GLMS Securities has released a research report stating that WeRide-W (ASX: 00800) has demonstrated strong capabilities in large-scale deployment and is evolving into an integrated platform of "autonomous driving technology solutions + full-scenario smart mobility services". The firm forecasts the company's revenue for 2026-2028 to be RMB 10.41/18.21/28.72 billion. Based on the closing price of HK$16.64 on June 10, 2026, the corresponding PS ratios for 2026-2028 are 14.3x, 8.2x, and 5.2x respectively, leading to the maintenance of a "Recommend" rating. The key points from GLMS Securities are as follows:

Recent Developments

Key events include: 1) On June 10, the company held talks with Slovak Prime Minister Robert Fico, announcing plans for a comprehensive deployment of its L4 autonomous driving product portfolio in Slovakia; 2) On June 3, the company's Hong Kong shares were officially included in the Stock Connect list, effective from June 4.

Partnership with Uber Expands Footprint to 12th Global City

On June 2, the company, in partnership with global mobility giant Uber, announced plans to launch Spain's first commercial Robotaxi pilot service in Madrid, marking the 12th global city for its Robotaxi service. Supported by the Government of the Community of Madrid, the commercial service is set to launch within the year, allowing local users to hail rides via the Uber app. Initially, vehicles will operate with safety drivers. As key operational metrics are met, hundreds of vehicles will be deployed with the goal of achieving fully driverless service coverage in Madrid's core urban area. The company employs a capital-light strategy, with daily fleet operations managed by AVOMO, part of the Moove Cars Group, enabling an efficient division of labor between "technology provision and local operations". According to the cooperation plan established in May 2025, the partnership aims to add 15 new international cities over the next five years. Four have already been covered, with the remaining 11 slated for completion by 2030.

Inclusion in Stock Connect Completes Triple-Capital-Market Structure

On June 3, the company's Hong Kong shares were officially included in the Stock Connect list, effective from June 4. This allows eligible mainland investors to directly buy and sell the company's Hong Kong shares through Stock Connect, which is expected to significantly enhance the accessibility and market liquidity of its Hong Kong shares, broadening its investor reach. From its Nasdaq listing in October 2024, becoming the "world's first publicly listed Robotaxi company", to its dual primary listing on the Hong Kong Stock Exchange in November 2025 as the world's first autonomous driving company with "US + Hong Kong" dual-primary listings, and now its inclusion in Stock Connect, the company has established a diversified financing system covering major global capital markets.

Slovakia Project Enters Substantive Phase for Full L4 Product Deployment

On June 10, the company held talks with Slovak Prime Minister Fico, attended by Transport Minister Ráz. The company will comprehensively deploy its L4 product portfolio locally, covering Robotaxi, Robobus, Robovan, and Robosweeper, addressing scenarios such as smart mobility, public transport, logistics, delivery, and municipal sanitation. The project will commence testing in Bratislava before expanding to Košice and the High Tatras region. Some vehicle models are planned for public commercial operation within 2026, with fully driverless operations to follow after meeting EU regulations. Slovakia becomes the fifth European country for the company's operations. Previously, the company has advanced multi-scenario projects in France (commercial operation of fully driverless Robobus), Switzerland (first license for fully driverless Robotaxi), Spain (Robotaxi partnership with Uber targeting launch within the year), and Belgium (regular operation of Robobus in Leuven), deepening its multi-product, multi-city commercial layout across Europe.

Risk Factors to Consider

Potential risks include autonomous driving technology deployment falling short of expectations, commercialization delays, supply chain risks, and company cash flow pressures.