> **来源：[研报客](https://pc.yanbaoke.cn)** # Hesai Group (HSAI US) Summary ## Core Content Hesai Group (HSAI US) recently held its 2026 Investor Day and Technology Open Day, where it unveiled several key developments and strategic shifts. The company is positioned as a leader in the LiDAR industry and is expanding into new areas of technology and business to become a key enabler in the physical AI era. ## Main Points ### 1. **Product Launches and Upgrades** - **Picasso SPAD-SoC**: Hesai unveiled the world's first 6D full-color LiDAR ultra-sensitive chip, which supports up to 4,320 laser channels and 4K ultra-high-definition perception. It has a photon detection efficiency (PDE) of over 40%, making it industry-leading. - **ETX Series LiDAR**: The new ETX LiDAR will be fully upgraded with Picasso SPAD-SoC, integrating spatial and color detection. Mass production and delivery are scheduled for 2H26. - **Kosmo**: A spatial intelligence AI hardware product designed to collect real-world 3D data for creating digital twins of physical spaces. It will support the development of physical AI systems, such as humanoid robots. Expected to be launched in 2H26, with initial focus on small business customers before expanding to the consumer market. ### 2. **Strategic Direction** - Hesai is shifting its focus from "spatial perception" to "spatial intelligence". - The company is expanding into the field of **robot power modules**, viewing it as a core infrastructure for the physical AI era. - The business strategy includes two phases: - **First phase**: Enhancing immersive interactive experiences. - **Second phase**: Enabling physical AI training. ### 3. **Financial Outlook** - **Revenue Growth**: Expected to grow significantly, with a 101% YoY increase in LiDAR shipment volume and 46% growth in total revenue for 2026. - **Profitability**: Adjusted net profit is projected to rise from RMB 551 million in 2025 to RMB 1,534 million in 2028. - **EPS Growth**: Adjusted EPS is expected to increase from RMB 4.04 in 2025 to RMB 9.53 in 2028. - **Valuation**: The target price is set at **US$29.30**, based on a **7.5x 2026E P/S** multiple, implying a potential upside of **26.0%** from the current price of **US$23.25**. ### 4. **Investor Relations** - The report is prepared by **CMB International Global Markets Limited**, a subsidiary of China Merchants Bank. - The analysts involved are **Saiyi HE, Ye TAO, Wentao LU, and Shuyin GUO**. - The company's market capitalization is **US$3,742.7 million**, with an average 3-month trading volume of **US$39.3 million**. ## Key Financial Highlights | Metric | 2023A | 2024A | 2025A | 2026E | 2027E | 2028E | |----------------------------------|-----------|-----------|-----------|-----------|-----------|-----------| | **Revenue (RMB mn)** | 1,877 | 2,077 | 3,028 | 4,407 | 6,016 | 8,019 | | **YoY Growth (%)** | 56.1% | 10.7% | 45.8% | 45.6% | 36.5% | 33.3% | | **Net Profit (RMB mn)** | (476) | (102) | 436 | 508 | 914 | 1,393 | | **Adjusted Net Profit (RMB mn)** | (241) | 14 | 551 | 658 | 1,056 | 1,534 | | **EPS (Adjusted) (RMB)** | 0.11 | 3.96 | 4.04 | 6.56 | 9.53 | - | ## Key Catalysts for Growth - **Faster adoption of L3 vehicles**: This could increase LiDAR units per vehicle and drive higher dollar content per car. - **Ramp-up in physical AI-related product revenue**: Increasing contribution from international ADAS expansion. ## Shareholding and Performance - **Shareholding Structure**: - Fermat Star Limited: 6.1% - Galbadia Limited: 5.9% - **Share Performance (12-mth)**: - Absolute: -5.4% - Relative: -13.1% ## Financial Ratios | Ratio | 2023A | 2024A | 2025A | 2026E | 2027E | 2028E | |----------------------------------|-----------|-----------|-----------|-----------|-----------|-----------| | **Gross Profit Margin (%)** | 35.2% | 42.6% | 41.8% | 39.5% | 39.0% | 38.5% | | **Operating Margin (%)** | (30.5%) | (9.9%) | 5.6% | 10.3% | 16.4% | 20.6% | | **EBITDA Margin (%)** | (25.9%) | (3.5%) | 5.6% | 13.3% | 19.1% | 23.0% | | **Adj. Net Profit Margin (%)** | (12.9%) | 0.7% | 18.2% | 14.9% | 17.5% | 19.1% | | **ROE (%)** | (132.7%) | (2.6%) | 6.8% | 5.6% | 9.4% | 12.8% | ## Analyst Ratings - **CMBIGM Rating**: **BUY** - **Target Price**: **US$29.30** - **Up/Downside**: **26.0%** - **CMBIGM Rating Definitions**: - **BUY**: Potential return of over 15% over next 12 months - **OUTPERFORM**: Industry expected to outperform the relevant broad market benchmark over next 12 months - **MARKET-PERFORM**: Industry expected to perform in-line with the relevant broad market benchmark over next 12 months ## Risk and Disclaimer - The report is based on publicly available and reliable information. - CMBIGM does not provide individually tailored investment advice. - The information is subject to change and not guaranteed. - There are risks involved in transacting in any securities. - The report is intended solely for the use of **major US institutional investors** and may not be distributed to others without prior written consent. ## Conclusion Hesai Group is leveraging its technological advancements, particularly the Picasso SPAD-SoC and Kosmo, to strengthen its position in the LiDAR and physical AI markets. With a clear strategic direction and strong financial growth projections, the company is rated **BUY** by CMBIGM, with a target price of **US$29.30**. Investors are encouraged to consult with professional advisors before making any investment decisions.