BOCOM INTL: Maintains target price of 269.66 Hong Kong dollars for HESAI-W (02525) and rates it as "Buy".

BOCOM INTL released a research report stating that it maintains a target price of 269.66 Hong Kong dollars for HESAI-W (02525) and a "buy" investment rating. The bank maintains a target price of 269.66 Hong Kong dollars for Hesai, corresponding to 8.5 times the 2026 forecasted P/S ratio. Based on expectations of profit improvement from increased overseas shipments and the SGI business, the bank continues to be optimistic about the company's long-term growth potential. BOCOM INTL noted that Hesai's first quarter shipments exceeded expectations, leading to revenue contributions from the "Lidar business" and the "Strategic Growth business" (SGI business) starting in the second quarter. The bank has included the SGI business in its revenue forecasts and has raised Hesai's revenue forecasts for 2026-2028 by 2%-12% to 4.364 billion/5.987 billion/7.502 billion RMB.