文远知行 20260226 摘要 文远知行 Robotaxi 车队规模已超 1,000 辆，公开运营集中在北京、广 州、阿布扎比等地，目标 2030 年达到"几万辆"规模，并计划与 Uber 合作，至 2027 年仅在中东部署就达到 1,200 辆规模，相当于约 6 倍扩 张。 Robotaxi 商业化收入模式包括车辆销售和运营收入，以销售 1 万辆 Robotaxi 为例，预计可实现 15 亿美元收入，利润率 30%时净利润约 4.5 亿美元。盈利能力释放的核心在于利用率提升，国内利润率预估 30%出头，阿联酋 50%多，欧美高端市场 60%以上。 主力车型 GXR 成本约 4 万美元，传感器配置 8 个激光雷达，域控采用 英伟达两片"4X"芯片，算力 2000 TOPS。通过规模效应和采购阶梯价， 短期降本目标为 25%左右，主要在套件侧，例如激光雷达和摄像头等。 L4 级别 Robotaxi 仍需高精地图，开城周期约为几周，以阿布扎比为例， 初期覆盖约 50%城区用时两周多。国内主要制约来自政策端，开放通常 为稳步推进，短期不太可能"一下子全放开"。 Q&A 文远知行目前在全球的运营覆盖、牌照获取、L4 ...

Group 1 - The core viewpoint of the news highlights the strategic partnership between the company and Uber, aiming to deploy at least 1,200 Robotaxis in the Middle East by 2027, enhancing fleet scalability [1] - The Shanghai government has released policies supporting the development of intelligent connected vehicles, providing a broader operational space for the company and others in the industry [1] - The CEO of the company stated that the AI testing platform has reduced data training costs by 75%, with a goal to achieve profitability by 2030 and expand the global Robotaxi fleet to 2,000-3,000 vehicles by the end of 2026 [1] Group 2 - Multiple institutions have recently issued ratings, generally recognizing the company's technological advantages while expressing concerns about its profitability progress [2] - Macquarie initiated coverage with an "Outperform" rating and a target price of HKD 46 / USD 17.5, optimistic about the overseas light-asset model and the potential for Robotaxi deployment in the Middle East [2] - JPMorgan reiterated an "Overweight" rating but noted that the company's U.S. stock has underperformed relevant indices this year, reflecting market concerns over increasing competition in the Robotaxi sector [2] Group 3 - The company's stock has shown volatility with low liquidity reflecting cautious market sentiment, with the Hong Kong stock closing at HKD 19.84, down 2.07% on February 13, 2026, and a year-to-date decline of 13.74% [3] - The U.S. stock closed at USD 7.60, up 1.88% on the same day, but has also seen a year-to-date decline of 12.44% [3] - On February 13, 2026, there was a net outflow of HKD 734,643 from the Hong Kong stock, indicating an overall outflow trend despite active retail trading [3]

Core Insights - The key point of the news is that WeRide (WRD.US) has officially launched its first Robotaxi commercial operation service in downtown Abu Dhabi in partnership with Uber, marking the first deployment of autonomous vehicles in the city center [1] Group 1: Company Developments - WeRide's stock price increased by 2.9% to $7.71 in pre-market trading following the announcement of the Robotaxi service launch [1] - The Robotaxi service now covers approximately 70% of the core areas in downtown Abu Dhabi, indicating significant expansion in operational reach [1] - Since the commencement of the Robotaxi commercial operation in December 2024, the fleet size of the partnership has quadrupled, showcasing rapid growth in service capacity [1] Group 2: Market Performance - The closing price of WeRide on February 11 was $7.55, with a pre-market price of $7.77 on February 12 [2] - The stock experienced a trading volume of 4.0856 million shares, with a price range between $7.47 and $8.09 [2] - WeRide's total market capitalization stands at $2.585 billion, with a total share count of 342 million [2]

Core Insights - WeRide and Uber have officially launched the first Robotaxi commercial operation service in downtown Abu Dhabi, marking the deployment of autonomous vehicles in the area [1] - The Robotaxi service now covers approximately 70% of Abu Dhabi's core areas, with the fleet size increasing fourfold since the service began in December 2024 [1] - The expansion of the Robotaxi service is expected to enhance urban connectivity and convenience, supporting the UAE's vision for smart mobility [1] Company Developments - WeRide and Uber plan to scale their Robotaxi fleet in the Middle East to thousands of vehicles in the coming years, with a commitment to deploy at least 1,200 Robotaxis by 2027 across Abu Dhabi, Dubai, and Riyadh [2] - The first L4 level fully autonomous Robotaxi commercial operation in the Middle East was launched on Yas Island, Abu Dhabi, in November 2025, following the acquisition of a city-level operational permit for fully autonomous Robotaxis [2]

