Investment Rating - The investment ratings for the companies mentioned in the report are as follows: AAC Technologies Holdings (1), BYD (1), NavInfo (3), Thunder Software Technology (3), TSMC (1), Xiaomi (1) [9] Core Insights - The Shanghai Auto Show highlighted the ongoing developments in the automotive technology sector, with key players like AAC, Xiaomi, ThunderSoft, and NavInfo showcasing their latest innovations and strategies [1] - AAC is expanding its automotive product offerings, including a new motor system, and has received projects from both domestic and international customers [2] - Xiaomi's YU7 launch is scheduled for June/July, with a significant backlog of over 200,000 SU7 orders, indicating strong demand [3] - ThunderSoft is focusing on its Cockpit+AI solution, which is expected to drive growth amid increasing competition from consumer electronics ODMs [5] - NavInfo is transforming into a tier-1 solution provider, with significant R&D investments aimed at enhancing its smart driving and smart cockpit capabilities [6] Summary by Company AAC Technologies - AAC showcased its automotive products for the first time, including acoustic, haptic, optics, and MEMS inertial sensors, and has secured projects from NEV customers [2] - The company is diversifying its business from smartphones to enhance growth potential in the automotive sector [2] Xiaomi - Xiaomi's presence at the auto show was less prominent compared to previous years, but the YU7 launch remains on track, with a substantial order backlog for the SU7 model [3] - The upcoming earnings report in Q1 2025 and new product launches could serve as catalysts for the company's stock [3] ThunderSoft - ThunderSoft introduced its AquaDriveOS and Cockpit+AI solutions, which are expected to meet the growing demand for smart vehicle technologies [5] - The company anticipates a pickup in smart drive demand in Q1 2025, despite intensifying competition [5] NavInfo - NavInfo aims to position itself as a new tier-1 provider with capabilities in both hardware and software, supported by a strong AI infrastructure [6] - The company has secured significant projects for its basic driving and smart cockpit solutions, indicating robust demand for its offerings [6] Industry Trends - Supply chain concerns are affecting the adoption of AD/ADAS technologies, but the long-term trend remains positive [1] - The localization of automotive chips in China is progressing, with NEV makers moving towards higher computing power requirements for future smart driving needs [8] - Recent regulations from MIIT are impacting the promotion of autonomous driving technologies, leading to a shift in focus towards ADAS solutions [7]

Group 1: Key Insights from the Auto Show - Citigroup analysts observed that AAC Technologies (瑞声科技) showcased its automotive product line for the first time, including motor systems and WLG applications, indicating a successful advancement in its automotive strategy [1][2] - Xiaomi reported a backlog of over 200,000 orders for its SU7 model, with plans to release the YU7 model between June and July, despite recent media coverage of a collision incident [1][3] - ThunderSoft (中科创达) highlighted its AquaDriveOS solution for smart cockpits and AI, indicating a strong focus on intelligent driving solutions, with expectations of demand recovery in early 2025 [1][4] - NavInfo (四维图新) is transitioning to become a new type of first-tier supplier with capabilities in hardware systems and software development, targeting significant project allocations for basic driving and smart cockpit solutions in 2024-2025 [1][5] Group 2: Company-Specific Developments - AAC Technologies is leveraging its internal magnetic material advantages to design brushless motors for various automotive applications, having secured projects with domestic new energy vehicle clients [2] - Xiaomi's SU7 model has a delivery cycle of approximately 6-7 months for the standard version, while the PRO version is 5-6 months, and the Max version is 4-5 months, indicating strong demand despite recent setbacks [3] - ThunderSoft's smart cockpit solutions are expected to account for 90% of its automotive projects, with a notable increase in competition from consumer electronics ODM manufacturers entering the automotive sector [4] - NavInfo's high-precision mapping solutions are positioned to enhance safety and support for autonomous driving, with significant project allocations expected for its basic driving and smart cockpit + parking solutions [5][6]

