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<Research>BofAS Trims Hesai's TP to USD25; Products to Face Price Pressure Next Yr
Recommend 4 Positive 4 Negative 3 |
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According to a report by BofA Securities, HESAI-W (02525.HK)'s 3Q25 net income roughly met the broker's expectations with a spike of 48% YoY to RMB795 million, while its GPM of 42.1% beat the guidance of 40%. HESAI-W also confirmed a non-operating gain of RMB173 million from the sale of equity in a tech startup. Overall, its net profit increased to RMB256 million, better than BofA Securities' forecasts. The guidance for HESAI-W's FY25 GAAP net profit was raised to RMB350-450 million, and the preliminary guidance for its 2026 LiDAR shipments was set at 2-3 million units. While the growth prospects for industry demand are promising because of the introduction of new regulations, HESAI-W's average product prices may face heavier pressure in 2026 considering changes in the product mix, discounts for high-end customers, and routine annual price reductions. BofA Securities cut its target price for Hesai (HSAI.US) from USD26.6 to USD25 and reiterated the Buy rating. AAStocks Financial News |
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