Research Report Highlights | CICC: Raises Hesai Technology's Hong Kong Stock Target Price to HKD 241.1, Maintains "Outperform Industry" Rating

Glonghui January 9｜CICC released a report stating that Hesai showcased its latest lidar technology achievements at CES 2026 this month, and updated its delivery volume, capacity planning, and strategic cooperation status. Its mass production and delivery capabilities lead the industry; domestic and international capacity is advancing steadily. The L3 model has obtained MIIT access permission, and the number of lidars per vehicle is expected to increase. With the rise of the next wave of physical AI such as Robotaxi and robotics, lidar has become a key driver. The firm maintains its 2025 revenue forecast for Hesai, raises its 2026 revenue forecast by 6.4% to 4.53 billion yuan, and introduces a 2027 revenue forecast of 6 billion yuan for the first time. The firm maintains its "outperform industry" rating, and, considering the valuation center for intelligent driving and robotics sectors has shifted upward, raises its target price for Hong Kong shares to HKD 241.1 and for US shares to USD 31.56.