小马智行_首次覆盖小马智行 - H，评级 “买入”_高风险

We initiate coverage on Pony-H (2026.HK) with a Buy/High Risk rating and HKD190.9 target price (using the same DCF valuation methodology as we use for the ADR listing) following the company's HKEx listing on 6-Nov- 2025. We maintain Buy/High Risk rating on the ADR listing PONY.O with an updated US$24.5 target price, down from US$29.0, to factor in the share dilution after the H-share listing. Please see: Pony AI (PONY.O) - Pony 4Q Catalysts Update; Maintain Buy China Robotaxi TAM & market share — We forecas ...