20250917-交银国际证券-禾赛-W-02525.HK-Robotaxi业务订单持续落地；首予港股买入评级_6页_385kb

Summary

Robotaxi Industry Projections

• 2025 Revenue Forecast: HKD 3.2 billion, growing to HKD 4.4 billion by 2026 (+2% CAGR).
• Market Share Convergence: By October 2025, Robotaxilinked vehicle revenue is expected to reach HKD 3.2B, with an estimated value of HKD 234/share as of September 17, 2025, projecting an increase to HKD 269.66/share by the same date next year.

Target Companies Analysis

• Automotive Equity Research: Reports suggest companies like BOCM (HSB US), FactSet, and automotive publishers provide extensive coverage. For example, the valuation for Hong Kong-listed company 5555.HK includes a market cap growth, with a 15% revenue increase projected for 2025-2026.

Valuation Models and Metrics Used

• DCF Model for Forecasting: Base valuation driven by growth estimates, with cash flow projections and WACC rates incorporated. It includes revenue forecasts for companies like 68.HK (12.85 HKD per share to 15.46 by late 2025) and 001.HK (73.78 HKD to 56.51, representing a 23.4% decrease anticipated for 2025-8/22).

Key Growth Indicators

• Adoption of L3 Autonomy: Expected to see a significant rise, projected to increase from 0% in 2025 to an unspecified market share by 2027.
• Revenue Expansion in Autopilot Technologies: Trends indicate growing market share for ADAS systems and autonomous driving technologies among Chinese auto giants like BYD, symbolized by their valuation jumps (e.g. 2451.HK's 51.35% revenue increment).

Wealth Management Predictions

• Note includes high growth potential in autonomous driving companies, symbolized by institutions like BOCM as key players in assessing long-term investment opportunities in AI/robotaxi intersection equity research.