First Read: Hesai Group "2026 AIC: From a LiDAR supplier to a physical AI..."

Research evidence excerpt

First Read: Hesai Group "2026 AIC: From a LiDAR supplier to a physical AI..."

Global Research

26 May 2026ab

First Read

EquitiesHesai Group

2026 AIC: From a LiDAR supplier to a physical AI China

enabler Auto Parts

12-month rating Buy

12m price target US$34.00

Key highlights

Hesai management attended the Asian Investment Conference 2026. Key highlights

include: 1) ADAS LiDAR growth likely comes from accelerating penetration in China, Price (22 May 2026) US$20.63

multi-LiDAR per vehicle adoption, and overseas business development; 2) robotics LiDAR RIC: HSAI.O BBG: HSAI US

growth is underpinned by the rapid scaling of existing applications and the emergence

Trading data and key metrics

of new use cases; 3) strategic growth initiatives (SGI) are expected to contribute revenue

from 2026. 52-wk range US$29.80-15.03

Market cap. US$3.24b

LiDAR: solidifying global leadership position Shares o/s 157m (ORD)

For ADAS LiDAR, Hesai secured new orders across leading Chinese automotive brands Free float 68%

(including Li Auto, Xiaomi, Geely, BYD, and Leapmotor). It is also evolving from a volume Avg. daily volume ('000) 1,847

leader in China into a more globally validated supplier, and announced it is the strategic Avg. daily value (m) US$41

LiDAR partner and confirmed supplier for Mercedes L3 models, and entered GAC Common s/h equity (12/26E) Rmb9.54b

Toyota's supply chain, marking its first entry into the Japanese automotive ecosystem. P/BV (12/26E) 2.3x

For robotics LiDAR, we have already seen widespread adoption of LiDAR in robotic lawn Net debt to EBITDA (12/26E) NM

mowers, Hesai is expanding the LiDAR application to more use cases, such as robovans,

EPS (UBS, diluted) (Rmb)

and electric two-wheelers. Recently, Hesai unveiled its Picasso SPAD-SoC and next-

UBS Cons.