Wenyuan Zhixing receives maintain outperform rating and target price raised by Morgan Stanley. Global Robotaxi layout and technological barriers driving business growth.

On May 14th, Morgan Stanley released the latest research report on WeRide (WRD.US, 00800), maintaining an "Outperform" rating and raising the target price for US/Hong Kong stocks by 4%/5% to $15.90 and HK$42.00 respectively. The report mentioned that WeRide's global Robotaxi fleet continues to expand, reaching approximately 1,300 vehicles as of April, with an expected growth to 2,600 vehicles by the end of 2026. The company's daily average orders per vehicle in China have exceeded 17, demonstrating strong commercial operational capabilities. In the first quarter of 2026, the company's operating income increased by 57% year-on-year to 114 million RMB, with a stable gross profit margin of around 35%, reflecting its robust operational execution. Morgan Stanley believes that in the first quarter of 2026, WeRide's Robotaxi fleet size and service revenue will continue to grow steadily, with product revenue expected to be concentrated in the second half of the year due to seasonality. In addition, with the continuous iteration of the WRD 3.0 end-to-end L2++ solution in the GENESIS simulation model and L4 real data, the company has further solidified its technological leadership in the L4 and L2++ fields. As the company advances its domestic and international businesses, WeRide will continue to maintain its leading position in the global autonomous driving race.