中银国际首予文远知行买入评级，目标价20美元

Core Viewpoint - Zhongyin International has initiated coverage on WeRide (WRD.US) with a "Buy" rating and a target price of $20.00, indicating a significant upside potential from the current stock price of $10.19 [1] Group 1: Company Overview - WeRide possesses a comprehensive product and service structure, leveraging a technology flywheel from L2 to L4 autonomous driving, which aids in capturing diverse market demands [1] - WeRide is the only L4 autonomous driving company globally that holds licenses in seven countries, establishing a first-mover advantage in international markets through its global strategy and partnerships [1] Group 2: Market Position and Valuation - Zhongyin International believes that WeRide is significantly undervalued compared to its peers, considering factors such as L4 technology advancements, commercialization progress, and the scale of its Robotaxi fleet [1] - The target price of $20.00 corresponds to a 20x projected price-to-sales ratio for 2027, suggesting approximately 96% upside potential from the current stock price [1]