Core Viewpoint - Caocao Travel has been selected to be included in the Hang Seng Composite Index, effective September 8, 2025, which is expected to enhance its market visibility and trading volume [1] Group 1: Company Performance and Market Position - Since its listing on the Hong Kong Stock Exchange on June 25, 2025, Caocao Travel's stock price has been on the rise, supported by positive ratings from various institutions [1] - The company has established itself as the second-largest player in the ride-hailing industry, leveraging the Geely ecosystem [1] - By the end of 2024, Caocao Travel is projected to have approximately 1.5 million active vehicles on its platform, with a Gross Transaction Value (GTV) of around 17 billion yuan [1] Group 2: Business Model and Growth Strategy - Caocao Travel operates a light-asset model, entering 85 new cities by selling customized vehicles to local partners, incentivizing them to provide services on the platform [1] - The company has over 1,000 cooperative merchants in its ecosystem, with partner revenue increasing by 34% year-on-year, and plans to open 200 new cities in 2025 [1] Group 3: Cost Control and Profitability - The company has deployed 34,000 customized electric vehicles in 31 core cities, achieving the largest fleet in its category, with a Total Cost of Ownership (TCO) 36% lower than typical electric vehicles [2] - The gross margin is expected to improve to 8.1% in 2024, indicating ongoing enhancements in profitability [2] Group 4: Future Growth Potential - The Robotaxi business is anticipated to be the company's largest growth driver, with the "Caocao Zhixing" autonomous driving platform launched in February 2025 [2] - By 2035, the Chinese Robotaxi market is projected to reach 1.6 trillion yuan, and Caocao Travel aims to capitalize on this growth through its integrated ecosystem of customized vehicles, smart driving, and ride-hailing services [2] - Revenue forecasts for Caocao Travel from 2025 to 2027 are 19.7 billion, 25.6 billion, and 30 billion yuan respectively, with a compound annual growth rate of 27% [2]
曹操出行(02643)获纳入恒生综指 多家机构看好 目标价看至103.17港元