Hesai Group Class B (2525) Fair Value & Analysis
Consumer Cyclical · HK · Market cap HK$21.6B (≈ $2.7B)
What is Hesai Group Class B really worth?
Below-average quality, and trading another 250% above our fair value of HK$5.20.
Strengths
Risks
Fair value as of: Aug 20, 2026
From 17 valuation models · updated 16 days ago
Share price +1.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (HK$5.20). The favourable scenario is already priced in.
- Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The models converge in a tight band (HK$5.19 to HK$5.20), unusually little disagreement for a valuation.
Price vs Fair Value (12 months)
White line = price, green steps = our fair value per fiscal year. As of Aug 20, 2026.
How to read this chart
12‑month range HK$14.36 – HK$29.25 · fair‑value band HK$5.19 – HK$5.20 · the HK$18.19 price screens above the HK$5.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Aug 20, 2026.
Analysis
Hesai Group Class B (2525) currently trades at HK$18.19, while our model-based Fair Value estimate is HK$5.20, implying the stock looks roughly 249.7% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of HK$17.48 per share, and 0 of the 17 models we run sit above the HK$18.19 price. Bear case: the Economic Profit group reads lowest at HK$1.92, and 17 of the 17 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Hesai Group Class B generated revenue of HK$3.2B at a net margin of 14.8%. Revenue grew 29.6% year over year. It earns a return on equity of 7.2%. The balance sheet holds a net cash position of HK$664M. Fundamentals as of Aug 20, 2026
Our scenario range runs from HK$5.19 (bear case) to HK$5.20 (bull case); at HK$18.19, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Cyclical peers we cover trades at −38% fair-value upside, at −71%, 2525 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$2.43 per share, which is 46.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 17 models by family
Widest divergence: Growth Earnings (HK$17.48) versus Economic Profit (HK$1.92). Highest evidence: EPV (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 39 · Market factors (momentum, volatility) 15
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Hesai Group, through with its subsidiaries, engages in the development, manufacturing, and sale of three-dimensional light detection and ranging solutions (LiDAR) in Mainland China, Europe, North America, and internationally.
Full company description
Hesai Group, through with its subsidiaries, engages in the development, manufacturing, and sale of three-dimensional light detection and ranging solutions (LiDAR) in Mainland China, Europe, North America, and internationally. The company provides gas sensor products, validation services, solution service, and other services, as well as designs and develops engineering products. Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous vehicle fleets providing passenger and freight mobility services; and other applications, such as last-mile delivery robots, street sweeping robots, and logistics robots in restricted areas. Hesai Group was founded in 2014 and is headquartered in Shanghai, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Hesai Group Class B reported revenue of 3.0B CNY in FY2025 versus 111M CNY in FY2021, a compound +128.3%/yr. Reported net income was 436M CNY in FY2025.
2525 screens 250% overvalued. Compare with O'Reilly Automotive, Inc →
Peer Group
Auto Parts · 640 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Auto Parts median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| O'Reilly Automotive, Inc ORLY | $88.50 | $47.50 | −46% |
| AutoZone, Inc AZO | $2,932 | $2,287 | −22% |
| Hyundai Mobis Co 012330 | 450,500 KRW | 643,909 KRW | +43% |
| Fuyao Glass Industry Group 600660 | ¥57.67 | ¥84.47 | +46% |
| Samvardhana Motherson International Limited MOTHERSON | ₹165.30 | ₹80.63 | −51% |
| Magna International Inc MGA | $65.57 | $68.17 | +4% |
| Genuine Parts Company GPC | $137.51 | $58.07 | −58% |
| Bosch Limited BOSCHLTD | ₹48,700 | ₹11,534 | −76% |
| Ningbo Tuopu Group 601689 | ¥45.82 | ¥28.28 | −38% |
| Bharat Forge Limited BHARATFORG | ₹2,063 | ₹393.20 | −81% |
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