CICC: Keeping Cao Cao Travel (02643) outperforming the industry rating target price of HK$70

The Zhitong Finance App learned that CICC released a research report saying that it is optimistic that Cao Cao Travel (02643) relies on the full chain support formed by Geely ecology, has mature travel service experience and a perfect operating system, and has the core elements of autonomous driving development. The bank maintained its revenue forecast of 25/26 billion yuan, maintained an outperforming industry rating, and used the PE method to return to 2025 based on a 35 times forward price-earnings ratio in 2028 (9.5% equity cost coefficient), maintaining a target price of HK$70 and an upward margin of 53%.

CICC's main views are as follows:

The company's recent situation

On December 3, 2025, Cao Cao Chuxing held a Robotaxi strategic upgrade conference in Hangzhou. The trip was invited to attend. At the conference, the company management announced Robotaxi 2.0, proposed the strategic goal of “ten years, 100 billion cities”, and announced the first “green intelligent traffic island”, which is committed to building a multi-functional integrated transportation hub and speeding up the commercialization of Robotaxi.

Establish a “three-step” strategy and establish a strategic goal of “ten years, 100 cities, 100 billion dollars”

The company believes that the development of Robotaxi needs to go through three stages. The initial focus is on technical verification and small-scale testing to consolidate the foundation of autonomous driving; the current stage is promoting the transition of main driver safety personnel to unmanned operation, exploring a mixed manned and unmanned operation model, and optimizing service efficiency through technological iteration; and the third stage is to begin full commercial operation based on Robotaxi's customized models. Cao Cao Chuxing proposed the strategic goal of “100 billion in 100 cities in ten years”, that is, the goal is to build five major operation centers in the next 10 years to achieve RoboTaxi service coverage in 100 cities and achieve a total GTV of 100 billion yuan.

Entering the Robotaxi 2.0 phase, the company plans to focus on strengthening the automated operation level of large-scale fleets

On the one hand, it will officially launch the Cao Cao Zhixing Ras remote security service platform, and on the other hand, it will fully implement the digital asset management system. By deeply integrating its mature operating advantages with intelligent cockpit and intelligent driving technology, a complete closed loop of Robotaxi's unmanned operation will be built.

Cao Cao Chuxing collaborated deeply with Geely Ecology to build a trinity development model of “intelligent customized car+intelligent driving+intelligent operation”

Empowered by a technological ecosystem, Geely provides R&D and manufacturing of electric smart vehicles, computing power algorithm data support, and national service network resources, making Cao Cao Chuxing the core vehicle for exploring future travel; Cao Cao Chuxing signed a strategic cooperation agreement with Qianli Smart Driving to deepen technical cooperation on intelligent driving and accelerate the large-scale application of autonomous driving technology using the advantages of both parties.