Investment Rating - The report maintains a "Buy" rating for Pony AI Inc. with a 12-month price target of US$26.00, indicating an upside potential of 97.1% from the current price of US$13.19 [13]. Core Insights - Pony AI has commenced Robotaxi road-testing in Luxembourg after obtaining the necessary permits, marking a significant step in its overseas expansion strategy [7][8]. - The company is focusing on expanding its Robotaxi fleet in international markets while also ramping up operations in China, with expectations of improved profitability this year [1][8]. - The partnership with local vendors, such as Emile Weber in Luxembourg, is anticipated to facilitate faster expansion and deployment of electric autonomous vehicles [7]. Summary by Sections On-Road Testing - Pony AI started on-road testing in Luxembourg in July after receiving a scientific permit for L4 autonomous driving in April [7]. - Initial testing began in Lenningen and is set to expand to additional areas, supported by local mobility solution providers [7]. Overseas Expansion - The report highlights the trend of Chinese Robotaxi companies accelerating their overseas market entry while also increasing fleet sizes in China [8]. - Pony AI has signed a Memorandum of Understanding with Dubai's Roads and Transport Authority to deploy its Robotaxi fleet in the region [8]. Financial Projections - Revenue projections for Pony AI show significant growth, with expected revenues increasing from US$75 million in 2024 to US$3.858 billion by 2032, reflecting a compound annual growth rate [10]. - The report anticipates a substantial increase in Robotaxi operational volume, projecting growth from 124 units in 2024 to 53,000 units by 2032 [10]. - The EBITDA margin is expected to improve significantly, reaching 36.2% by 2032 [10].
高盛：小马智行-卢森堡 robotaxi 道路测试启动；海外扩张进行中；买入评级