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Wall St Engine @wallstengine on x 74.7K followers
Created: 2025-07-28 08:44:19 UTC
Morgan Stanley Upgrades $HSAI to Overweight from Equalweight, Raises PT to $XX from $XX
Analyst comments: "We raise our 2026–27 volume forecasts on the back of 1) continuous domestic volume share gain, 2) accelerating L2+ smart driving adoption overseas and new global OEM projects entering mass production, as well as 3) potential project wins from robo-taxi players and smart home robotics companies.
Domestic volume share gain: In China, Hesai continues to gain volume share among LiDAR suppliers, reaching XX% in May 2025 (vs. XX% in May 2024), surpassing Robosense and Huawei in year-to-date LiDAR shipments. With near-term headwinds—Li Auto's 2Q volume guidance cut and BYD's sluggish God's Eye model sales—largely reflected in Hesai's share price, we see further volume upside from Xiaomi, Leap Motor, as well as wallet share gain in BYD.
Higher L2+ smart driving adoption overseas: Following our Global Bluepaper on higher L2+ smart driving adoption, we now expect 15–20% of vehicles sold outside China to be L2+ smart driving-enabled by 2030. Consequently, we expect LiDAR adoption to rise simultaneously, potentially becoming a standard safety specification in vehicles priced above US$30,000 by 2030, similar to the China market now."
Analyst: Tim Hsiao
XXXXX engagements
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