Investment Rating - Maintains an "Outperform" rating with a target price of 7.20pershare[1]CoreViews−Thecompany′sQ3revenueandgrossprofitmarginexceededmarketexpectations,withQ4expectedtoachieveGAAPprofitability[1]−Thecompanyaimstoshipover1millionLiDARunitsin2025,drivenbystrongdemandintheADASmarket[1][9]−Thecompany′sADASLiDARmaintainsaleadingmarketshareinthefront−loadpassengervehiclemarket,withthemorecost−effectiveATXseriessetformassproductionnextyear[1]FinancialPerformance−Q3revenuereachedRMB539million,a2720 million [1] - Q3 LiDAR shipments reached 134,000 units, a 183% YoY increase, with ADAS LiDAR accounting for 97% of total shipments [1] Market Expansion - The company has secured design cooperation agreements with 5 global leading OEMs, including 4 joint venture automakers [1] - A new development and verification project was signed with a top 3 Japanese automaker in Q3, further demonstrating the company's product competitiveness [1] Valuation and Forecast - The target price of $7.20 is based on a 2.0x PS multiple for 2025, considering the company's historical average PS of 2.3x [1] - Revenue forecasts for 2024-2026 are RMB 2.071 billion, RMB 3.267 billion, and RMB 4.257 billion, respectively, with growth rates of 10%, 58%, and 30% [1][6] - Net profit is expected to turn positive in 2025, reaching RMB 69 million, and further increasing to RMB 302 million in 2026 [6]
Hesai(HSAI) 海通国际·2024-11-28 01:20