CICC: Bullish on Hesai-W's industry-leading profitability, maintains "buy" rating.

CICC released a research report stating that it is optimistic about VeSys-W's continued leading profitability in the industry, maintaining a target price of HK$269.66 and a "buy" rating. At the industry level, it is recommended to focus on the progress of Level 3 autonomous driving regulations, which is expected to accelerate the penetration of LiDAR and increase the number of vehicles equipped with it, becoming a catalyst for automotive autonomous driving related components in 2026.