BOCOM International released a research report initiating coverage on HESAI-W (02525) with a "Buy" rating and a target price of HK$269.66. The firm raised its revenue forecasts for the group by approximately 2% for 2026-2027, while simultaneously increasing net profit projections by 6%-7%.

The report indicated that Hesai Group has recently established partnerships with multiple companies. In the first half of this year, the group's LiDAR shipments surged 276.2% year-over-year to 550,000 units, with Advanced Driver Assistance Systems (ADAS) deliveries increasing 237.5% annually to 450,000 units, and robotics sector deliveries also jumping 629.9% year-over-year to 98,000 units.

Following the joint issuance of the "Automotive Industry Stable Growth Work Plan (2025-2026)" by eight departments including China's Ministry of Industry and Information Technology and Ministry of Public Security, the firm believes that the implementation of L3-level autonomous driving regulations is expected to accelerate LiDAR penetration and increase per-vehicle installation rates, serving as a catalyst for automotive autonomous driving-related components over the next year.