金吾财讯 | 木头姐加仓，小马智行(PONY)盘中涨近6%，截至发稿，最新报9.11美元，涨幅5.74%，成交额1227.75万美元。消息面上，方舟投资旗下ARK基金在上周五再次加仓小马智行141,086股股份。此外，华泰证券新近研究亦指，小马智行-W(02026/PONY US)已纳入港股通，于6月4日生效，有望打通内地与国际资本市场渠道，提升市场流动性。依托“中国+海外”双轮驱动战略及共建车队模式，公司正持续推进Robotaxi商业化落地。受益于大湾区及海外市场拓展进展快于预期，公司在1Q26业绩后上调全年经营目标，预计2026年Robotaxi收入将达到2025年的3.5倍以上，Robotaxi车队规模由3000辆上调至3500辆以上。基于此，华泰重申小马技术前瞻性、商业模式和生态优势，维持26-28E营收预测1.50/3.66/10.44亿美元。同时基于26年可比公司3.8x EV/Sales均值，维持DCF退出倍数4.5x EV/Sales，维持美股目标价25美元，对应港股目标价195港元，重申“买入”评级。
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