Core Viewpoint - Caocao Travel officially listed on the Hong Kong Stock Exchange on June 25, 2023, becoming the largest ride-hailing platform by market size in Hong Kong, attracting significant investor interest [1][3]. Industry Overview - The ride-hailing industry is a crucial part of the public transportation sector, characterized by strong demand and a large consumer base, which provides a solid foundation for performance [4]. - The industry is transitioning away from blind expansion towards a more sustainable growth model, with demand expected to rise steadily in the context of ongoing economic development [5]. Company Positioning - Caocao Travel has established a clear value investment logic, focusing on strong demand, significant differentiation advantages, and difficult-to-replicate ecological barriers, which contribute to its unique market position [3]. - The company has built the largest customized vehicle fleet in the domestic market, with over 34,000 vehicles across 31 cities by the end of 2024 [6]. Financial Performance - The adjusted EBITDA margin for Caocao Travel turned positive in 2023 at 1%, projected to increase to 2.6% in 2024, indicating improving operational efficiency [6]. - The company's gross margin is expected to rise from 4.4% in 2022 to 8.1% in 2024, with net losses narrowing significantly, showcasing strong growth momentum [8]. Future Growth Potential - The introduction of customized vehicles is expected to enhance driver income and operational efficiency, creating a win-win situation for both the platform and drivers [7]. - Caocao Travel is also developing a Robotaxi service in collaboration with Geely, aiming to leverage advancements in autonomous driving technology to optimize operational costs and enhance profitability [9][10]. Market Outlook - The global ride-hailing market, valued at over a trillion dollars, has the potential to support multiple companies with billion-dollar valuations, positioning Caocao Travel as a valuable player in this expanding market [10].
曹操出行(02643.HK)港股上市，兼具商业化能力与长期价值的出行稀缺标的