CICC has issued a research report maintaining its earnings forecasts for Hesai-W (02525) for 2026 and 2027. The current H-share price corresponds to a 2026/2027 P/E ratio of 40.3x and 24.9x, respectively. The current US share price corresponds to a 2026/2027 P/E ratio of 40.0x and 24.8x, respectively. The outperform industry rating is maintained for both the H-shares and US-shares, with a target price of HK$217.00 and US$27.14, respectively. This target implies a 2026/2027 P/E of 55.2x/34.0x for the H-shares and 53.6x/33.2x for the US-shares, representing potential upside of 36.9% and 34.0%, respectively.