【券商聚焦】招银国际维持禾赛(02525)美股“买入”评级指业务发展势头持续强劲

金吾财讯

Nov 12, 2025

金吾财讯 | 招银国际研报指，禾赛(02525/HSAI)发布3Q25业绩：总营收达7.954亿元人民币，同比增长47%，较彭博一致预期高出1.4%；non-GAAP净利润为2.88亿元人民币，若剔除对某早期科技企业股权投资所产生的一次性收益，则净利润为1.4亿元人民币。得益于营收超预期及毛利率表现优于预期（毛利率42.1%vs一致预期40.9%），远超6100万元人民币的市场一致预期。鉴于3Q25业绩好于预期，公司管理层将2025年GAAP净利润指引上调至3.5-4.5亿元人民币（前值：2-3.5亿元人民币）。管理层对公司业务发展前景保持乐观，预计2026年激光雷达总出货量至少可达200-300万台；若L3级自动驾驶技术成为全行业普及趋势，出货量或将进一步攀升，而机器人激光雷达出货量预计较2025年实现同比翻倍。

该机构认为随着激光雷达产品需求不断增长，禾赛科技将迎来良好的成长机遇。该机构认为，从长期来看，机器人及工业领域的更多应用场景，将推动禾赛的整体潜在市场规模持续扩大。该机构将估值前滚至2026年，新目标价为26.7美元，基于2026年5.3倍的市销率，较行业可比公司均值溢价10%，禾赛较为显著的竞争优势及稳健的营收与盈利增长前景将为估值溢价提供支撑，维持“买入”评级。

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