HESAI-W (02525.HK) became the world's largest LiDAR supplier by revenue in 2024, with monthly production capacity and delivery surpassing 200,000 units, CLSA mentioned in a research report. As LiDAR gradually becomes a standard safety feature in smart vehicles, and multi-LiDAR set-ups serve as the mainstream in the navigate on autopilot (NOA)/ autonomous driving (AD) markets, the broker expected the company to fully benefit from the growth trend in LiDAR installations, underpinned by its leadership and mass production capabilities.

Besides, the company's global business expansion in regions such as the EU and SE Asia this year was foreseen to entail new growth opportunities. Based on the above views, CLSA initiated coverage on HESAI-W with an Outperform rating and a target price of HKD246.4. The target price for Hesai (HSAI.US) in the US market is USD31.7.

The report further pointed out that overseas market expansion will be a key growth driver for HESAI-W this year. In January 2026, the company was selected as the LiDAR partner for NVIDIA's (NVDA.US) Hyperion 10 platform, with its ETX product, designed for L3/L4 autonomous driving, set to be integrated into the platform, potentially accelerating its global market penetration.
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