1月8日，华泰证券发布文远知行(WRD.US, 0800.HK)研究报告，首次覆盖文远知行并给予买入评级，目 标价分别为港股52港元、美股20美元。华泰证券表示，其看好公司领先的自动驾驶技术、完善的商业拓 展模式与完整的出行生态，有望在自动驾驶领域中脱颖而出。 华泰证券认为，中国Robotaxi并非技术或产业层面的追赶者，中美头部企业技术水平与演进方向一致， 但在工程化与经济性层面中国可依托成熟的整车与传感器产业链，实现更低的车辆与套件成本；同时， 中国企业在车规级芯片应用上更为积极，在模型优化、算力效率与成本控制方面更具优势。 华泰证券看好公司国内与海外并重的发展战略，随着国内Robotaxi进入高强度运营，公司也或将在单位 经济模型更优的海外市场率先实现放量(公司已构建中东地区最大 Robotaxi 车队)；此外，Robovan、 Robobus及Robosweeper产品也将逐步落地，相关价值或尚未被充分反映。据此，华泰证券首次覆盖公 司，并给予"买入"评级。 华泰证券提出，文远知行的核心竞争力主要包括三方面：全球领先的规模化L4车队与多区域商业化落 地能力、全栈自研软件平台+车规级硬件体系夯实L4规模 ...

今日早参 2026 年 1 月 09 日 何康 策略首席研究员兼金融工程首席研究 员 座机：021-28972202 邮箱：hekang@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 今日热点 策略：景气拐点初现的驱动有哪些？ ——中观景气与战术配置 月报 12 月全行业景气指数拐点初现，与 PMI 超预期回升相印证。分板块看，上游 资源、公共产业、TMT、必选消费近 3 个月景气改善幅度居前：1）涨价驱 动品种：有色、煤炭、部分化工品、造纸、普钢等；2）AI 链深化：AI 应用 端进展提速，游戏、软件景气改善，算力端存储、被动元件等景气爬坡； 3）资本品和中间品：电新、自动化设备、工程机械等景气改善，由于 26 年 春节较晚，出口订单或前置；4）大众消费品：乳制品、啤酒、养殖等景气 回升；5）基建链：12 月建筑业 PMI 回升至荣枯线上方；6）独立景气周期 品种，如军工电子等。我们建议继续布局春季行情，成长和周期均衡配置 ...

文远知行 20251224 摘要 文远知行专注于 L4 级自动驾驶技术，产品线覆盖 Robotaxi、Robobus、Robovan 和 Robosweeper 等多个领域，并在 全球多地进行测试和运营，预计 2026 年将迎来商业化爆发元年。 公司自研 V2X 自动驾驶通用技术平台，可提供从 L2 到 L4 的自动驾驶产 品和服务，并与车企和出行平台战略协同，加速推进自动驾驶商业化落 地，形成"铁三角"模式。 文远知行与博世在 ADAS 领域合作，提供先进技术和产品开发经验，博 世贡献供应链和客户网络，已集成到奇瑞星途星纪元车型，对公司业绩 有积极贡献。 公司 2020-2022 年营收复合增速达 439%，但 2023-2024 年营收有 所下滑，主要受宏观环境和客户定制研发服务完成影响。2025 年前三 季度收入同比增长 60%，亏损预计将收窄。 Robotaxi 市场潜力巨大，具有显著降本增效优势，无安全员运营成本 远低于传统车辆。商业模式多由主机厂、自动驾驶公司与出行服务商三 方合作。 Q&A 能否介绍一下文远知行在 L4 级自动驾驶领域的整体情况和主要业务？ 文远知行是全球 L4 级自动驾驶产品及 ...

Industry Insights - The Robo-X initiative is expected to reach a milestone in 2026, driven by supportive policies, technological advancements, and cost reductions in L4 autonomous driving [3][4] - The global L4 market is projected to exceed trillions by 2030, with the domestic Robotaxi market estimated at 236 billion yuan annually, and Robovan and Robotruck markets also showing significant potential [4][12] - The competitive landscape includes key players such as Pony.ai and WeRide in the Robotaxi sector, with various companies emerging in Robovan, Robotruck, Robobus, and Robosweeper markets [4] Company Analysis - Pony.ai reported a 72% year-on-year revenue growth in Q3, with ongoing progress in the commercialization of Robotaxi services [1][2] - WeRide achieved a remarkable 144% year-on-year revenue growth in Q3, indicating accelerated commercialization of its L4 products [2][1] Policy Developments - Global policies are increasingly supportive of autonomous driving, with countries like the UAE and Singapore implementing frameworks to facilitate the testing and deployment of autonomous vehicles [12][14] - In China, the Ministry of Industry and Information Technology has initiated pilot programs for smart connected vehicles, involving major automotive companies [14][15] Investment Trends - In 2025, the L4 sector is expected to attract significant investment, with over 49 financing events reported, totaling nearly 21.8 billion yuan in funding [16]

