WERIDE - H : 1Q26 results wrap-up: overseas revenue contribution to reach c50% by 2026E

研报英文原文证据摘录

WERIDE - H : 1Q26 results wrap-up: overseas revenue contribution to reach c50% by 2026E

EQUITIES

SOFTWARE

WERIDE ­ H OUTPERFORMPRICE* HKD20.7  TARGET PRICE HKD30 (UPSIDE 45%) TARGET 7%PRICE EPS 4%26e EPS 3%27e

WERIDE ADR OUTPERFORMPRICE* USD7.7  TARGET PRICE USD12 (UPSIDE 57%) TARGET 9%PRICE EPS 4%26e EPS 3%27e

1Q26 results wrap-up: overseas revenue contribution to reach

c50% by 2026E

Multiple catalysts at play despite low seasonality in 1Q2614 MAY 2026

Securities Research Report In 1Q26, WeRide’s revenue +58% YoY despite low seasonality and disruptions in the Middle East.

Production time: 09:09* (London time) Gross margin further climbed to 35% from 30% in 2025, driven by a revenue mix of increasing high-

Research Analysts & Publishing Entities margin overseas exposure. Alongside its committed share repurchase plan offering potential price

Sophia Chi, CFA support, we remain bullish on WeRide given accelerating robotaxi revenue growth, a better margin

BNP Paribas Securities (China) Limited1 profile due to significant overseas exposure, and the potential inclusion in Stock Connect in June.

SAC Reg. no.:S1880525120001

+86 21 6096 9922

sophia.chi@bnpparibas-sec.cn Overseas revenue contribution likely to reach c50% in 2026E, riding on first-mover advantage

As of 1Q26, WeRide’s L4 vehicle fleet expanded to c2,800 units (2,113 units by 23 March), of which

the robotaxi fleet reached c1,300 units (1,125 units by 23 March). In 1Q25, WeRide launched Dubai’s

first fully driverless commercial robotaxi service with Uber. Now covering 70% of Abu Dhabi’s core

areas, it plans to deploy 600-800 robotaxis by 2026 and 1,200 units by 2027 in the Middle East.

Given its first-mover advantage overseas, we are bullish on its fleet deployment progress and