中金：首予曹操出行(02643)“跑赢行业”评级目标价70港元

智通财经

Sep 22, 2025

智通财经APP获悉，中金发布研报称，首次覆盖曹操出行(02643)，给予“跑赢行业”评级，给予70港元目标价。市场认为中小网约车平台很难盈利，该行认为供给充裕，平台可降低司乘补贴、提升效率来实现UE优化。

网约车行业迈入规范成熟期，下沉市场需求未充分满足，新能源降本与聚合平台流量推动行业稳健增长，该行预计2024-2026年网约车行业规模维持高个位数增长。公司凭借定制车与服务优势扩张市场份额，根据弗若斯特沙利文，2024年公司GTV份额6%排名第二。

该行指，曹操出行依托吉利供应链、借助聚合平台流量快速扩张新城，UE优化可期。曹操出行以定制车构建差异化优势，依托吉利供应链掌控5万多台车队，其低购置与车服成本降低司机TCO，换电模式提升司机收入，司机时薪和粘性上升。2023年起通过聚合平台获流量，并拓展下沉市场。该行认为未来曹操出行可通过提升司机抽佣、降低用户补贴、优化合作伙伴返点、扩大规模实现效率提升，来逐步优化网约车业务的UE水平。

此外，曹操出行拥有丰富的Robotaxi全链条生态，可联动吉利集团覆盖研发、制造、运营等环节。另外曹操出行拥有现成的派单网络，未来可通过混合模式支撑业务启动与数据积累。目前苏杭已经开展Robotaxi试点，公司计划2026年底与吉利合作开发L4级Robotaxi定制车型，加速商业化落地。

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