Core Viewpoint - Macquarie has initiated coverage on WeRide (WRD.US, 0800.HK) with an "Outperform" rating, setting target prices of HKD 46 for its Hong Kong stock and USD 17.5 for its U.S. stock, recognizing the company's core competitiveness and growth potential in the global autonomous driving sector [1] Group 1 - WeRide's core advantages lie in its diversified L4 autonomous driving product matrix and strong strategic partnerships, positioning it favorably in building a scalable and global autonomous driving service network [1] - The company is the only tech firm globally to hold autonomous driving licenses in eight countries, including China, UAE, and Singapore, and has developed a comprehensive product matrix that includes autonomous taxis, minibuses, freight vehicles, sanitation vehicles, and L2 driver assistance systems [1] - WeRide's global layout is supported by its extensive application scenarios in smart mobility, smart freight, and smart sanitation, establishing a solid foundation for its international expansion [1] Group 2 - WeRide's recent overseas expansion efforts have gained momentum, with a partnership with Uber announced on February 6 to deploy at least 1,200 Robotaxis in the Middle East by 2027, covering key markets such as Abu Dhabi, Dubai, and Riyadh [2] - WeRide has a four-year first-mover advantage in Abu Dhabi, where its Robotaxi fleet is nearing single-vehicle breakeven and has initiated fully autonomous commercial operations, becoming a benchmark in the Middle East's autonomous driving sector [2] Group 3 - As of January 12, 2026, WeRide's global Robotaxi fleet has reached 1,023 vehicles, operating in over ten major cities worldwide, with successful fully autonomous commercial operations launched in Guangzhou, Beijing, and Abu Dhabi [5] - WeRide is the first autonomous driving tech company to be dual-listed on both U.S. and Hong Kong stock exchanges, gradually realizing its commercial value through proprietary technology, diverse product offerings, and global expansion, gaining significant attention and recognition from the capital markets [5]

Core Insights - WeRide and Uber have officially launched the first Robotaxi commercial operation service in downtown Abu Dhabi, marking the deployment of autonomous vehicles in the city center [1] - The Robotaxi service now covers approximately 70% of Abu Dhabi's core areas, with a fourfold increase in fleet size since the service began in December 2024 [1] Group 1: Service Expansion - The Robotaxi service area has been extended to include Khalifa City, Masdar City, Rabdan, and the Corniche Road area leading to the Sheikh Zayed Grand Mosque, connecting key landmarks and popular hotels [2] - The service aims to enhance urban connectivity and convenience in Abu Dhabi, supporting the UAE's vision for smart mobility [4] Group 2: Operational Details - Passengers can access the WeRide Robotaxi GXR through Uber Comfort or Uber X options, with a dedicated "Autonomous" category available in the Uber app [4] - Currently, each Robotaxi is equipped with a safety operator, with plans to transition to fully autonomous operation in phases [4] Group 3: Market Position and Future Plans - WeRide has deployed over 200 Robotaxis in the Middle East and plans to expand the fleet to thousands in the coming years [5][6] - By February 2026, WeRide and Uber aim to deploy at least 1,200 Robotaxis across Abu Dhabi, Dubai, and Riyadh [6] - WeRide has maintained a competitive edge in Abu Dhabi since 2021 and became the first company in the UAE to obtain a national-level autonomous driving license in 2023 [8]

