Summary of the Conference Call for Cao Cao Mobility Company Overview - Company: Cao Cao Mobility - Current Valuation: Approximately HKD 20 billion - Projected Revenue for the Year: CNY 26 billion - Comparison: Positioned against Didi, Uber, and Lyft in the ride-hailing sector [2][3][12] Industry Insights - Evolution of Ride-Hailing: Transition from traditional taxis to ride-hailing and now to autonomous vehicles, with algorithms replacing drivers and vehicle management handled by rental companies or platforms [2][4] - Cost Advantage: Shared mobility prices per kilometer are nearly half that of private cars, indicating potential to replace some private car demand. The private car market in China is approximately CNY 11 trillion [2][4] - Market Size: - China’s ride-hailing vehicle count is around 5 million, with expectations of a single operating entity exceeding 10,000 vehicles by 2028 and a 50% penetration rate for autonomous vehicles by 2030 [5] - Global Robotaxi count is projected to exceed 1.5 million by 2030, with North America leading in development, followed by China and the Middle East [5][8] Competitive Positioning - Strategic Partnerships: Backed by Geely, enhancing operational capabilities and technology through partnerships with Qianli Technology [2][6][7] - Market Role: Positioned as a third-party traffic platform in the autonomous vehicle era, similar to Didi in the ride-hailing era, with diversified supply sources [3][9] Financial Projections - 2026 Goals: Aim to operate 500 Robotaxis, with expectations of reducing losses in traditional ride-hailing operations and achieving a projected revenue of CNY 26 billion, with a slight net loss of CNY 270 million [3][10] - Long-term Vision: Plans to operate around 100,000 Robotaxis by 2030, anticipating a market turning point by 2028 that will drive company valuation growth [3][11] Investment Opportunities - Undervalued Status: Current valuation is considered low compared to peers; if Didi lists successfully, its valuation should exceed that of Lyft or Uber. A price-to-sales ratio of at least 1x is suggested based on projected revenues [2][12] - Catalysts for Growth: Key developments such as Tesla's Subcab production in 2026, the launch of XPeng's second-generation VRA model, and the introduction of L3/L4 national standards are expected to accelerate market growth [3][13] Conclusion Cao Cao Mobility is positioned as a significant player in the evolving ride-hailing and autonomous vehicle market, with strong backing, strategic partnerships, and a clear growth trajectory. The company is currently undervalued, presenting potential investment opportunities as the market transitions towards autonomous mobility.
曹操出行20260118