Initiation of Coverage: Steering mainstream Carmakers into the autonomous era; initiate at Buy

研报英文原文证据摘录

Initiation of Coverage: Steering mainstream Carmakers into the autonomous era; initiate at Buy

Global Research

16 July 2026ab

Initiation of Coverage

EquitiesMomenta

Steering mainstream carmakers into the China

autonomous era; initiate at Buy Software

12-month rating Buy

Prior : No Rating

12m price target HK$360.00

Initiate with Buy; price target at HK$360

Prior :

We initiate coverage on Momenta, the largest Chinese autonomous driving software

provider (measured by OEM coverage), with a Buy rating. We believe its technology and Price (16 Jul 2026) HK$288.00

scale make it a natural partner to leading domestic and global carmakers, helping RIC: 6880.HK BBG: 6880 HK

accelerate their drive into the autonomous era. Despite competition, profitability and

Trading data and key metrics

regulatory risks, its asset-light business model, along with strong revenue growth,

provides the company with the operating leverage to generate high margins, thus 52-wk range HK$296.40-81.75

justifying high P/S, in our view. Market cap. HK$68.7b/US$8.76b

Shares o/s 239m (ORD)

A leading solutions provider to top global OEMs Free float 100%

Momenta collaborates with 24 domestic and global carmakers, and leads the market Avg. daily volume ('000) 854

with a diversified customer base, and extensive installation and mass application Avg. daily value (m) HK$187.8

experience. Carmakers we have spoken with have provided positive feedback on Common s/h equity (12/26E) Rmb17.8b

Momenta's technical capabilities and cost effectiveness. Aided by rapid technology P/BV (12/26E) 3.3x

upgrades and cost reduction, L2+ ADAS has accelerated its penetration across the Net debt to EBITDA (12/26E) 17.2x

model price range and is increasingly considered an essential feature in competitive

EPS (UBS, diluted) (Rmb)

models.