华泰证券首次覆盖驭势科技（1511.HK），给予买入评级，目标价83港元。机场是公司最成熟的商业化场景，截至2026年5月已在17个国内及3个海外机场部署，另有4个潜在项目；U-Drive平台支撑跨场景复制，向工厂、港口、矿山及城市接驳延伸；海外已在新加坡、卡塔尔设立子公司，目标三至五年进入50个国家和地区，并已于9月7日纳入港股通。测算全球前50大机场可容纳约33,800辆自动驾驶车，年替换需求约3,376辆、对应约53亿元市场；按Robobus渗透率10%测算，中国城市接驳年采购与运营市场约164亿元。预计2026—2028年收入分别为5.18亿、7.67亿、12.44亿元，2028年实现盈利；采用DCF估值（WACC 11.2%、退出EV/Sales 4.5倍），对应股权价值约116亿元。风险包括盈利压力、竞争加剧、监管风险等。
We initiate coverage on UISEE (1511.HK) with a BUY rating and an HK$83 price target, underpinned by three key investment highlights. Airports remain UISEE's most mature and established commercial use case, with deployments across 17 domestic and 3 overseas airports as of May 2026 and four additional potential projects in the pipeline. U-Drive provides the technology foundation for cross-scenario expansion, enabling UISEE to extend its autonomous driving capabilities into factories, ports, mines and urban shuttles. Overseas markets represent another growth opportunity, with UISEE establishing subsidiaries in Singapore and Qatar while expanding across North America, Europe and Asia-Pacific, with a goal of entering 50 countries and regions over the next three to five years. UISEE was also added to Southbound Stock Connect on September 7. We estimate the world's top 50 airports could support c.33,800 autonomous vehicles, translating into annual replacement demand of c.3,376 units and a c.R