Bank of China Securities·2026-02-09 06:09Investment Rating - Kuaishou Technology is rated as BUY with a target price of HK$80.00 [6][7][8] - WeRide Inc. is also rated as BUY with a target price of US$13.00 for ADR and HK$34.00 for its Hong Kong shares [9][10][13] Core Insights - Kuaishou Technology is expected to achieve a 10% year-on-year revenue growth in 4Q25, with an adjusted net profit of RMB5.4 billion [6][8] - Despite short-term pressures from stricter tax scrutiny and intense competition, Kuaishou's long-term monetization potential is bolstered by its AI initiatives and ecosystem integrations [6][7][8] - WeRide Inc. anticipates a significant revenue increase of over 70% quarter-on-quarter in 4Q25, driven by growth in its Robotaxi and Robobus segments [9][10][13] - The company aims to double its Robotaxi fleet to over 2,000 units by the end of 2026, with a focus on key markets in China and international expansion in the Middle East [10][11][13] Summary by Sections Kuaishou Technology - The company is projected to have a revenue increase of 10% year-on-year for 4Q25, with an adjusted net profit of RMB5.4 billion [6][8] - Long-term monetization potential is supported by AI developments and integration with core business ecosystems [6][7][8] WeRide Inc. - Expected revenue for 4Q25 is projected to be between RMB290 million and RMB300 million, with a full-year revenue forecast of RMB660 million to RMB670 million [9][10][13] - The gross margin is anticipated to remain above 30%, although increased R&D spending may impact net profits [9][10][13] - The company plans to expand its Robotaxi fleet significantly, with a strategic focus on both domestic and international markets [10][11][13]