海通国际发表报告指，禾赛首季业绩表现优异，营收达6.8亿元，同比增长30%，净利润达1800万元，经调整净利润达4800万元，同比大幅增长。首季ADAS激光雷达出货量为135.3万台，同比增长142%；机器人激光雷达出货量为11.8万台，同比增长138%。禾赛首季向市场推出全球首款6D全彩激光雷达超感光SPAD-SoC芯片Picasso，并搭载于高端ETX系列激光雷达。另一方面，公司推出空间智能产品Kosmo，有效集成AI算法，为物理AI时代构建3D数据场景。Kosmo将为做公司SGI业务(战略增长业务)主力产品，自今年次季起为公司贡献收入。该行预计禾赛次季将保持良好增长态势，有望实现营收8.7亿元，同比增长逾23%，全年有望实现营收逾43亿元，维持逾40%的高速增长态势。以预测2026年市销率7倍为估值基础，该行对其目标价247港元，维持“优于大市”评级。
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