On May 14, Macquarie released its latest research report on WeRide Inc. (WRD.US, 00800), maintaining an "Outperform" rating and raising the US stock/Hong Kong stock target price by 4%/5% to $15.90/HK$42.00. The report noted that WeRide's global Robotaxi fleet continues to expand, reaching approximately 1,300 vehicles as of April, with an expected total of 2,600 vehicles by the end of 2026. Domestically, the company's average daily orders per vehicle have exceeded 17, demonstrating robust commercialization capabilities. For the first quarter of 2026, WeRide's operating revenue increased by 57% year-over-year to RMB 114 million, with gross margin remaining stable at around 35%, fully reflecting its solid operational execution. Macquarie believes that in Q1 2026, WeRide's Robotaxi fleet size and service revenue grew steadily, while product revenue is seasonally expected to be concentrated in the second half of the year. Furthermore, represented by the continuous iteration of its WRD 3.0 one-stage end-to-end L2++ solution on the GENESIS simulation model with L4 real-world data, the company has further solidified its technological leadership in both L4 and L2++ domains. With the advancement of its domestic and international operations, WeRide is poised to maintain a leading position in the global autonomous driving sector.