中信证券：关注比亚迪供应链以及芯片国产化两条主线

Group 1 - The core viewpoint is that the penetration rate of high-end intelligent driving in China is expected to double by 2025, leading to a market increment of 35 billion [1] - The four key segments of chips, controllers, sensors, and connectivity are anticipated to benefit, with chips and controllers showing significant elasticity and a clear market structure [1] - The industry is expected to maintain strong growth in the next two years, especially as domestic manufacturers are likely to follow the intelligent driving equity strategy in 2026 [1] Group 2 - BYD's supply chain is projected to contribute approximately 2 million units to the high-end intelligent driving market by 2025, accounting for over half of the incremental sales in high-speed NOA and one-third in urban NOA [2] - The core revenue elasticity of the industry chain in 2025 will revolve around BYD's controller, high-end intelligent driving chips, and connectors [2] - The domestic Horizon intelligent driving chip is expected to be mass-produced in 2025, with performance and cost-effectiveness surpassing overseas products, securing over a hundred designated clients [2] Group 3 - The intelligent driving equity promoted by BYD in 2025 is seen as the starting point for the industry's upward trend rather than the endpoint [3] - It is anticipated that the sales proportion of autonomous manufacturers for high-speed NOA will be less than 50% in 2025, but this is expected to rise to 55-60% in 2026 as other manufacturers adopt BYD's strategy [3] - The industry penetration rate is projected to continue increasing to 37-42%, maintaining high industry prosperity [3]