Huachuang Securities has issued a research report maintaining a "Strong Buy" rating on Hesai-W (02525) with a target price of HK$249.39.

The report cites Hesai-W's Q1 2026 results, which showed revenue of RMB 681 million and net profit of RMB 18 million. Based on the company's new business growth plans, Huachuang forecasts the following for 2026-2028: 1) Revenue of RMB 4.275 billion, RMB 5.669 billion, and RMB 7.409 billion (previous estimates: RMB 4.273B, RMB 5.635B, RMB 7.186B), representing year-over-year growth of +41%, +33%, and +31% respectively. 2) Net profit of RMB 501 million, RMB 820 million, and RMB 1.162 billion (previous estimates: RMB 510M, RMB 817M, RMB 1.131B), representing year-over-year growth of +15%, +64%, and +42% respectively. 3) Applying an 8x price-to-sales (P/S) ratio for 2026 implies a target market capitalization of RMB 34.2 billion, translating to the HK$249.39 target price.