CaoCao (2643.HK): RoboX Strategic Upgrade at Hong Kong International Auto Expo 2026

研报英文原文证据摘录

CaoCao (2643.HK): RoboX Strategic Upgrade at Hong Kong International Auto Expo 2026

CaoCao (2643.HK)

21 June 2026 Citi Research

CaoCao

Valuation

Our HK$51.0 TP is based on 1.0x 2027E P/S. Our 1.0x P/S multiple implies about 10% discount to blended Didi’s P/S or ~60%

discount to our 2.6x multiple applied for Didi’s international platform sales which we view as reasonable given the smaller scale

of Caocao.

Risks

Our quant model assigns a High Risk to Caocao and hence the High Risk rating has been applied. Key downside risks impeding

our target price for Caocao includes 1) intense market competition that necessitates continuous discounts and incentives which

could weigh on margin expansion pace. 2) heavy reliance on aggregator platforms for over 80% of its order volume, which

creates a weak bargaining position and could lead to unfavorable revenue-sharing terms. 3) The company operates in a highly

regulated environment, facing constant risks of substantial fines or operational penalties due to non-compliant of drivers or

vehicles, alongside the threat of rising operational costs from potential increases in mandatory insurance and social welfare

coverage.4) Caocao’s has deep operational and strategic dependence on the Geely Group for vehicles, technology, and services,

and any change in its relationship with or the control of Geely could lead to uncertainties and overhang for share price.

DiDi Global

(DIDIY.PK; US$3.5; 1H; 18 Jun 26; 17:00)

We derive our US$6.6 target price on a sum-of-the-parts basis. For China Mobility, we apply 9x to our 2027E EBITA forecast to

arrive at US$23.1bn or US$4.86 per share. Our 9x multiple is based on an average of revs and EBITA 2026-28 CAGR, which is

inline with China platform peer valuation.