Core Insights - The report from Bank of America Securities highlights the rapid transformation in China's smart automotive industry driven by intense competition and the accelerated application of autonomous driving technologies by companies like BYD [1][2] Industry Overview - The penetration rate of L2+/L3 autonomous driving in China is projected to rise from 27% in 2025 to 80% by 2030, with sales of vehicles equipped with these features expected to grow from 6.1 million units in 2025 to 18.4 million units by 2030, reflecting a CAGR of 25% [2] - The Robotaxi market is anticipated to see explosive growth, with sales expected to increase from 2,500 units in 2025 to 400,000 units by 2030, representing a CAGR of 176% [3] Key Companies and Technologies - Companies such as Hesai (HSAI.US), Horizon (09660), and NIO (01316) are identified as key players in the smart automotive supply chain, particularly in laser radar, autonomous driving chips, and drive-by-wire chassis [1][4] - The report emphasizes that the integration of sensing, processing, and control systems is crucial for autonomous driving capabilities, while smart cockpit systems include components like cockpit domain controllers and heads-up displays [3] Component Market Insights - The estimated value of smart automotive components is $2,400 for entry-level vehicles and $6,000 for high-end models [4] - The penetration rate of laser radar in Chinese passenger vehicles is expected to increase from 6% in 2024 to 40% by 2030, driven by safety considerations and decreasing costs [4] - The market for autonomous driving and advanced driver-assistance system chips is projected to grow at a CAGR of 25% from 2024 to 2030 [4] Ratings and Price Targets - Bank of America Securities has provided ratings and price targets for several companies, indicating strong upside potential for stocks like PONY US, XPEV US, and HSAI US, with potential increases ranging from 24% to 61% [5][6]
美银证券：汽车供应链首选激光雷达、自动驾驶芯片、线控底盘 看好地平线（09660）等