The Zhitong Finance App learned that recently, Shen Wan Hongyuan released the latest research report, raising the MOMENTA-W (06880) target price to HK$408 and maintaining the “buy” rating. According to the research report, Momenta's overseas business has made great progress, and the results of the R7 world model iteration and mass production delivery are gradually showing, providing support for the company's growth.
The research report focuses on the global strategic cooperation between Momenta and Citroen Technology. Relying on the R7 world model, the two sides will jointly develop advanced intelligent driving assistance systems, equipped with new mass-produced Peugeot and Jeep models, targeting China, Europe and other markets around the world to help mainstream brands under the Stellantis Group accelerate intelligent transformation.
Shen Wan Hongyuan pointed out that for the first time, this cooperation has opened up the Momenta World Model “Chinese Training-Overseas Verification-Global Delivery” link. Compared with previous multinational car companies' cooperation mainly aimed at the Chinese market, the Peugeot and Jeep projects have clarified the direction of application in overseas markets from the beginning and have risen to the level of global strategic cooperation, which means that the R7 world model is expected to become the long-term technical foundation for Stellantis's global smart driving solutions.
The cooperation model was also upgraded from technology supply to “product definition+joint development”. Momenta participated in the definition of vehicle requirements and the entire project process, combined with Citroen Technology's chassis tuning experience, adapting core parameters such as steering, braking, and power response, and developing differentiated scene capabilities around Jeep's hardcore off-road characteristics and Peugeot's French control characteristics.
Technological iteration supports the implementation of cooperation. According to the research report, the R7 world model entered the delivery stage in the third quarter of 2026. Compared with the R6 intensive learning model, performance improvements of 3 to 5 times were achieved in most core scenarios, performance in some safety scenarios was improved by up to 25 times, and implementation has been promoted on various main models.
In terms of global layout, according to research reports, by the end of September 2026, Momenta had established cooperation with 27 global car companies, covering the world's top ten automobile groups; mass production plans had been implemented in more than 10 countries and regions, and national L4 testing permits issued by the German Federal Motor Vehicle Transport Authority (KBA) had been obtained, and customer coverage and overseas delivery capabilities continued to expand.
Based on overseas business developments, Shen Wan Hongyuan raised Momenta's 2027 and 2028 revenue forecasts to 7.46 billion yuan and 10.19 billion yuan respectively, maintaining the 2026 revenue forecast of 4.04 billion yuan. In terms of profit, the company's net profit attributable to ordinary shareholders is expected to be positive in 2027, reaching 190 million yuan, and further increasing to 1.66 billion yuan in 2028.
Shen Wan Hongyuan estimates that Momenta's revenue growth rate in 2027 is about 85%, which is about 43% higher than the average of comparable companies, so it is estimated at a 10% premium over the industry average, that is, 11 times the market sales rate in 2027, corresponding to a target market value of 82.1 billion yuan.