Goldman: Strongly recommends Hesai Group (HSAI.US), anticipating a 380% CAGR of non-GAAP net profit over the next three years.

According to Zhitong Finance, Goldman published a new research report, recommending "buy" rating for Hesai Group (HSAI.US) and significantly raised the target price to US$18.4, indicating that Hesai Group has a 35% upside potential, and expects a 380% compound annual growth rate of non-GAAP net profit in the next three years.

Goldman expects that the application of Navigation Assistive Driving (NOA) will start to soar from 2025. Meanwhile, the launch of low-cost LiDAR products will significantly promote the use of LiDAR in mass-market vehicles. Goldman believes that Hesai Group, a leader in the LiDAR industry, will enter the harvest stage of its next-generation product ATX from 2025, driving revenue growth acceleration in a three-year cycle, with a projected compound annual growth rate of 381% (non-GAAP) in net profit from 2024 to 2026.

It is reported that Hesai Group's LiDAR delivery volume in December exceeded 100,000 units, becoming the first LiDAR company to achieve a monthly delivery volume of over 100,000 units. Notably, Hesai Group delivered over 20,000 LiDAR units to the robot market in a single month, widely covering mobile robots, delivery robots, cleaning robots, and lawn mowing robots, and released the JT series of mini hemispherical 3D LiDARs for the robot market at CES 2025.

Hesai Group has fully promoted the mass production application of LiDAR in ADAS front-end and robot fields and achieved comprehensive leading market performance. In 2025, Hesai Group plans to have an annual production capacity of over 2 million units, accelerating mass production.