3 6 Ke·2025-06-18 12:25Core Viewpoint - The recent high-level departures at Haomo Zhixing, a subsidiary of Great Wall Motors focused on intelligent driving, signal a critical juncture for the company, prompting a reevaluation of its unique advantages and future direction in the competitive landscape of autonomous driving [1] Group 1: Company Background - Haomo Zhixing was established in November 2019, evolving from Great Wall Motors' Advanced Driver Assistance Systems (ADAS) team, which provides it with inherent advantages [2] - The company benefits from a stable customer base through Great Wall's various brands, allowing it to quickly implement technology and gain valuable mass production experience [2][4] - Haomo Zhixing has produced key products for over 20 vehicle models, including features like NOA and parking assistance, leveraging Great Wall's extensive vehicle fleet [2][4] Group 2: Current Challenges - Haomo Zhixing faces significant challenges, particularly in the urban NOA competition, having missed initial deployment timelines for its technology [5] - The company's identity is ambiguous, oscillating between being an internal R&D department for Great Wall and an independent Tier 1 supplier, which complicates its market positioning [5][7] - Despite some orders from secondary brands, Haomo Zhixing's revenue remains heavily reliant on Great Wall, limiting its valuation and growth potential [7] Group 3: Competitive Landscape - The intelligent driving sector has become increasingly competitive, with major players like Huawei and DJI offering comprehensive solutions, while traditional automakers pursue in-house development [7] - As the market shifts from a technology race to a competition focused on cost and user experience, Haomo Zhixing faces heightened pressure to deliver scalable and cost-effective solutions [7] Group 4: Strategic Choices - The recent leadership changes may indicate a pivotal moment for Haomo Zhixing, with potential paths including deeper integration within Great Wall, full independence, or focusing on niche areas of expertise [8][10][11][12] - A return to a more integrated role could stabilize the company but may limit its broader ambitions, while full independence would require significant investment and risk [10][11] - Alternatively, Haomo Zhixing could concentrate on its strengths in AI data processing and specific market segments, positioning itself as a specialized service provider [12]