国盛证券:首予曹操出行(02643)“买入”评级 集团协同的头部科技出行平台
智通财经网·2025-12-02 01:28

Group 1 - The core viewpoint is that Caocao Travel, a leading technology-based ride-hailing platform in China, is expected to achieve high-quality expansion through its collaboration with Geely Holding Group and its strategic focus on autonomous driving [1][2] - Caocao Travel, founded in 2015 and incubated by Geely Group, is the second-largest ride-hailing platform in China, with a projected GTV of 94.56 billion yuan in 2024, reflecting a year-on-year growth of 53.50% [1][2] - The company benefits from significant synergy with its parent company's comprehensive industrial layout in automotive manufacturing, new energy technology, and intelligent driving, enhancing its competitive edge [1][2] Group 2 - The shared mobility market in China is projected to reach 8 trillion yuan by 2024, with the shared mobility segment expected to grow from 344.4 billion yuan in 2024 to 800 billion yuan by 2029, at a CAGR of 17.0% [2] - The competitive landscape of the industry is characterized by a dominant player and several strong competitors, with the top five platforms holding an 86% market share [2] - The company is leveraging its platform's traffic advantages and technological empowerment to standardize its service offerings, enhancing brand image and driver loyalty [3] Group 3 - The global market for autonomous driving services is expected to reach 359.6 billion dollars by 2035, with increasing technological advancements and user acceptance driving commercialization [4] - The company is actively piloting autonomous taxi services in cities like Suzhou and Hangzhou, positioning itself to benefit from future commercial operations [3][4] - The integration of ecological and industrial chain synergies is identified as a core competitive advantage for the company, enabling standardized supply and economic optimization [3]

GUOSHENG SECURITIES-国盛证券:首予曹操出行(02643)“买入”评级 集团协同的头部科技出行平台 - Reportify