Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7]. Core Views - The company is positioned as a ride-hailing platform incubated by Geely Group, focusing on building a new energy vehicle sharing ecosystem. It has achieved rapid business expansion and is on the verge of turning profitable [6][17]. - The ride-hailing industry in China is experiencing high growth, with the company holding the second-largest market share and benefiting from a strong consumer base in first- and second-tier cities [6][51]. - The company is implementing a customized vehicle strategy, which enhances service quality and optimizes cost control, contributing to a clearer path to profitability [6][67]. Financial Data and Profit Forecast - Revenue is projected to grow significantly from 10,668 million RMB in 2023 to 29,931 million RMB in 2027, with a compound annual growth rate (CAGR) of 39.8% from 2023 to 2025 [5][28]. - The net profit attributable to ordinary shareholders is expected to improve from -1,916 million RMB in 2023 to 727 million RMB in 2027, indicating a turnaround in profitability [5][7]. - The company’s gross profit margin is anticipated to increase from 5.8% in 2023 to 15.3% in 2027, reflecting improved operational efficiency [5][34]. Industry Overview - The shared mobility market in China is projected to grow at a compound annual growth rate of 17% from 2025 to 2029, with significant potential for market expansion [6][42]. - The Robotaxi segment is entering a phase of commercialization, with substantial market opportunities anticipated as technology advances [6][58]. Customized Vehicle Strategy - The company operates the largest customized ride-hailing fleet in the country, with a focus on cost-effective vehicle models that enhance user experience and operational efficiency [6][67]. - The total cost of ownership (TCO) for the company's customized vehicles is significantly lower than that of typical electric vehicles, providing a competitive edge [6][72]. Robotaxi Development - The company plans to launch the "Caocao Zhixing" platform in 2025, with initial Robotaxi services already piloted in Suzhou and Hangzhou, indicating a strong commitment to integrating autonomous driving technology [6][63]. - The long-term profit potential of the Robotaxi business is substantial, with estimates suggesting a gross margin exceeding 40% by 2030 [6][7].
曹操出行（02643）：网约车运营扭亏在即，Robotaxi贡献高成长性及期权属性