Goldman Sachs Initiates Coverage on WeRide with Buy Rating, Sets HK$54.23 Target

Deep News09:11

Goldman Sachs has released an initial coverage research report on WeRide (00800), assigning the company a Buy rating and setting a target price of HK$54.23. This target implies a potential upside of 151.5% compared to the closing price of HK$21.56 on April 16.

The investment bank views WeRide as a leader in autonomous driving technology. It believes that growth in the company's business prospects will be supported by increasing revenue from its Robotaxi operations, the expansion of its vehicle fleet, its first-mover advantages in both domestic and international markets, and the continuous optimization of the user experience.

Goldman Sachs highlighted WeRide's recent progress in deploying Robotaxi services domestically and overseas. Examples include the commercial public Robotaxi service in Dubai and Riyadh, as well as business expansion into European regions such as Switzerland and Slovakia. Furthermore, WeRide utilizes a capital-light business model, which enhances the efficiency of fleet deployment and generates recurring service revenue. Additionally, Goldman Sachs believes that WeRide's ongoing technological advancements and iterations, combined with a trend of decreasing vehicle costs, will further optimize its Robotaxi business model.

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