Goldman Sachs: Initiates coverage on HESAI-W with a "Buy" rating and a target price of HKD 281
Goldman Sachs released a research report stating that as LiDAR accelerates its adoption in the Chinese market this year and begins large-scale production in global automotive companies from 2026 to 2027, it predicts that by 2030, overseas ADAS LiDAR shipments will reach 3 million units, equivalent to the scale of the Chinese market in 2025. Goldman Sachs has given HESAI (02525, H shares) a "Buy" rating for the first time, with a target price of HKD 281. The target price for US stocks has been raised from USD 26.3 to USD 36, also with a "Buy" rating. The firm predicts that by 2030, overseas ADAS customers will contribute 10% of HESAI's shipments, 20% of its revenue, and 23% of its gross profit, with a gross profit margin 10 percentage points higher than domestic products. The firm currently forecasts that HESAI's revenue and net profit will reach RMB 14 billion and RMB 3 billion, respectively, by 2030, with a net profit margin expected to reach 21%, and has raised its net profit forecast for 2026 to 2027 by 11% to 17%
According to the Zhitong Finance APP, Goldman Sachs released a research report stating that as LiDAR accelerates its popularity in the Chinese market this year and begins large-scale production in global automotive companies from 2026 to 2027, it predicts that by 2030, overseas ADAS LiDAR shipments will reach 3 million units, equivalent to the scale of the Chinese market in 2025. Goldman Sachs has given Hesai (02525, HSAI.US) its first "Buy" rating for H shares, with a target price of HKD 281, and has raised the target price for US stocks from USD 26.3 to USD 36, maintaining a "Buy" rating.
The bank predicts that by 2030, overseas ADAS customers will contribute 10% of Hesai's shipments, 20% of its revenue, and 23% of its gross profit, with a gross profit margin 10 percentage points higher than domestic products. The bank currently forecasts that Hesai's revenue and net profit will reach RMB 14 billion and RMB 3 billion, respectively, by 2030, with a net profit margin expected to reach 21%, and has raised its net profit forecast for 2026 to 2027 by 11% to 17%
