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<Research>CMSI: HESAI-W (02525.HK) Gross Margin Affected by Product Mix Disturbance, but Remains Overall Resilient; TP Trimmed to $250
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HESAI-W (02525.HK)'s 4Q25 net profit attributable to the parent company was RMB153 million, up 4.2% YoY but down 40% QoQ, primarily due to a high base in 3Q25 caused by significant one-off gains, according to CMSI's research report. In the short term, the Company is in a rapid volume increase phase, and although the gross margin is affected by product mix disturbances, it remains overall resilient, CMSI noted. The average selling price (ASP) was under temporary pressure, while R&D investment was greater than expected. The broker lowered its 2026/ 2027 net profit forecasts for the Company by 22%/ 29%, and added that HESAI-W's technological leadership is promising for its upgrade from a LiDAR manufacturer to a physical AI supplier, with new products expected to open market space several times larger than ADAS. Therefore, CMSI kept rating at Overweight, with a FY2026 PE ratio of 61.3x or a PEG ratio of 1.3x. The broker correspondingly trimmed its target prices for HESAI-W's US stock/ H-shares from US$40/ $311 to US$32/ $250. AASTOCKS Financial News Website: www.aastocks.com |
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