BOC International maintains a "Buy" rating on WeRide-W (00800) with a target price of HK$34, citing strong fundamentals, proven overseas fleet deployment execution, and a clear overseas profitability path. The firm anticipates WeRide's fourth-quarter revenue surged over 70% quarter-on-quarter to between RMB 290 million and RMB 300 million, driven by continued volume growth in its Robotaxi business and seasonal year-end settlements in its Robobus segment. Full-year revenue for the previous year is projected to reach RMB 660 million to RMB 670 million, exceeding the firm's prior expectations. Gross margin is expected to remain above 30%. BOC International forecasts that WeRide's Robotaxi fleet will surpass 2,000 vehicles by year-end, potentially reaching 3,000 with favorable policies. Deployments in China are expected to account for 50% to 60% of the growth, focusing on key markets like Guangzhou and Beijing. Overseas, the company is using the Middle East as a strategic foothold, leveraging its partnership with Uber to plan deployments of at least 1,200 Robotaxis, with 50% to 60% expected by 2026 and the remainder in 2027.