On August 20, HESAI-W rose 5.23% in regular trading, trading at HK$18.09/share, with turnover of HK$65.97 million. The rebound comes after the stock declined over 6% in the prior session following Q3 revenue guidance that fell below market expectations.

On the news front, BOCOM International issued a research report maintaining its Buy rating on Hesai, noting that the company's Strategic Growth Initiative (SGI) business has transitioned from a pure R&D investment phase into commercial validation. In Q2, SGI generated revenue of RMB 44.94 million, primarily from robotic actuator modules, while the core LiDAR business achieved operating profit of RMB 66.24 million. The brokerage expects SGI's revenue contribution and business scale to accelerate going forward.

Q2 results showed total LiDAR shipments of 628,275 units, up 78.4% year-over-year, with net profit growing 60% to RMB 70.6 million, marking the fifth consecutive quarter of GAAP profitability. However, BOCOM International cautioned that near-term R&D and capacity investments in SGI will continue to weigh on group-level operating profit.

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