中金：维持禾赛-W(02525)跑赢行业评级目标价217.00港元

智通财经03-26

智通财经APP获悉，中金发布研报称，当前禾赛-W(02525)港股对应2026/2027年43.6倍/27.0倍P/E。维持跑赢行业评级，港股目标价217.00港元，对应2026/2027年57.0倍/35.3倍P/E，有30.7%上行空间。公司发布2025业绩：全年收入30.3亿元，同比+46%，归母净利润4.4亿元，Non-GAAP净利润5.5亿元，同比大幅增长。4Q25营收10亿元，归母...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2622881689?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-26 09:33","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2622881689","market":"sh","top_or_hot":-1,"title":"中金：维持禾赛-W(02525)跑赢行业评级 目标价217.00港元","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中金发布研报称，当前禾赛-W(02525)港股对应2026/2027年43.6倍/27.0倍P/E。维持跑赢行业评级，港股目标价217.00港元，对应2026/2027年57.0倍/35.3倍P/E，有30.7%上行空间。公司发布2025业绩：全年收入30.3亿元，同比+46%，归母净利润4.4亿元，Non-GAAP净利润5.5亿元，同比大幅增长。4Q25营收10亿元，归母...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1419238.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金：维持禾赛-W(02525)跑赢行业评级 目标价217.00港元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金：维持禾赛-W(02525)跑赢行业评级 目标价217.00港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-26 09:33 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1419238.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，当前禾赛-W(02525)港股对应2026/2027年43.6倍/27.0倍P/E。维持跑赢行业评级，港股目标价217.00港元，对应2026/2027年57.0倍/35.3倍P/E，有30.7%上行空间。公司发布2025业绩：全年收入30.3亿元，同比+46%，归母净利润4.4亿元，Non-GAAP净利润5.5亿元，同比大幅增长。4Q25营收10亿元，归母...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1419238.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4124","symbol_name":"机动车零配件与设备","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1419238.html","article_id":"2622881689","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2622881689","pubTimestamp":1774488783,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，中金发布研报称，当前禾赛-W港股对应2026/2027年43.6倍/27.0倍P/E。维持跑赢行业评级，港股目标价217.00港元，对应2026/2027年57.0倍/35.3倍P/E，有30.7%上行空间。4Q25营收10亿元，归母净利润1.5亿元，4Q25Non-GAAP净利润1.8亿元，业绩符合市场预期。公司作为行业龙头地位夯实，车载主激光雷达全球市占率超40%。全年毛利率小幅回落，费用管控现金流状况持续向好2025年毛利率为41.8%，4Q25毛利率41%，同比+2pct。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"BK4124":"机动车零配件与设备","02525":"禾赛-W","HSAI":"禾赛","BK1144":"机动车零配件与设备"},"translate_title":"CICC: Maintains the Outperform Rating of Hesai-W (02525) Price Target of HK$217.00","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02525":1.98,"HSAI":1.98},"content_text":"智通财经APP获悉，中金发布研报称，当前禾赛-W(02525)港股对应2026/2027年43.6倍/27.0倍P/E。维持跑赢行业评级，港股目标价217.00港元，对应2026/2027年57.0倍/35.3倍P/E，有30.7%上行空间。公司发布2025业绩：全年收入30.3亿元，同比+46%，归母净利润4.4亿元，Non-GAAP净利润5.5亿元，同比大幅增长。4Q25营收10亿元，归母净利润1.5亿元，4Q25Non-GAAP净利润1.8亿元，业绩符合市场预期。中金主要观点如下：销量强劲驱动收入高增，巩固行业龙头地位2025年公司实现营收30亿元，同比+46%，主要得益于激光雷达总出货量超162万台、同比+223%，其中ADAS激光雷达出货量138万台、同比+203%，机器人激光雷达出货量24万台、同比+426%。公司作为行业龙头地位夯实，车载主激光雷达全球市占率超40%。往前看，公司指引2026全年出货量指引上调至300-350万台，该行预计公司营收有望保持高速增长。全年毛利率小幅回落，费用管控现金流状况持续向好2025年毛利率为41.8%，4Q25毛利率41%，同比+2pct。全年销管研费用率总计42%，同比大幅下降24ppt，规模效应释放成效明显;全年经营性现金流1.17亿元，同比+84%。该行认为，随着未来新品量产叠加技术降本与规模效应释放，盈利水平有望保持稳健。产能扩张与产品升级双轮推进，打开全新增长空间公司规划2026年全球激光雷达年产能提升至400万台，承接全球需求。同时公司披露，未来数月推出对应物理AI的“Eyes”感知系统与“Muscle”运动控制系统的两款新品，以此实现从单一传感器供应商向物理AI基础设施平台商的关键升级。该行看好公司凭借车规级激光雷达规模化生产经验及传感器领域的长期研发储备，快速迁移至机器人领域，带来全新增长曲线。风险提示：原材料涨价超预期，下游需求不及预期，行业竞争加剧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2622881689","isCrawlerRequest":true}

中金：维持禾赛-W(02525)跑赢行业评级 目标价217.00港元

精彩评论

中金：维持禾赛-W(02525)跑赢行业评级目标价217.00港元