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<Research> Haitong International: HESAI-W (02525.HK) Delivers Strong 1Q26 Results, Advances Spatial Intelligence Strategy
Haitong International published a report stating that HESAI-W (02525.HK) delivered outstanding results in 1Q26 and continued to advance its spatial intelligence strategic layout. R...
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<Research> Haitong International: HESAI-W (02525.HK) Delivers Strong 1Q26 Results, Advances Spatial Intelligence Strategy
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Haitong International published a report stating that HESAI-W (02525.HK)  -8.300 (-5.039%)    Short selling $27.88M; Ratio 8.198%   delivered outstanding results in 1Q26 and continued to advance its spatial intelligence strategic layout. Revenue in 1Q26 reached RMB680 million, up 30% YoY, while net profit amounted to RMB18 million. Adjusted net profit reached RMB48 million, representing significant YoY growth.

The broker noted that HESAI maintained strong growth in both ADAS and robotics LiDAR shipments in 1Q26. Total LiDAR shipments reached 470,000 units, up 141% YoY. Among them, ADAS LiDAR shipments were 1.353 million units, up 142% YoY, while robotics LiDAR shipments were 118,000 units, up 138% YoY. Both automotive and robotics segments delivered strong overall shipment performance.

In 1Q26, HESAI launched the worlds first 6D full-color LiDAR ultra-sensitive SPAD-SoC chip, Picasso, integrated into its high-end ETX series LiDAR. The ETX series supports up to 4,320 lines and a maximum detection range of 600 meters. Mass production is expected in 2H26, and it can form a complete perception solution together with the FTX blind-spot LiDAR. Full-color LiDAR enables deep integration of RGB color and precise spatial information, creating a new paradigm for perception modules. In addition to automotive applications, it is expected to expand into other use cases.

On the other hand, the company launched its spatial intelligence product Kosmo, which effectively integrates AI algorithms to build 3D data scenarios for the physical AI era. Kosmo is expected to empower applications such as robot simulation training, immersive media and 4D entertainment. As a core product under the companys SGI (strategic growth initiative) business, Kosmo is expected to start contributing revenue from 2Q26.

The broker expects HESAI to maintain solid growth momentum in 2Q26, with revenue projected to reach RMB870 million, up more than 23% YoY. For full-year 2026, revenue is forecast to exceed RMB4.3 billion, maintaining a high growth rate of over 40%. The broker projects revenue of RMB4.33 billion and RMB5.9 billion for 2026 and 2027, representing YoY growth of 43% and 36%, respectively. Net profit is forecast at RMB540 million and RMB670 million, up 29% and 23% YoY, respectively. Considering that comparable companies are not yet profitable, the broker adopts a 7x projected 2026 price-to-sales ratio as the valuation basis, corresponding to a TP of HKD247, and maintains an Outperform rating.


HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-28 16:25
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