Bank of Communications International released a research report expressing optimism about HESAI-W's (02525) sustained industry-leading profitability, maintaining a target price of HK$269.66 and a "Buy" rating. At the industry level, the report suggests focusing on the progress of Level 3 autonomous driving regulations, which are expected to accelerate the adoption of LiDAR and increase per-vehicle installations, serving as a catalyst for automotive autonomous driving components (including LiDAR) by 2026.

Considering economies of scale and Q3 earnings performance, the bank raised its net profit forecast for 2025–2027 to RMB 410–540 million. The report noted that HESAI-W's Q3 shipments continued to grow rapidly, with full-year shipments projected to reach 1.64 million units. Revenue for the first three quarters reached RMB 2.03 billion, up 49.3% year-on-year, while Q3 revenue stood at RMB 800 million, a 47.5% YoY increase, largely in line with expectations, driven by a significant increase in shipments.