Haitong International: Maintains a "outperform" rating on Hesa, and expects good growth momentum to be maintained in the next quarter.

Haitong International has released a report stating that Heisei's performance in the first quarter was excellent, with revenue reaching 680 million yuan, a year-on-year increase of 30%, net profit of 18 million yuan, and adjusted net profit of 48 million yuan, a significant year-on-year increase. In the first quarter, 1.353 million units of ADAS LiDAR were shipped, a year-on-year increase of 142%; 118,000 units of robot LiDAR were shipped, a year-on-year increase of 138%. Heisei launched the world's first 6D full-color LiDAR super-sensitive SPAD-SoC chip Picasso in the first quarter and equipped it in the high-end ETX series LiDAR. On the other hand, the company introduced the spatial intelligent product Kosmo, effectively integrating AI algorithms to build 3D data scenes for the physical AI era. Kosmo will be the main product of the company's SGI business and is expected to contribute revenue to the company starting from this quarter. The bank predicts that Heisei will maintain a good growth momentum in the second quarter, with expected revenue of 870 million yuan, a year-on-year increase of over 23%, and is expected to achieve revenue of over 4.3 billion yuan for the whole year, maintaining a high growth momentum of over 40%. Based on a forecasted 2026 market sales ratio of 7 times as the valuation basis, the bank has a target price of 247 Hong Kong dollars and maintains a "outperform the market" rating.