CICC: Covering MOMENTA-W (06880) for the first time to outperform the industry rating target price of HK$500.00

The Zhitong Finance App learned that CICC released a research report saying that for the first time, MOMENTA-W (06880) was covered to give an industry performance rating. The target price was HK$500.00. Based on the 2026 Division Plus Valuation Method, the company is the world's leading intelligent driving and physical AI company. The company's 2026-2027 EPS is expected to be -2.38 yuan and -1.87 yuan, respectively. The company is currently trading 14 times P/S in 2026, and the target price has 86.3% upside. The bank is optimistic about the strong strength of the company's world model. Based on its significant advantage in the field of intelligent driving, the company is expected to expand into multiple physical AI scenarios such as Robovan, RoboTaxi, and physical intelligence to support long-term performance growth.

CICC's main views are as follows:

Starting with intelligent driving, it has a significant leading edge

Momenta uses intelligent driving as a starting point to enter physical AI. Based on the “one flywheel, two legs” strategy, Momenta provides two major solutions for mass-produced cars and autonomous taxi services. As of July 2026, the volume of mass-produced vehicles equipped with Momenta solutions has exceeded 1 million units, and the actual vehicle mileage has exceeded 12 billion kilometers; in terms of fixed points and other dimensions, the company ranked first among pilot assisted driving (NOA) solution providers in independent cities in China.

Solid underlying capabilities to achieve the strength of the strong

With its dominant position in mass production, Momenta has accumulated a lot in terms of data, models, and computing power. More importantly, the company has built an automated development process, operation management framework and corporate culture represented by the main platform, forming a positive business cycle of continuous accumulation of scenarios, rapid performance improvement, and continuous cost reduction, showing a “flywheel effect” of running faster and faster.

Clear growth strategy towards a sea of physical AI stars

Momenta's growth path in mass markets, L3, and internationalization is clear. At the same time, empowered by the world's pedestal model, Momenta is expected to support the large-scale implementation of Robovan, Robotruck, Robotaxi, and even embody intelligence based on the same large model, further developing the company's growth prospects.

Potential catalysts: Robovan and Robotaxi businesses are progressing smoothly; overseas markets are catalyzed.

Risk warning: Emerging technology involves multiple uncertainties, falling short of expectations in profits, falling short of expectations, policies falling short of expectations, intense industry competition, pricing pressure, computing power, and storage resource risks.