Core Viewpoint - The company, WeRide, has achieved significant revenue growth and accelerated the commercialization of its L4 autonomous driving products, with a 144% year-on-year increase in revenue for Q3 2025, reaching 171 million yuan [3][10]. Financial Performance - In Q3 2025, the company reported revenue of 171 million yuan, a year-on-year increase of 144.2% and a quarter-on-quarter increase of 34.4%. The net profit was -307 million yuan, an improvement from -1.043 billion yuan in Q3 2024 and -406 million yuan in Q2 2025. The adjusted net profit was -276 million yuan [3][10]. - The product business revenue for Q3 2025 was 79.2 million yuan, up 428.0% year-on-year, driven by increased sales of Robotaxi and Robobus. The service business revenue was 91.8 million yuan, a 66.9% increase, mainly due to growth in smart data services and autonomous driving-related operational and technical support services [11][10]. - The company's gross margin for Q3 2025 was 32.9%, up 26.4 percentage points year-on-year, while the net margin was -179.7% [5][14]. Business Segments - The company operates in two main business segments: product business (24.3% of 2024 revenue) and service business (75.7% of 2024 revenue). The product business includes sales of autonomous vehicles like Robotaxi, Robobus, and related sensor kits, while the service business encompasses operational and technical support services, ADAS development services, and smart data services [22][21]. Commercialization Progress - WeRide is accelerating the commercialization of its L4 products. As of November 20, 2025, the company received a pure unmanned license for its Robotaxi from the Swiss Federal Roads Office, making it the only technology company with autonomous driving licenses in eight countries, including Switzerland, China, UAE, Saudi Arabia, Singapore, France, Belgium, and the USA [7][26]. - In Guangzhou, over 300 Robotaxi vehicles have been deployed, achieving up to 25 rides per vehicle per day. The company has also launched Robotaxi services in Abu Dhabi in collaboration with Uber, with plans to expand the fleet to thousands of vehicles by 2030 [31][34]. Technological Advancements - The company has made significant technological breakthroughs, including the successful launch of an end-to-end L2+ level assisted driving solution, which is expected to be mass-produced by the end of 2025. This solution has been integrated into various vehicle models from GAC Group [52][55]. Market Expansion - WeRide has expanded its operations to multiple international markets, including the launch of Robotaxi services in Riyadh, Saudi Arabia, and the initiation of autonomous bus services in various cities across China and the UAE [38][49].

Investment Rating - The report maintains an "Outperform" rating for the company [4][58]. Core Insights - The company achieved revenue of 171 million yuan in Q3 2025, representing a year-on-year growth of 144.2% and a quarter-on-quarter increase of 34.4% [1][6]. - The net profit for Q3 2025 was -307 million yuan, an improvement from -1.043 billion yuan in Q3 2024 and -406 million yuan in Q2 2025 [1][6]. - The company is a global leader in L4 autonomous driving products and solutions, with significant advancements in commercializing its L4 products [3][24]. Financial Performance - In Q3 2025, the company's gross margin was 32.9%, a year-on-year increase of 26.4 percentage points [2][14]. - The adjusted net profit margin for Q3 2025 was -161.2%, showing a significant improvement from previous quarters [2][14]. - The company’s expense ratio decreased to 254.9% in Q3 2025, down 1024.4 percentage points year-on-year [2][19]. Business Segments - Product revenue in Q3 2025 was 79.2 million yuan, a remarkable year-on-year growth of 428.0%, driven by increased sales of Robotaxi and Robobus [1][7]. - Service revenue for the same period was 91.8 million yuan, up 66.9% year-on-year, primarily due to growth in smart data services and autonomous driving-related operational support [1][7]. Market Expansion and Partnerships - The company has accelerated the commercialization of its L4 products, obtaining autonomous driving licenses in multiple countries, including Switzerland, China, UAE, Saudi Arabia, Singapore, France, Belgium, and the USA [3][25]. - In November 2025, the company launched L4 Robotaxi commercial operations in Abu Dhabi in partnership with Uber, marking a significant milestone in the Middle East [32]. - The company has also expanded its Robobus services to various cities, including operations in UAE and Belgium [43][44]. Future Projections - The report has adjusted revenue forecasts for 2025-2027 to 5.51 billion yuan, 10.00 billion yuan, and 18.66 billion yuan, respectively, reflecting a downward revision due to domestic L4 policy openings [58]. - The projected net losses for the same period are -14.16 billion yuan, -13.10 billion yuan, and -10.18 billion yuan [58].

