiDAR scale expansion with monetization of spatial intelligence. The broker noted potential changes in its valuation framework and long-term profit trajectory. The report cited management as expecting to start reporting revenue from Kosmo, its spatial intelligence device integrated with AI algorithms, from 2Q onward. Daiwa believes Kosmo is not merely a new product but a new business model. Management has positioned Kosmo as a scalable recurring revenue ecosystem, supporting hardware sales, software licensing, and cloud platform services. Kosmo improves the efficiency of 3D environment reconstruction, saving four-fifths of the time compared with the traditional 3DGS process. The company said it has secured initial orders from AI companies, entertainment studios, and industrial enterprises. In addition, the report stated that Hesai Group's core LiDAR business continues to demonstrate strong momentum. In 1Q, it secured new orders from key customers including Li Auto, Xiaomi, Geely and Mercedes-Benz. The company will also join the supply chain of GAC Toyota BZ3X and Xiaomi's overseas vehicle models next year. Daiwa raised its revenue forecasts for this year and next by 1% to 6%, reflecting the inclusion of the SGI business in its projections. It reiterated its Buy rating and changed its valuation methodology from price-to-sales to price-to-earnings, as the company has recorded quarterly profitability. The US stock TP for Hesai Group (HSAI.US) was lifted from USD34 to USD36. (da/u) 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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