在9月22日举行的云栖大会上，禾赛宣布与阿里巴巴（BABA.N）旗下高德（Amap）达成战略合作，将Kosmo的3D捕捉与重建能力与高德的地图、算力及消费者触达能力相结合。目前已有两个由Kosmo重建的艺术场馆上线高德，后续将面向博物馆、购物中心、主题公园和便利店等场景进一步部署；禾赛称高德月活跃用户接近10亿，为向消费者提供3D空间体验提供了庞大平台。我们认为该合作是禾赛向空间数据基础设施扩张的早期信号，更广泛的部署还有助于积累与具身智能及世界模型训练相关的能力。管理层指引Kosmo收入自2026年三季度开始确认，2027年有望增长约10倍至超过1亿元人民币；业务成熟后预计70%的收入来自软件，隐含利润率优于硬件销售。禾赛计划于10月14日正式发布Kosmo。我们维持"增持"评级，目标价30美元，对应约75%的上行空间；
At the Apsara Conference on September 22, Hesai announced a strategic partnership with Alibaba's (BABA.N, covered by Gary Yu) Amap (Gaode), combining Kosmo's 3D capture and reconstruction capabilities with Amap's mapping, computing and consumer reach. Two Kosmo-reconstructed art venues already reside in Amap, with museums, shopping malls, theme parks and convenience stores targeted for further deployment. Hesai says Amap has nearly one billion monthly active users, giving the partnership a substantial platform for bringing 3D spatial experiences to consumers. We view the partnership as an early sign of Hesai's expansion into spatial data infrastructure. Broader deployment could also build capabilities relevant to embodied AI and world model training. Hesai management guided that revenue from Kosmo will start from 3Q26, and is expected to scale roughly 10x to >Rmb100mn in 2027. Hesai expects 70% of revenue from Kosmo will come from software when the business matures, implying better mar