曹操出行(2643.HK)：ROBOTAXI赋能 成长加速

Core Viewpoints - The company, established in 2015, is one of the top three ride-hailing platforms in China, with projected revenue of approximately 14.7 billion yuan in 2024 and a GTV market share of about 5.4% [1] - The shared mobility market is expected to grow significantly, reaching a market size of 804.2 billion yuan by 2029, driven by technological upgrades and cost reductions [1] - The company plans to expand its fleet to 34,000 vehicles and operate in 136 cities by the end of 2024, which will likely enhance its market share [1][3] - Backed by Geely Auto, the company is actively developing autonomous driving technology, which may benefit from the manufacturing capabilities of leading automotive companies and the large-scale commercialization of Robotaxi [1][4] Summary of Company - The company, known as Cao Cao Mobility, is a leading ride-hailing platform incubated by Geely Group, successfully listing on the Hong Kong Stock Exchange in June 2025 [1] - The company has a stable and concentrated shareholding structure, with Geely's chairman holding 77.1% of the shares, and has implemented stock incentives for over 700 employees prior to its IPO [1] - The revenue composition for 2024 is projected to be 92.6% from ride-hailing services, 5.9% from vehicle sales, and 1.3% from vehicle leasing [1] - From 2021 to 2024, the company's revenue is expected to double, with a projected revenue of approximately 14.657 billion yuan in 2024, representing a year-on-year growth of 37.4% [1] Summary of Industry - The Chinese ride-hailing market is projected to reach approximately 310 billion yuan in 2024, forming a competitive landscape characterized by "one strong player and multiple strong competitors" [2] - Didi remains the dominant player with a market share of 70.4%, while Cao Cao Mobility is expected to surpass T3 Mobility with a market share of 5.4% in 2024 [2] - The shared mobility market is anticipated to grow significantly, with the overall transportation market in China expected to reach 10.6 trillion yuan by 2029 [2] - The traditional ride-hailing business still has growth potential, with Cao Cao Mobility's GTV increasing from 4.4 billion yuan in 2022 to 14.5 billion yuan in 2024, driven by orders from aggregation platforms [3]