In "Major Banks," China Post Securities initiates coverage on Hesai with a "Buy" rating, expecting a nearly 62% increase in net profit this year

China Post Securities research report points out that by 2025, HESAI-W (02525.HK) will rank first in global market share for automotive lidar, first in global market share for ADAS lidar, and first in global market share for L4 autonomous driving lidar. The company's lidar products have achieved a leap from gas detection to intelligent driving and then to the robotics field, evolving into a universal sensor for physical AI.

The report also indicates that the company has significantly reduced costs through self-developed chip technology, ensuring high margins. Cost reductions in hardware come from design, as the company has focused on self-developed chips since 2017. In 2025, HESAI announced its high-performance intelligent main control chip, Fermi C500, completing the last piece of the puzzle for HESAI's fully self-developed stack. The company has become the only lidar company in the industry with a fully self-developed stack of all seven key components.

China Post Securities expects the company's operating revenue for 2025 to 2027 to be RMB 3.09 billion, 4.1 billion, and 5.41 billion respectively, representing year-on-year increases of 48.7%, 32.8%, and 31.8%. GAAP net profit is expected to be RMB 420 million, 680 million, and 920 million respectively, with year-on-year increases of 508.5%, 61.6%, and 36.2% from 2025 to 2027. This is the first coverage, with a "Buy" rating