Group 1 - The core viewpoint of the report is that the company, Cao Cao Mobility, is well-positioned for growth due to its comprehensive support from the Geely ecosystem, mature mobility service experience, and a complete operational system, which are essential for the development of autonomous driving [1] - The company maintains revenue forecasts of 21 billion and 25.4 billion yuan for 2025 and 2026 respectively, and continues to rate the stock as outperforming the industry, with a target price of 70 HKD, indicating a potential upside of 53% [1] Group 2 - The company recently held a Robotaxi strategic upgrade conference in Hangzhou, where it announced the Robotaxi 2.0 initiative and set a strategic goal of "Ten Years, One Hundred Cities, One Hundred Billion" [2] - The development of Robotaxi is structured in three phases: initial focus on technology validation and small-scale testing, transitioning to a mixed operation model with both human and autonomous drivers, and finally, full commercial operation based on customized Robotaxi models [3] - The company plans to enhance the automation level of large-scale fleet operations by launching the Cao Cao Zhixing Ras remote safety service platform and implementing a digital asset management system [4] Group 3 - Cao Cao Mobility collaborates deeply with the Geely ecosystem to create a three-in-one development model of "smart customized vehicles + smart driving + smart operations," leveraging Geely's technological ecosystem for electric vehicle development and nationwide service network [5] - A strategic cooperation agreement has been signed with Qianli Zhijia to deepen collaboration on smart driving technology, accelerating the large-scale application of autonomous driving technology [5]
中金：维持曹操出行(02643)跑赢行业评级 目标价70港元