On December 21, according to Global Bridge, U.S. stocks of Lidar Technology concept stocks rose across the board, with Hesai (HSAI.US) once rising nearly 12% during trading, reaching $12.36. The latest Research Reports from Puyin International pointed out that the evolution of the New energy Fund industry has entered a new stage, with intelligent driving as a core application area providing strong support for the expansion of upstream components. As a high-precision and highly reliable sensing device, Lidar plays a crucial role in automotive perception systems. Thanks to the large-scale production by Chinese manufacturers and continuous technical cost optimization efforts, the cost of onboard Lidar is rapidly decreasing, making it more likely to be included in the procurement vision and actual vehicle applications of many Auto Manufacturers, thus promoting a virtuous cycle and steadily progressing towards a trillion-level market scale. Citibank has raised its cumulative shipment forecast for Hesai in 2025 from 1.17 million units to 1.51 million units, based on the positive role of companies such as BYD, Xiaomi Automobile, Chongqing Changan Automobile, and LEAPMOTOR in driving Hesai's Lidar sales growth. At the same time, the forecast for 2026 has also been increased from 2.11 million units to 3.56 million units. Notably, Hesai Technology achieved revenue of 0.54 billion yuan in the third quarter of 2024, showing significant year-on-year growth. The delivery performance of the company's Lidar products was strong, with a total of 134,208 units delivered, a year-on-year surge of 182.9%. Among them, the delivery of Advanced Driver Assistance Systems (ADAS) products was particularly impressive, reaching 129,913 units, with a year-on-year increase of 220.0%.