Core Insights - The company is ranked second in China's Level 4 autonomous driving market, holding a 15.4% market share as of the end of 2024, and is the only company to have obtained regulatory approval for autonomous driving services in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [1] - The market for autonomous driving services in China is projected to grow from approximately $0.7 billion in 2025 to $39.4 billion by 2030 and $183 billion by 2035, indicating exponential growth potential [1] - The company is expected to significantly reduce its net losses in 2025 to between $69 million and $86 million, compared to $275 million in 2024, with a forecasted net loss attributable to shareholders between $126 million and $143 million [1] Group 1 - The company plans to launch its seventh-generation Robotaxi in 2025, achieving a 70% reduction in total costs compared to the previous generation, with savings of 80% in lidar and 68% in autonomous driving computing [2] - The company achieved city-level profitability for its vehicles in Guangzhou in Q3 2025, marking a critical turning point in its commercialization efforts [2] - The fleet size is expected to expand to 1,159 vehicles by Q3 2025, ahead of the target of 1,000 Robotaxis, with plans to exceed 3,000 vehicles by 2026 [2] Group 2 - The company has been included in the MSCI China Index, which will facilitate passive capital inflows [3] - The market anticipates a compound annual growth rate (CAGR) of approximately 70% for revenues from 2025 to 2027, with the current price reflecting a price-to-sales ratio of about 54 times the 2026 forecast [3] - If further regulatory relaxations for autonomous driving are implemented, it could enhance the company's valuation attractiveness [3]
小马智行-W(2026.HK)：获纳入MSCI中国指数 可受惠于被动资金流入