核心观点 在花旗覆盖的公司中，小米、中科创达（300496）（ThunderSoft）和四维图新（002405）（NavInfo） 如常参展，瑞声科技（AAC）在 2024 年完成 PSS 整合及 2025 年 3 月收购 First Light Auto 后首次以独 立品牌参展。核心结论如下： 瑞声科技拓展汽车产品线，首次展示电机系统，玻璃车窗（WLG）应用推进顺利； 小米 SU7 订单积压超 20 万辆，YU7 仍计划 6-7 月发布，近期撞车事件未影响上市节奏； 中科创达凭借全栈 AquaDriveOS 解决方案发力智能座舱 + AI，驱动增长； 瑞声科技（AAC） 本次车展是瑞声科技首次以自有品牌展示汽车产品，包括声学（PSS+First Light Auto）、触觉反馈、光 学（镜头组）、MEMS 惯性传感器及电机系统等。公司首次展出应用于转向、电子制动、踏板、雨刮 和轨道等场景的电机产品，可利用内部磁材优势，仅设计无刷电机。调研显示已获国内新能源汽车客户 指定项目。此外，公司展示了 ADAS 用 WLG（玻璃车窗），并已获得北美、日本客户项目。光学镜头 方面，1-3MP 产品已获全球及国内主机厂量 ...

证券研究报告 四维图新 (002405 CH) 业绩同比减亏，受益于智驾平权趋势 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 计算机应用 | 公司发布年报与一季报，24 年实现营收 35.18 亿元（yoy+12.68%）；归母 净利-10.95 亿元，亏损同比收窄 16.68%；扣非净利-11.18 亿元，亏损同比 收窄 21.69%。净利润低于前次预期（-6.58 亿元），主要系公司投资亏损影 响。25Q1 实现营收 7.56 亿元（yoy+6.87%、qoq-23.62%），归母净利-1.52 亿元，亏损同比收窄 10.18%，环比收窄 74.91%。看好公司智驾市场份额 不断提升，预计公司亏损将持续收窄，给予"买入"。 智云业务持续增长，智舱智驾短期承压 分业务看，24 年智云业务收入 22.54 亿元，同增 28.96%，主因公司深耕数 据合规领域，紧抓车路云一体化发展契机，中标多个北京试点项目，运营项 目持续增长；智芯业务收入 5.66 亿元，同增 10.92%，SoC 芯片出货量达 到 86 ...

Core Insights - The company has unveiled its latest strategic developments in the intelligent driving sector during the 2023 Shanghai International Auto Show, showcasing its full-stack technical capabilities in high-precision mapping, vehicle-mounted chips, and advanced driving assistance solutions [1] - The company has established deep strategic partnerships with technology firms such as Qualcomm and Volcano Engine [1] Technical Architecture - The company launched two core product lines based on the Snapdragon® Digital Chassis™ solution, optimizing computing power utilization by 27% and supporting urban NOA Lite functionality [3] - A joint development with Zhuoyue Technology has achieved 0.1-meter-level recognition accuracy for stationary obstacles in complex road conditions through sensor hardware and map data integration [3] Safety Technology Framework - The company introduced a five-layer intelligent driving demand model derived from Maslow's hierarchy of needs, breaking down safety performance into seven core modules, with speed control accuracy of ±1.5 km/h and lateral control error within 0.3 meters [5] - The integration of dynamic high-precision map data has reduced the warning response time for temporary construction zones to 200 milliseconds [5] Industry Collaboration - The collaboration with Volcano Engine has led to breakthroughs in multi-modal interaction for cockpit systems, achieving a voice recognition accuracy of 98.6% in noisy environments and supporting real-time conversion of 12 dialects [7] - Partnership with Hangsheng Electronics has resulted in a 35% reduction in domain controller costs, with plans for mass production of over one million units by 2024 [7] Production Data - In 2023, the company added 23 automotive manufacturers covering 47 models for its advanced driving assistance systems, with basic ADAS product lines achieving large-scale deployment in models priced below 150,000 yuan [9] - The company's self-developed visual perception module has reduced costs by 40% compared to industry averages, while the millimeter-wave radar solution achieves a detection range of 150 meters with an angular resolution of ±0.2 degrees [9] Technological Validation - The CEO emphasized that the company's solutions utilize a white-box verification architecture, with all algorithm modules certified to ISO 26262 ASIL-B level, achieving a 99.3% success rate in recognizing construction scenarios during 100,000 kilometers of road testing [9][10] Integrated Urban Trials - The company has disclosed participation in integrated vehicle-road-cloud trials in six cities, including Beijing and Shanghai, with roadside equipment supporting L4-level autonomous driving capabilities [12] - The V2X technology implemented has reduced traffic event warning information transmission latency to within 50 milliseconds, resulting in a 63% reduction in accident rates compared to purely visual solutions [12] - The recent technology release signifies the establishment of a complete ecosystem in China's intelligent driving supply chain, encompassing "chips-algorithms-data-cloud services," with costs for integrated driving and parking solutions expected to drop to the 2,000 yuan range, accelerating the adoption of L2+ level autonomous driving in the passenger vehicle market [12]

