1027 GMT - Hesai Group's 3Q revenue will likely grow 38% to 45% from a year earlier to 1.1 billion yuan to 1.15 billion yuan, Jefferies analysts say in a note, citing management guidance. The company reiterated its full-year lidar shipment target of 3 million to 3.5 million units, they say. Revenue from businesses excluding ADAS lidar is expected to exceed 50% of total revenue in 3Q, highlighting Hesai's expansion into robotics and other physical artificial-intelligence applications, they say. Jefferies maintains its 2026 gross margin guidance at close to 40% and initiates coverage of Hesai with a buy rating and target price of 29.30 Hong Kong dollars. Shares last closed at HK$17.20.