Ge Long Hui·2025-12-01 10:48Group 1 - The core viewpoint of the report is that Bank of America initiates coverage on WeRide with a "Buy" rating, setting a target price of $12 for US shares and HK$31 for Hong Kong shares, indicating potential upside of 45.6% and 50.0% respectively based on current prices [1][2] - WeRide has established a significant first-mover advantage and a solid partnership network in the overseas Robotaxi business, which is expected to enhance its profitability in the domestic market through improved economies of scale [1] - The company is expanding its fleet under the WeRide One universal technology platform, which includes Robobus, Robovan, and Robosweeper, supporting future business growth trends [1] Group 2 - The L4 and above autonomous driving industry market is projected to continue growing, with WeRide's revenue expected to reach approximately RMB 14.6 billion by 2030, driven by high growth trends [2] - WeRide's Robotaxi fleet is anticipated to expand globally, reaching around 61,000 units by 2030, benefiting from the high profitability of its overseas operations [2] - The company has initiated a partnership with Uber to launch a fully autonomous Robotaxi service in Abu Dhabi by November 2025, receiving the first city-level permit for such operations outside the US [2] - WeRide has also been granted permission to operate fully autonomous services on public roads in Furttal, Switzerland, marking the first such license issued in Switzerland, with plans to open to the public in the first half of 2026 [2]