Core Insights - Beijing Four-Dimensional Map Technology Co., Ltd. and Shenzhen Hangseng Electronics Co., Ltd. signed a strategic cooperation agreement during the 20th Shanghai International Automobile Industry Exhibition, marking the first full-chain collaborative innovation in the domestic automotive electronics sector between a map provider and a Tier 1 supplier [1] Technical Collaboration - The two companies will collaborate in three core areas: 1. Joint chip development focusing on next-generation smart cockpit and ADAS dedicated chip architecture [3] 2. Optimization of ADAS systems by integrating high-precision positioning technology with existing ADAS control units to support L2+ level autonomous driving [3] 3. Upgrading smart cockpits by deploying AI large models in vehicle scenarios, achieving a voice command response time of 0.8 seconds [3] Manufacturing Support - Hangseng's digital factory in Shenzhen, with an annual production capacity of 3 million vehicle-mounted systems, will provide flexible production support for Four-Dimensional Map Technology [3] - The companies plan to establish a joint laboratory to enhance the reliability verification of automotive-grade products, targeting a Mean Time Between Failures (MTBF) of 50,000 hours [3] Industry Growth Potential - The technology areas involved in this cooperation are experiencing rapid growth, with the Chinese smart cockpit market projected to reach 120 billion yuan in 2024 and L2 level autonomous driving installation rates exceeding 45% [4] - The collaboration aims to complete 10 model projects by 2026, covering pure electric, hybrid, and fuel-powered platforms [4] Project Launch - The first cooperative project is set to commence in the third quarter, focusing on the development of a smart cockpit system for a high-end electric vehicle from a domestic brand [5]

| | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 3,517.707.799.23 | 3,121,819,530.69 | 12.68% | 3,346,814,809.97 | | 归属于上市公司股东的净利润 (元) | -1.094.505.368.26 | -1.313.619.381.45 | 16.68% | -336,322,828.23 | | 归属于上市公司股东的扣除非经 常性损益的净利润(元) | -1.118.265.335.14 | -1,427,917,300.59 | 21.69% | -351.174.421.79 | | 经营活动产生的现金流量净额 (元) | 669.665.08 | -468.665.516.42 | 100.14% | -156.047.618.35 | | 基本每股收益(元/股) | -0.4734 | -0.5753 | 17.71% | -0.1482 | | 稀释每股收益(元/股) | -0.4734 | -0.5753 | 17 ...

Core Viewpoint - The company emphasizes a "safety necessity" technology route while launching new mid-to-high-level assisted driving products and deepening ecological cooperation with Qualcomm [2][5]. Group 1: Product Launch and Features - The company showcased a new product matrix solution for assisted driving at the 2025 Shanghai Auto Show, highlighting its collaboration with Qualcomm [2]. - Two new mid-to-high-level assisted driving products based on Qualcomm's SA8620/SA8650 platform were introduced, capable of city navigation assistance [3]. - Both products focus on core safety functions such as speed control, following distance control, and lateral precision control, while enhancing safety in complex scenarios through high-precision mapping [3]. Group 2: Safety and Technology Approach - The company has developed a five-layer pyramid model based on Maslow's hierarchy of needs, prioritizing safety as the foundational requirement for driving assistance systems [2]. - The new products utilize a multi-layered safety architecture to avoid the risks associated with black-box models, ensuring that safety and user experience are prioritized [3][4]. - The company insists on uncompromising safety principles in its product design, integrating lessons learned from industry peers to enhance product performance [4]. Group 3: Industry Outlook - As the automotive intelligence sector evolves, the company aims to reshape the development path of intelligent driving technology with a combination of "safety foundation + data engine + ecological collaboration" [5]. - The company anticipates a restructuring of the automotive intelligence industry chain in the next two to three years, aiming to make intelligent driving a reliable travel partner for users [5].

