Core Insights - Everbright Securities initiates coverage on WeRide with a "Buy" rating, forecasting revenue growth from 587 million RMB in 2025 to 2.017 billion RMB in 2027, highlighting the company's scarcity and premium potential [1] - The company achieved a revenue of 200 million RMB in FY25H1, a year-on-year increase of 32.8%, with product revenue soaring by 230% to 70 million RMB, while service revenue remained stable at 130 million RMB [1] Group 1: Robotaxi Market Dynamics - Continuous optimization of Robotaxi operating costs driven by multiple factors: declining core hardware costs, optimized remote safety personnel ratios, and energy-efficient specialized chips [1] - Policy support in China, including the revised "Autonomous Driving Management Measures (2025 Edition)," facilitates the commercial rollout of L4-level Robotaxi services in major cities, with global market size projected to reach 66.6 billion USD by 2030 [1] Group 2: International Expansion and Technology - WeRide operates in 11 countries and 30 cities, being the only company globally with autonomous driving licenses in seven countries, focusing on high-value markets like the Middle East [2] - The company’s Robotaxi business is expected to thrive in the Middle East, with a projected fleet size exceeding 30,000 vehicles by 2030, supported by a partnership with Uber for fleet expansion [2] - The HPC 3.0 hardware enhances AI computing power to 2000 TOPS and reduces total lifecycle costs by 84%, ensuring robust hardware support for large-scale operations [2]