Pony Ai-小马智行_第四季度催化因素更新；维持买入评级

Flash | 28 Oct 2025 06:59:35 ET │ 10 pages Pony 4Q Catalysts Update; Maintain Buy CITI'S TAKE We summarize Pony's 4Q catalysts as below. We maintain our Buy on Pony with a TP of US $29.00, derived from DCF using a 17.1% WACC to reflect the company's high-risk profile. Our target price translates to 2030E P/S and P/E multiples of 2.8x and 27.5x. (1) H-share IPO on the way; Price ceiling setting of HK$ 180 (US$23.17) according to Investing.com (27th Oct) suggests 18% upside with around 11% shares dilution. (2) ...