Core Insights - The year 2025 is referred to as the "Year of Universal Intelligent Driving," indicating an acceleration in the penetration of intelligent driving technology, with companies like 四维图新 emerging as key players in this competitive landscape [1] Financial Performance - 四维图新 reported a total revenue of 3.518 billion yuan in 2024, a year-on-year increase of 12.68% from 3.122 billion yuan in 2023, showcasing resilience in a challenging macroeconomic environment [1] - The company's operating losses narrowed significantly, with a 21.69% reduction in non-GAAP net profit loss compared to 2023 [1] Business Segments - The intelligent cloud segment saw substantial growth, with revenue reaching 2.254 billion yuan, up 28.96% year-on-year, becoming the main driver of the company's performance [2] - The intelligent chip business also experienced double-digit growth, with revenue from the 智芯 segment reaching 566 million yuan, a 10.92% increase [4] - In the intelligent driving sector, 四维图新 secured 3 million units of basic driving products and 600,000 units of cabin parking products from early 2024 to the first quarter of 2025, marking a significant milestone in mass production [4] Market Trends - The demand for data compliance is rising, driven by the widespread application of intelligent driving technology, which is expected to boost revenue from data compliance services [3] - The penetration rate of intelligent driving remains low, suggesting that 四维图新’s growth is just beginning, with expectations of significant loss reduction by 2025 [5] Competitive Strategy - 四维图新 has identified "cost-effectiveness" as a breakthrough point in the intelligent driving sector, similar to the previous wave of electric vehicles, enabling high-end features to be accessible in mid-range models [6][7] - The company has established a comprehensive intelligent driving product matrix covering entry-level to mid-high-end vehicles, enhancing its competitive edge through high integration and autonomy in its solutions [9] Ecosystem Collaboration - 四维图新 is actively enhancing ecosystem collaboration to drive the implementation of intelligent driving solutions, including investments in new companies and partnerships with industry leaders [12][13] - Recent collaborations with companies like 火山引擎 and 卓驭科技 aim to strengthen service capabilities and cost-effectiveness in intelligent driving products [13][14] - The integration of various capabilities, including mapping, AI, data compliance, and algorithms, positions 四维图新 as a full-stack provider in the intelligent driving ecosystem [14]

公司章程 北京四维图新科技股份有限公司 章 程 2025 年 4 月 1 | 第一章 | 总则 4 | | --- | --- | | 第二章 | 经营宗旨和范围 5 | | 第三章 | 股份 6 | | 第一节 | 股份发行 6 | | 第二节 | 股份增减和回购 9 | | 第三节 | 股份转让 10 | | 第四章 | 股东和股东大会 11 | | 第一节 | 股东 11 | | 第二节 | 股东大会的一般规定 13 | | 第三节 | 股东大会的召集 16 | | 第四节 | 股东大会的提案与通知 17 | | 第五节 | 股东大会的召开 19 | | 第六节 | 股东大会的表决和决议 21 | | 第五章 | 董事会 26 | | 第一节 | 董事 26 | | 第二节 | 董事会 28 | | 第六章 | 总经理及其他高级管理人员 35 | | 第七章 | 监事会 36 | | 第一节 | 监事 36 | | 第二节 | 监事会 37 | | 第八章 | 财务会计制度、利润分配和审计 38 | | 第一节 | 财务会计制度 39 | | 第二节 | 内部审计 41 | | --- | --- | ...