Core Insights - WeRide and Uber have launched the first commercial Robotaxi service in downtown Abu Dhabi, marking the Emirate's first deployment of autonomous vehicles in its city center [1][4] - The service now covers approximately 70% of Abu Dhabi's core areas, with the fleet size quadrupling since its inception in December 2024 [1][4] Service Expansion - The newly expanded service operates in Khalifa City, Masdar City, Rabdan, and routes between Corniche Road and the Sheikh Zayed Grand Mosque, covering major landmarks and popular hotels [2][6] - The service previously covered about half of Abu Dhabi's core areas, including Al Reem, Al Maryah, Yas, and Saadiyat, as well as highway routes to Zayed International Airport [4] Operational Details - Riders can now be matched with a WeRide Robotaxi GXR through the Uber platform, and can also book directly via a dedicated "Autonomous" option on the app [3] - Public commercial operations have commenced with a vehicle specialist on board, as part of a phased approach towards fully driverless operations [3] Urban Connectivity and Tourism - The expanded service enhances urban connectivity and supports the UAE's smart mobility vision, connecting high-demand hotel and tourism corridors with other parts of Abu Dhabi [4][7] - Hotels across the Emirate received 4.8 million guests as of 2024, reflecting a 27% year-on-year increase in international visitors [7] Future Plans - WeRide and Uber aim to scale their operations to thousands of Robotaxis in the Middle East, with a commitment to deploy at least 1,200 Robotaxis across the region by 2027 [8] - In November 2025, the companies launched the Middle East's first Level 4 fully driverless Robotaxi commercial operations in Abu Dhabi [9] Company Background - WeRide has maintained a four-year first mover advantage in autonomous vehicle deployment in Abu Dhabi, having operated Robotaxis since 2021 [11] - The company became the first in the UAE to receive a national license for all types of self-driving vehicles, allowing for autonomous testing and operation on public roads [11]

Core Insights - The company has successfully reduced its data collection and training costs by 75% [1] - The company aims to at least double its fleet size within the current year [1]

Core Insights - WeRide Inc. (NASDAQ:WRD) is recognized as one of the 12 best autonomous driving stocks to invest in currently [1] - Citi analyst Jeff Chung has placed a 90-day upward catalyst watch on WeRide, maintaining a Buy rating with a price target of $15.30, anticipating potential upside from a Waymo financing round [2] - WeRide has introduced WeRide GENESIS1, a proprietary simulation model that enhances the development and validation of autonomous vehicles [3] Group 1: Company Overview - WeRide Inc. operates as an investment holding company focused on autonomous driving vehicles, including robobuses, roboaxis, and robosweepers, along with associated sensor suites [4] Group 2: Financial Projections and Market Position - Citi forecasts WeRide's valuation at 34 times price-to-sales in 2025, with an expected valuation of 280 times price-to-sales for Waymo in the first quarter [2] - The company is expected to benefit from improved investor sentiment regarding its potential inclusion in the Southbound Stock Connect in June [2] Group 3: Technological Advancements - The WeRide GENESIS1 model integrates generative and physical AI to create realistic virtual environments and simulate rare driving scenarios, enhancing performance and reducing development cycles for autonomous vehicles [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company has established a strong competitive moat in L4 autonomous driving through technology, licensing, mass production capabilities, and operational efficiency. It has developed the WeRide One platform, which integrates AI models, software algorithms, modular hardware design, and cloud architecture, enhancing scalability and versatility [1][28]. - The company has achieved significant milestones in licensing, having obtained autonomous driving licenses in eight countries, including China, UAE, Singapore, France, the USA, Saudi Arabia, Belgium, and Switzerland, positioning it as an industry leader [1][36]. - As of January 12, 2026, the company's global Robotaxi fleet reached 1,023 vehicles, with a target of deploying tens of thousands by 2030 [1][41]. Summary by Sections Company Overview - The company, WeRide, was founded in 2017 and is the only technology firm with autonomous driving licenses in eight countries. It focuses on developing safe and reliable autonomous driving technologies across various applications, including Robotaxi, Robobus, Robovan, and Robosweeper [16]. Technology and R&D - The company emphasizes R&D, with a high proportion of its workforce dedicated to it. As of June 30, 2025, 93.7% of its full-time employees are R&D personnel, including top AI scientists and engineers [28]. - The WeRide GENESIS simulation model significantly enhances the efficiency and capability of autonomous driving algorithms, reducing the time and cost of traditional road testing [31][32]. Licensing and Market Presence - The company has a clear advantage in licensing, having secured multiple licenses in various cities, including Shanghai and Abu Dhabi, where it has commenced fully autonomous operations [2][39]. - The company has successfully launched its Robotaxi services in major cities, including Beijing, Guangzhou, and Abu Dhabi, with plans to expand further [2][45]. Financial Projections - The company forecasts net losses of CNY 1.69 billion, CNY 1.37 billion, and CNY 1.10 billion for the years 2025, 2026, and 2027, respectively, with expected EPS of -CNY 1.65, -CNY 1.33, and -CNY 1.07 [3][5]. Market Strategy - The company is focused on both domestic and international markets, with a robust strategy for global expansion, particularly in the Middle East, where it has established a significant presence [2][82]. - The company aims to achieve single-vehicle breakeven in Abu Dhabi, indicating a viable business model for its Robotaxi services [54][86].