Citi Raises Hesai (HSAI) Target Price Due to Strong LiDAR Demand

Dec 09, 2024

Citi has maintained its "buy" rating for Hesai Group (HSAI, Financial), significantly increasing the target price to $14.20, indicating a potential 40% rise. The revision is based on increased LiDAR sales contributions from companies like BYD, Xiaomi, and Leapmotor. Citi adjusted its cumulative shipment forecast for Hesai to 1.51 million units by 2025 and 3.56 million units by 2026. The firm expects a rebound in China's new energy vehicle market, which should boost investor sentiment. Hesai's Q3 revenue reached 540 million RMB, up significantly, with strong LiDAR deliveries. The company has partnerships with 20 automakers and aims for $100 million in quarterly revenue and $20 million profit in Q4.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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