CICC has released a fresh research report, marking its first coverage of MOMENTA-W (06880.HK) with an Outperform rating and a target price of HK$500.00. The firm highlights Momenta as a frontrunner in the intelligent driving and physical AI space, underpinned by its world model foundation and data flywheel technology insights, which have cemented a clear competitive edge.

According to the report, Momenta leverages intelligent driving as its springboard into physical AI, operating under a "one flywheel, two legs" strategy that delivers dual solutions: mass-production vehicles and robotaxi services. Leveraging the same core large model framework, the company is positioned to scale across passenger cars, Robovan, Robotruck, and Robotaxi, with the potential to extend into embodied intelligence applications. To date, over 1.1 million mass-produced vehicles are equipped with Momenta's solutions, accumulating more than 15 billion kilometers of real-world driving data—ranking it first among independent providers of Navigation on Autopilot (NOA) solutions in China by sales volume and design wins.

Where to begin with the investment thesis

CICC underscores Momenta's robust foundational capabilities, driving a "strong get stronger" dynamic. Its dominant position in mass production has translated into substantial accumulations across data, models, and computing power. More critically, the company has established automated development workflows, operational management frameworks, and a corporate culture centered on its mainline platform, creating a virtuous cycle of continuous scenario accumulation, rapid performance enhancement, and declining costs—a "flywheel effect" that accelerates momentum over time.

Why the growth runway extends beyond current scope

The report further emphasizes Momenta's clear growth strategy, charting a course toward the expansive physical AI landscape. With well-defined pathways in mass-market penetration, L3 autonomy, and international expansion, the company is poised for sustained traction. CICC expresses optimism about the strength of Momenta's world model, suggesting its established superiority in intelligent driving could pave the way for diversification into Robovan, Robotaxi, and embodied intelligence scenarios, underpinning long-term performance growth.