未知机构：银河社服曹操出行投资逻辑被忽视的服务消费平台型公司Robotaxi商业化-20260211

Summary of Conference Call Notes Company Overview - The company is the second-largest ride-hailing platform in China, benefiting from the growth in resident travel demand. [1] - In H1 2025, the total Gross Transaction Value (GTV) increased by 54% year-on-year, and order volume rose by 49% year-on-year. [1] - Current market share stands at 8%, with Didi holding over 60%. The company aims to increase its market share to 15%-20% by expanding into 100 new cities in 2026. [1] Financial Performance - Profitability is expected to begin releasing in 2024, with the company's User Experience (UE) model already operational. [1] - After rapid city expansion, the company anticipates reaching breakeven in net profit by 2026, with overall profitability expected in 2027. [1] - Long-term projections estimate that ride-hailing and Robotaxi profits could exceed 5 billion yuan if the company captures 15-20% market share. [1] Competitive Advantages - The company is controlled by Geely's Li Shufu, leveraging Geely's automotive manufacturing advantages. [2] - It has the largest proprietary fleet among ride-hailing companies globally, providing a Total Cost of Ownership (TCO) advantage that enhances pricing power and improves driver and passenger experiences. [2] Robotaxi Commercialization - The company is utilizing Geely's advantages to achieve the lowest production costs for Robotaxis (under 150,000 yuan per unit) and is conducting tests in Hangzhou. [2] - Future commercialization timeline includes: - H1 2026: Full automation in Hangzhou with gradual optimization of remote operator ratios; Robotaxi showcased at the Beijing Auto Show in April. [2] - H2 2026: Obtaining operating licenses for Robotaxis in Suzhou and Hangzhou, where the company currently holds a 12-13% market share. [2] - 2027: Mass production of vehicles with an estimated deployment of around 8,000 units, along with international expansion. [2] - 2028-2029: Expected operational model for Robotaxis to be established, with plans to deploy 100,000 units post-2030. [2] Market Position and Valuation - The company's stock has been affected by shareholder sell-offs, but these factors are already reflected in the current share price. [2] - Recent placement activities have occurred at a minimal discount, indicating a stable valuation. [2] - Projected revenue CAGR over the next three years is approximately 20-25%, with a price-to-sales ratio (PS) of around 0.7X in 2026, which is comparable to Didi's 0.6X PS and significantly lower than Uber's 2.2X and Grab's 3.8X. [2]