Core Insights - The company is a leading provider of intelligent cockpit solutions, focusing on integrated software, hardware, and cloud services since 2018, establishing a strong position in the industry [1] - The penetration rate of intelligent cockpits in both domestic and global passenger vehicles is steadily increasing, with projections indicating significant growth in market size by 2029 [1] - The company benefits from partnerships with Qualcomm and Huawei, enhancing its market position and technological capabilities [2] Group 1 - The company was founded in 2009 and initially focused on vehicle networking systems, later shifting to intelligent cockpit solutions [1] - The company has established six R&D centers and three manufacturing bases, serving over 50 brands, with Li Auto being a key client driving revenue growth [1] - The domestic market penetration rate for intelligent cockpits is expected to rise from 35.3% in 2019 to 75.9% by 2025, while the global rate is projected to increase from 38.4% to 59.4% in the same period [1] Group 2 - The collaboration with Qualcomm aims to develop a new generation of intelligent cockpit solutions using the Snapdragon cockpit platform [2] - The partnership with Huawei has deepened since 2018, with plans for collaboration on intelligent vehicle control modules by 2025 [2] - The company's core technology stack, including 擎OS, 擎Core, and 擎Cloud, supports the scalability and customization of its intelligent cockpit solutions [2] Group 3 - Revenue growth is expected to be driven by the increasing orders for high-end domain control products, with forecasts for total revenue and net profit from 2025 to 2027 indicating a positive trend [2] - The company is positioned as a leader in the domestic intelligent cockpit domain control industry, with expectations for stable growth in high-end product ratios and improving profitability [2]
博泰车联(02889.HK)深度报告：软硬云协同筑壁垒 AI赋能打开成长空间