Hesai initiated with a Buy at UBS

UBS initiated coverage of Hesai (HSAI) with a Buy rating and $35 price target Along with its recent entry into top-selling domestic OEMs’ supply chains, UBS expects Hesai to become the world’s largest supplier of Advanced Driver Assistance Systems LiDAR for photovoltaics from 2025E, the analyst tells investors in a research note. Hesai’s order win from Mercedes-Benz signifies a breakthrough in the overseas PV ADAS LiDAR market, and its entry into robotics lawnmower LiDAR could unlock a new growth opportunity, the firm says.