Core Viewpoint - Zhongyin International maintains a "Buy" rating for WeRide (00800) with a target price of HKD 34, citing solid fundamentals, proven overseas fleet deployment capabilities, and a clear overseas profit path [1] Financial Performance - WeRide's revenue for the last quarter of the previous year is expected to achieve a quarterly increase of over 70%, reaching between RMB 290 million to RMB 300 million, driven mainly by the continued expansion of the Robotaxi business and seasonal boosts from Robobus business year-end settlements [1] - The total revenue for the entire previous year is projected to be between RMB 660 million to RMB 670 million, exceeding prior expectations, with a gross margin expected to remain above 30% [1] Fleet Expansion Plans - By the end of this year, WeRide's Robotaxi fleet is expected to exceed 2,000 vehicles, with a potential to reach 3,000 vehicles if favorable policies are implemented, focusing on key markets such as Guangzhou and Beijing, where 50% to 60% of the incremental vehicles will be deployed [1] - Internationally, the Middle East is identified as a strategic hub, with plans to deploy at least 1,200 Robotaxis in collaboration with Uber, where 50% to 60% of these vehicles are expected to be operational by 2026, with the remainder completed by 2027 [1]
中银国际：文远知行-W中东市场加速扩张 带动盈利结构改善