2025 年 08 月 19 日 事候出行 (02643) 网约车运营扭亏在即，Robotaxi 贡献高成长性及期 权属性 报告原因: 首次覆盖 ST N 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 王晨鉴 A0230525030001 wangci@swsresearch.com 載文杰 A0230522100006 daiwi@swsresearch.com 林起贤 A0230519060002 linqx@swsresearch.com | 市场数据: | 2025年08月19日 | | --- | --- | | 收盘价（港币） | 71.00 | | 恒生中国企业指数 | 9033.68 | | 52 周最高/最低（港币） | 73.50/32.85 | | H 股市值（亿港币） | 386.15 | | 流通 H 股（百万股） | 544.64 | | 汇率（人民币/港币） | 1.0959 | 一年内股价与基准指数对比走势: 196% Bloomberg 会 发生 男 点： 相关研究 联系人 王晨鉴 (8621)23297818× wangcj@ ...

2025 年 08 月 19 日 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 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 08 月 19 日 | | --- | --- | | 收盘价（港币） | 71.00 | | 恒生中国企业指数 | 9033.68 | | 52 周最高/最低（港币） | 73.50/32.85 | | H 股市值（亿港币） | 386.15 | | 流通 H 股（百万股） | 544.64 | | 汇率（人民币/港币） | 1.0959 | 一年内股价与基准指数对比走势： 注："每股收益"为归属于母公司所有者的净利润除以总股份数 资料来源：Bloomberg -4% 196% HSCEI 曹操出行 相关研究 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 林起贤 A0230519060002 linq ...

Investment Rating - The report maintains a cautious recommendation for the transportation industry, indicating a potential increase in stock prices relative to the benchmark index within the next 12 months [5]. Core Insights - The China Air Transport Association has released a self-discipline convention aimed at regulating market order and reducing chaotic price competition in the aviation industry, which is expected to enhance the core competitiveness and sustainable development of the air passenger transport sector [2][15]. - Major ride-hailing platforms, including Didi and Cao Cao, have collectively reduced their commission rates, which is anticipated to stabilize the market and benefit leading platforms in the long term [3][21]. - The report suggests that the recovery of business travel demand is crucial for the aviation sector, with a strong likelihood of price increases in the fourth quarter if there are signs of improvement in this area [3][18]. Summary by Sections Market Review - From August 1 to August 15, 2025, the A-share transportation index rose by 1.49%, with the aviation sector leading at 3.3%, while the overall market performance ranked 20th out of 28 industries [1][8]. Event Commentary - The self-discipline convention by the China Air Transport Association aims to adapt pricing to changing passenger structures and longer booking cycles, which is expected to improve pricing dynamics during the off-peak season [2][15]. - The collective reduction of commission rates by ride-hailing platforms is seen as a move towards a healthier industry development and market share concentration, particularly benefiting Cao Cao, which is leveraging its relationship with Geely Group for technological and manufacturing advantages [3][21][25]. Investment Recommendations - The report emphasizes the importance of monitoring business travel demand recovery and suggests that the aviation sector has a solid foundation for price increases, particularly in the fourth quarter, contingent on improvements in demand [3][18]. - Companies such as Huaxia Airlines, Juneyao Airlines, Spring Airlines, and the three major state-owned airlines are highlighted as potential investment opportunities [3].

Core Viewpoint - The ride-hailing platform Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2023, but experienced a significant drop in stock price, falling over 10% on its first day of trading [2]. Financial Performance - Cao Cao Mobility's revenue from 2022 to 2024 is projected to grow from 7.63 billion RMB to 14.66 billion RMB, maintaining a growth trend [3][4]. - Despite the revenue growth, the company is still operating at a loss, with losses of approximately 2.01 billion RMB, 1.98 billion RMB, and 1.25 billion RMB for the years 2022, 2023, and 2024 respectively [3][4]. Market Position - As of 2024, Cao Cao Mobility is expected to have a market share of 5.4% in the ride-hailing industry [2]. - The company's Gross Transaction Value (GTV) is projected to increase from 12.2 billion RMB in 2023 to 17 billion RMB in 2024, reflecting a year-on-year growth of 38.8% [2]. Dependency on Aggregation Platforms - Cao Cao Mobility has a high dependency on aggregation platforms, with orders from these platforms accounting for 49.9%, 73.2%, and 85.4% of GTV from 2022 to 2024 [2]. Future Developments - The company plans to launch a Robotaxi service in Suzhou and Hangzhou by February 28, 2025, marking a significant milestone for the commercialization of autonomous driving services [4]. - Cao Cao Mobility is collaborating with Geely Group to develop a custom vehicle specifically for Robotaxi services, including an L4 level Robotaxi expected to be launched by the end of 2026 [5].

★ 宏观动态 ★ 央行：2月开展了14000亿元买断式逆回购操作 央行发布公告，为保持银行体系流动性充裕，2025年2月中国人民银行以固定数量、利率招标、多重价位 中标方式开展了14000亿元买断式逆回购操作。 外汇局：1月我国国际收支货物和服务贸易进出口规模40543亿元 外汇局发布数据，2025年1月，我国国际收支货物和服务贸易进出口规模40543亿元。其中，货物贸易出 口20109亿元，进口13767亿元，顺差6342亿元；服务贸易出口2518亿元，进口4149亿元，逆差1631亿 元。服务贸易主要项目为：旅行服务进出口规模2334亿元，运输服务进出口规模1714亿元，其他商业服 务进出口规模1060亿元，电信、计算机和信息服务进出口规模648亿元。按美元计值，2025年1月，我国 国际收支货物和服务贸易出口3150亿美元，进口2494亿美元，顺差656亿美元。 工信部：驾驶员未规范使用组合驾驶辅助功能的，系统应当具备禁止激活相应功能等限制策略 工信部发布《智能网联汽车产品准入、召回及软件在线升级管理与技术指南》，指南提出确保控制策略合 理。企业确保系统具备明确的激活、动态驾驶任务执行和退出策略。对于行 ...