一季度营收稳增、商业化进展迅猛，文远知行凭实力获多家券商青睐

Core Viewpoint - Multiple renowned domestic and foreign brokerages have released research reports on "the world's first Robotaxi stock," WeRide, indicating strong market potential and growth prospects due to its successful commercialization of L4 autonomous driving products and L2 driver assistance solutions [1][3]. Group 1: Brokerage Ratings and Price Targets - JP Morgan assigned an "Overweight" rating with a target price of $21 in May [1] - Morgan Stanley set a target price of $23 in May [1] - CITIC Securities provided a target price of $17 in June [1] - CITIC Jianzhong initiated coverage with a "Buy" rating in July, focusing on WeRide's global expansion and profitability [1] Group 2: Global Operations and Expansion Plans - WeRide has operational Robotaxi services in multiple cities including Guangzhou, Beijing, Nanjing, Ordos, Abu Dhabi, and Dubai [2] - In May, WeRide announced a significant Robotaxi expansion plan with Uber, aiming to add 15 international cities over the next five years [2] - WeRide's autonomous driving products, including Robotaxi, have entered the Saudi market [2] Group 3: Financial Performance - In the first quarter of 2025, WeRide reported total revenue of 72.44 million yuan, showing steady growth [3] - The gross margin was 35.0%, leading the industry [3] - Robotaxi revenue reached 16.1 million yuan, accounting for 22.3% of total revenue [3] - WeRide secured an additional $100 million equity investment from Uber as part of their strategic partnership [3] Group 4: Market Potential and Future Outlook - WeRide's successful commercialization and international expansion demonstrate strong momentum in the global market [3] - The company is expected to continue releasing growth potential due to its technological barriers and market positioning [3] - The long-term value realization of WeRide is anticipated to inject more certainty into the industry [3]