Core Viewpoint - CICC initiates coverage on Cao Cao Mobility with an "outperform industry" rating and a target price of HKD 70, highlighting the potential for growth in autonomous driving [1] Industry Summary - The ride-hailing industry is entering a phase of standardization and maturity, with unmet demand in lower-tier markets. The combination of cost reductions in new energy vehicles and the aggregation of platform traffic is expected to drive steady growth in the industry, with a projected high single-digit growth rate from 2024 to 2026 [1] Company Summary - Cao Cao Mobility is building a differentiated advantage through customized vehicles, leveraging Geely's supply chain to manage a fleet of over 50,000 vehicles. This strategy reduces acquisition and service costs, lowering the total cost of ownership (TCO) for drivers, while the battery swap model enhances driver income and increases hourly wages and retention [1] - The company possesses a comprehensive Robotaxi ecosystem that integrates R&D, manufacturing, and operations through collaboration with Geely Group. Additionally, Cao Cao Mobility has an established dispatch network that can support business initiation and data accumulation through a hybrid model [1] - While the market perceives that small to medium-sized ride-hailing platforms struggle to achieve profitability, CICC believes that with ample supply, platforms can reduce driver and passenger subsidies and enhance efficiency to optimize user experience (UE) [1]
研报掘金｜中金：首予曹操出行“跑赢行业”评级以及目标价70港元 智驾开拓上行空间