Robotaxi行业点评：武汉市订单量爆发，百度萝卜快跑迈入规模商用阶段

Investment Rating - The report maintains an "Outperform" rating for the Robotaxi industry, specifically highlighting the success of Baidu's "LuoBo Kuaipao" in Wuhan [1]. Core Insights - The report emphasizes the significant growth in order volume for Baidu's Robotaxi service in Wuhan, achieving a peak of over 20 rides per vehicle per day, indicating a shift towards large-scale commercial operation [3][4]. - Baidu's investment in autonomous driving technology has been ongoing for a decade, with the successful launch of the sixth-generation Robotaxi priced over 200,000 yuan [3]. - The report notes the cost advantages of Robotaxi services, with fares in Wuhan ranging from 4 to 16 yuan for a 10 km trip, compared to traditional ride-hailing services priced between 18 to 30 yuan [3]. - Safety metrics are highlighted, with Baidu claiming that the accident rate for Robotaxi is 1/14 that of human drivers, showcasing a significant safety advantage [3]. Market Performance - The report indicates that the Robotaxi service in Wuhan is expected to achieve break-even by the end of 2024 and enter a profit phase by 2025, with operational costs projected to decrease by 30% due to automation [4]. - The report suggests that the successful trials in cities like Wuhan could lead to broader implementation in major cities such as Beijing, Chongqing, and Shanghai [4]. Investment Opportunities - The report advises investors to focus on the Robotaxi industry chain, including companies like Baidu, as well as other players in the autonomous driving space such as Didi and Tesla [4]. - It highlights the potential for significant market expansion as technology matures and regulatory support increases, making it a favorable investment landscape [4].