Guolian Minsheng: Maintain a "recommended" rating for WERIDE-W (00800), accelerating the global deployment of Robotaxi.

Guolian Minsheng released a research report stating that WERIDE-W(00800) has demonstrated strong scalability in landing projects and is evolving towards a comprehensive platform of "autonomous driving technology solutions + all-scenario smart travel services". The company is expected to achieve revenues of 1.041/1.821/2.872 billion yuan from 2026 to 2028. Based on the closing price of 16.64 Hong Kong dollars on June 10, 2026, the corresponding PS multiples for 2026-2028 are 14.3/8.2/5.2 times, maintaining a "recommended" rating. Main points of Guolian Minsheng's report: Events: 1) On June 10, the company held talks with Slovak Prime Minister Robert Fico, and the company will fully deploy its L4 level autonomous driving product matrix in Slovakia; 2) On June 3, the company's Hong Kong stocks were officially included in the list of securities eligible for trading under the Hong Kong Stock Connect program, effective June 4. Joining hands with Uber to enter the 12th city globally with light asset model accelerating expansion in Europe On June 2, the company announced plans to launch the first commercial Robotaxi pilot service in Spain in Madrid in collaboration with international travel giant Uber, marking the entry of Robotaxi into the 12th city in the world. With the support of the Madrid autonomous community government, the commercial service will officially start later this year, and local users can call for it with a one-click on the Uber App. Initially operated with safety officers, hundreds of vehicles will be deployed and eventually promote pure unmanned services covering the core areas of Madrid as key operational metrics are gradually achieved. The company adopts a light asset operation strategy, with Moove Cars Group's AVOMO responsible for daily fleet operations, achieving efficient division of labor between "technology output + local operation". According to their cooperation plan in May 2025, 15 international cities will be added in the next five years, with 4 layouts already completed and the remaining 11 cities to be covered by 2030. Formal inclusion in the Hong Kong Stock Connect program completes the formation of a triple capital market system of "US stocks + Hong Kong stocks + Hong Kong Stock Connect" On June 3, the company's Hong Kong stocks were officially included in the list of securities eligible for trading under the Hong Kong Stock Connect program, effective June 4. Mainland investors who meet the conditions can directly buy and sell the company's Hong Kong stocks through the Hong Kong Stock Connect, significantly improving the accessibility and market liquidity of Hong Kong stocks and expanding the reach of investors. From listing on Nasdaq in October 2024, becoming the "first global Robotaxi stock", to listing on the Hong Kong Stock Exchange in November 2025 as the first dual main listing autonomous driving company of "US stocks + Hong Kong stocks", and now inclusion in the Hong Kong Stock Connect, the company has built a diversified financing system covering major capital markets worldwide. The Slovak project enters the substantial promotion stage and will fully deploy the L4 level product matrix On June 10, the company held talks with Slovak Prime Minister Fico, with Minister of Transport Raji and others in attendance. The company will fully deploy its L4 level product matrix in Slovakia, covering Robotaxi, Robobus, Robovan, and Robosweeper for smart travel, public transportation, logistics, municipal sanitation, and other scenarios. The project will start testing in Bratislava, then expand to Kosice and the High Tatras area. Some vehicle models are planned to achieve public commercial operations by 2026 and move towards pure unmanned operation after meeting EU regulations. Slovakia is the fifth European country for the company's layout. Previously, the company has been promoting multi-scenario projects in France (pure unmanned Robobus commercial operations), Switzerland (first pure unmanned Robotaxi license), Spain (Robotaxi plan in cooperation with Uber to go online later this year), Belgium (regular Robobus operations in Leuven), and other projects, continuously deepening the commercial layout of multiple products and cities in Europe. Risk factors: Autonomous driving technology deployment below expectations, commercialization below expectations, supply chain risks, company cash flow pressure risks, etc.