Huachuang Securities: Huatai-W (02525.HK) is given an "strong recommendation" rating for the first time, with a target price of HK$235.93.

Zhixin Financial APP has learned that Huachuang Securities has issued a research report stating that Hexa-W (02525.HK), as a global leader in the laser radar industry, is poised to continue to seize market share domestically and internationally and achieve rapid scale expansion benefiting from the advancement of L2+/L3/L4 regulations. At the same time, the space for the robot laser radar industry is vast and is expected to become the company's second growth curve. The brokerage firm predicts that from 2025 to 2027: 1) operating income will be 3.03 billion, 4.177 billion, and 5.823 billion yuan, an increase of 46%, 38%, and 39% year-on-year; 2) net profit will be 358 million, 488 million, and 887 million yuan, turning losses into profits, with an increase of 36%, 82%; 3) Non-GAAP net profit will be 478 million, 602 million, and 995 million yuan, a year-on-year increase of 33.9 times, 26%, and 65%; 4) EPS will be 2.29, 3.13, and 5.68 yuan. Using PS valuation method, the company will be given an 8 times PS in 2026, with a corresponding target market value of 33.4 billion yuan, a target space of 35%, and a target price of 235.93 Hong Kong dollars. First coverage, with a "strong recommendation" rating.