Citi reported that Hesai's core operating profit for Q1 exceeded forecasts, with revenue growing 30% year-over-year. However, the average selling price declined 9% quarter-over-quarter, and expectations for EV industry shipments in Q2 may be weaker than anticipated. As a result, Citi revised its revenue and net profit forecasts to more conservative levels and lowered its target price while maintaining a Buy rating.
