Guosheng Securities released a research report saying that it was the first time that it was covered and gave Cao Cao Chuxing (02643) a "buy" rating.The company is the leading technological travel platform in China. It deeply integrates the ecosystem of Geely Holding Group. It leverages the synergy advantages of customized vehicles and the traffic advantages of aggregated platforms to achieve high-quality expansion. Technology empowers quality and efficiency. Online ride-hailing GTV ranks second in the industry. The strategic layout of the autonomous driving business is a scarce technological travel platform in the world that meets the three elements of intelligent customized vehicles, intelligent driving technology and intelligent operations. It is optimistic about the company's long-term development space.
China's leading shared travel company has significant advantages in industrial chain synergy
Cao Cao Chuxing was founded in 2015. It is an online ride-hailing platform in China incubated by Geely Group. According to GTV in 2024, the company is the second largest online ride-hailing platform in China. Strengthen brand image by customized fleets, quickly expand the market by cooperating with transportation partners, and invest in autonomous driving to actively deploy next-generation travel services. The comprehensive industrial chain layout of the controlling shareholder in the fields of automobile manufacturing, new energy technology, car networking, intelligent driving, etc. has formed a strong synergy effect with the company's business development and provided unique ecological advantages. 1H25 Company's revenue was 9.456 billion yuan, a year-on-year increase of 53.50%; gross profit margin steadily increased and expenses continued to be diluted; various operating indicators improved significantly, and network effects were strengthened.
Travel, as the basic demand for social operation, has obvious rigid characteristics. In 2024, the market scale of China's travel industry will reach RMB 8.0 trillion yuan, and the market capacity will be huge, among which the market scale of shared travel will reach RMB 344.4 billion yuan. It is estimated that from 2025 to 29, it will reach RMB 17.0% CAGR will increase to 800 billion yuan, and the market penetration rate will also increase from 4.3% in 2024 to 7.6% in 2029. The competition pattern of the industry is in a trend of one superpower and many strong, with high regional market concentration. The CR5 of the head platform reached 86%, and the CR3 of the first and second tier cities exceeded 85%, with significant regional barriers.
Standardize quality travel services, technology-empowered ecological reshaping
Taking advantage of aggregated platform traffic and technological empowerment, the company's travel business revenue has grown rapidly. Customized car services provide standardized travel products to strengthen brand image and enhance driver stickiness. Forward-looking layout of the self-driving taxi business, pilot implementation in Suzhou and Hangzhou, and imagine future commercial operations. "Ecological integration and industrial chain collaboration" Standardized supply and economic optimization "Service reputation and brand differentiation perception" Technology-driven operational innovation and safety compliance system "are the company's four core competitive advantages.
Autonomous driving travel $100 billion blue ocean, group ecological collaboration creates competitive barriers
The global market space for autonomous driving travel services is expected to reach US$359.6 billion in 2035; autonomous driving taxis are expected to be commercialized in an environment of technological advancement, policy support, cost reductions and increasing user acceptance. In conjunction with the group ecosystem, the company is expected to benefit first.
Reliance on aggregation platforms; risks of core talent drain; data privacy and network security compliance risks, etc.
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