📊 报告来源：行业研究报告
导语
Equity Research Report Internet This report must be read with important disclosures and analyst certifications located on the end of the report. 1 Revaluing Mobility Platforms as Robotaxi Scales Huatai Research Internet OVERWEIGHT (Maintain) XIA Lulu Analyst SAC No. S0570523100002 SFC No. BTP154 xia…
核心发现
- 1 Revaluing Mobility Platforms as Robotaxi Scales Huatai Research Internet OVERWEIGHT (Maintain) XIA Lulu Analyst SAC No
- S0570523100002 SFC No
- BTP154 xialulu@htsc.com +(852) 3658 6000 SU Yanni Analyst SAC No
- S0570523050002 SFC No
- BTT483 suyanni@htsc.com +(86) 21 2897 2228 SHAO Haolan Analyst SAC No
深度解读
Equity Research Report Internet This report must be read with important disclosures and analyst certifications located on the end of the report. 1 Revaluing Mobility Platforms as Robotaxi Scales Huatai Research Internet OVERWEIGHT (Maintain) XIA Lulu Analyst SAC No. S0570523100002 SFC No. BTP154 xialulu@htsc.com +(852) 3658 6000 SU Yanni Analyst SAC No. S0570523050002 SFC No. BTT483 suyanni@htsc.com +(86) 21 2897 2228 SHAO Haolan Analyst SAC No. S0570124070056 SFC No. BWH250 shaohaolan@htsc.com +(86) 21 2897 2228 Sector performance Source: Wind, Huatai Research Stock recommendations Company Code TP (Local Currency) Rating CaoCao 2643 HK 61.50 BUY DIDI DIDIY US 8.22 BUY Uber UBER US 120.90 BUY Source: Company data, Huatai Research estimates 27 July 2026 │ China (Hong Kong) In-depth This report focuses on revaluing mobility platforms as Robotaxi scaling reaches an inflection point. With the industry entering a phase of factory-installed mass production and accelerated capital deployment since 2026, the focus has shifted from technology proof-of-concept to commercial scalability. While the market currently fixates on the end-to-end execution capabilities of technology leaders, it systematically underestimates the strategic positioning of mobility platforms. We explore three core themes: how platforms’ hybrid networks address the hidden bottleneck of diminishing utilization at scale; an analytical framework linking Robotaxi cost structures, pricing, and total addressable market (TAM); and the divergent platform trajectories driven by structural differences between the US and Chinese mobility markets. Diminishing utilization highlights value of hybrid network Constrained by intraday demand volatility, pure Robotaxi fleets face an inherent trade-off between supply stability and asset utilization. Our simulation shows that as a fixed fleet scales to cover from 15% to 80% of peak demand, average utilization drops from 85% to 35%, with the decline accelerating as coverage ex
一句话总结
Equity Research Report Internet This report must be read with important disclosures and analyst certifications located on the end of the report. 1 Revaluing Mobility Platforms as Robotaxi Scales Huata…