WeRide: 1Q26 on track; avg. daily orders exceed 17; raise PO to USD11.8

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WeRide: 1Q26 on track; avg. daily orders exceed 17; raise PO to USD11.8

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WeRide

1Q26 on track; avg. daily orders exceed 17;

raise PO to USD11.8

Reiterate Rating: BUY | PO: 11.80 USD | Price: 7.66 USD

1Q26 net loss slightly increased YoY due to higher R&D 14 May 2026

WeRide reported its 1Q26 results and hosted a conference call on 13 May. 1Q26 Equity

revenue increased 58% YoY but declined 64% QoQ to RMB114mn, driven by

accelerating robotaxi and other L4 vehicle deployments. Gross profit margin came in at

Key Changes34.7% in 1Q26, down 0.3ppt YoY but up 6.2ppt QoQ, reflecting WeRide’s efficient

deployment playbook and increased focus on higher‑value mobility markets. R\&D (CNY) Previous Current

expenses totaled RMB363mn in 1Q26, up 12% YoY, while SBC expenses amounted to Price Obj. US$11.5 US$11.8

RMB64mn. Non‑GAAP net loss was RMB326mn in 1Q26 (vs. RMB295mn in 1Q25 and

RMB376mn in 4Q25), roughly in line with market consensus. Ming Hsun Lee, CFA >>

Research Analyst

Merrill Lynch (Hong Kong)

minghsun.lee@bofa.comRobotaxi fleet 1.3k by Apr‑2026; average daily orders >17

As of end‑April 2026, WeRide’s global AV fleet—including robotaxis, robobuses, robovans Joey Yang, CFA >> Research Analyst

and robosweepers—expanded to 2,800 units. The global robotaxi fleet reached 1,300 Merrill Lynch (Hong Kong)

vehicles, comprising around 1,000 in China and 300 overseas. To date, WeRide’s vehicles Fiona Liang >>

have been tested or operated in over 40 cities across 12 countries. The company plans Research Analyst

to expand robotaxi services into one additional Tier‑1 city in 2026, further advancing

Jessie Lo >>

commercialization and geographic expansion. In 1Q26, average daily orders per vehicle Research Analyst

exceeded 17, rising to 28 during peak periods.