Yangtze River Securities: Cao Cao Travel (02643.HK) completes the commercial closed loop from "scale expansion" to "efficiency harvesting"

According to the Securities Times APP, recently, Changjiang Securities released an in-depth securities research report, covering Cao Cao Travel (02643.HK) for the first time and giving it a "buy" investment rating. The research report believes that Cao Cao Travel relies deeply on the industrial chain of Geely Group to build differentiation competitive barriers. It has successfully transformed its supply chain advantage into substantial profit growth and cash flow improvement, completing the business closed loop from "expansion of scale" to "harvesting efficiency." At the same time, the company actively explores the second growth curve, and the Robotaxi business is expected to optimize the company's profit model.