证券研究报告 | 2025年12月09日 文远知行（WRD.O/0800.HK） 优于大市 单三季度收入同比增长 144%，L4 产品商业化落地加速推进 2025Q3 公司实现营收 1.71 亿元，同比增长 144%。2025Q3，公司实现收 入为 1.71 亿元，同比增长 144.2%，环比增长 34.4%，净利润为-3.07 亿 元（2024Q3 为-10.43 亿元，2025Q2 为-4.06 亿元），调整后净利润为 -2.76 亿元（2024Q3 为-2.40 亿元，2025Q2 为-3.01 亿元）。分业务来 看，1）2025Q3，公司产品业务收入为 7920 万元，同比增长 428.0%，收 入增长主要由于 2025Q3 公司 Robotaxi 和 Robobus 销量增加。2）2025Q3， 公司服务业务收入为 9180 万元，同比增长 66.9%，增长主要得益于智能 数据服务收入以及自动驾驶相关运营和技术支持服务收入增加。 2025Q3，公司毛利率同比提升，费用率下降。2025Q3，公司的毛利率/ 净利率/经调整净利率分别为 32.9%/-179.7%/-161.2%，分别同比变动 +26.4 ...

此外，美银首次覆盖文远知行并给予"买入"评级，美股及港股目标价分别定为12美元及31港元。该行 指，文远知行实现了广泛的海外Robotaxi业务布局，建立了显著的先发优势及坚实的合作伙伴网络，国 内Robotaxi业务盈利能力也将随着更好的规模经济效应而提升；此外，公司在WeRide One通用技术平台 下的Robobus、Robovan和Robosweeper的车队拓展同样支撑其未来的业务增长趋势。(格隆汇) 文远知行(WRD.US)盘前涨近4%，报9.01美元；H股今日收涨超4.8%，报23.12港元。 消息面上，12月1日，知名投资人Cathie Wood旗下ARK Investment Management建仓文远知行，买入41.7 万股。12月2日，ARK再买入约25万股，近两日累计买入逾66万股，显示其对文远知行的信心与长期布 局。 ...

资本密集看好的背后，是文远知行在技术、商业化与全球化布局的多重突破。作为全球唯一斩获中、 美、阿联酋等七国自动驾驶牌照的企业，公司构建了从L2到L4的全栈技术平台，形成覆盖Robotaxi、 Robobus、Robovan、Robosweeper、L2级组合辅助驾驶的多元产品矩阵，累计获得博世、英伟达、淡马 锡、摩根士丹利投资管理等全球顶级机构的战略支持。值得关注的是，文远知行已在阿布扎比累计运营 里程接近100万公里，计划2026年将中东车队扩充至1000台，并于2026年上半年在瑞士苏黎世启动纯无 人运营服务。 分析指出，在美联储降息开启科技股估值修复窗口的背景下，文远知行既受益于ARK等机构对自动驾 驶赛道的长期看好，又凭借全球化商业化落地验证了盈利模型，有望成为资本聚焦的核心标的。随着 L4级自动驾驶技术规模化应用提速，其全场景布局与跨区域运营优势将进一步凸显。 美东时间12月1日，被誉为"女版巴菲特"的知名投资人Cathie Wood(木头姐)旗下ARK投资公司正式建仓 文远知行(NASDAQ:WRD;HKEX:0800)，斥资购入41.7万股。这一布局恰逢ARK在《Big Ideas2025》报 ...

美国银行认为，文远知行实现了广泛的海外Robotaxi业务布局，建立了显著的先发优势及坚实的合作伙 伴网络，国内Robotaxi业务盈利能力也将随着更好的规模经济效应而提升；此外，公司在WeRide One通 用技术平台下的Robobus、Robovan和Robosweeper的车队拓展同样支撑其未来的业务增长趋势。 12月1日，知名机构美国银行发布自动驾驶科技公司文远知行（800-HK，WRD-US）研究报告，首次覆 盖文远知行并给予买入评级，设定目标价为美股12美元及港股31港元。根据文远知行截至11月28日的股 价美股8.24美元及港股20.66港元计算，分别对应45.6%及50.0%的上涨空间。 该机构在研报中表示，L4及以上级别自动驾驶行业市场空间持续增长，预计文远知行收入将呈现高增 长趋势并于2030年达到约146亿元人民币，其Robotaxi车队将在全球范围内扩展并在2030年达到约61,000 台，同时受益于海外业务的高盈利能力属性。根据公司公告，文远知行已于2025年11月与Uber合作在阿 布扎比启动robotaxi纯无人商业化运营，该部署获得了美国以外全球首张城市级纯无人robotaxi ...