智能驾驶系列报告（二）：特斯拉智能驾驶方案简剖

Investment Rating - The report maintains an investment rating of "Outperform" for the automotive industry [1]. Core Insights - Tesla's Full Self-Driving (FSD) system is a pure vision solution that relies solely on cameras, distinguishing it from most domestic automakers that use multi-sensor fusion [2][9]. - The FSD system utilizes a unique software algorithm and has become the first company globally to mass-produce an "end-to-end" neural network for autonomous driving, simplifying the process from rule-based to data-driven [2][26]. - Tesla's FSD is significantly ahead of domestic competitors in terms of data volume, computing power, and hardware compatibility, although it faces challenges in adverse weather conditions and has a higher buyout price compared to other advanced driver-assistance systems [2][12]. Summary by Sections 1. Tesla FSD Development History - Tesla's FSD has evolved through various hardware iterations, increasing camera count from 2 in HW1.0 to 12 in HW4.0, while also enhancing image resolution from 1.2 million pixels to 5 million pixels [27][30]. - The FSD system has transitioned from a modular approach to an integrated "end-to-end" model, which combines perception, decision-making, and planning into a single architecture [26][27]. 2. FSD System Overview - The FSD system includes features such as automatic navigation, lane changes, parking, traffic light recognition, and city driving assistance, making it the most comprehensive product in Tesla's driver assistance lineup [6][7]. - Tesla's FSD relies on a network of eight cameras to create a 3D vector space for driving decisions, mimicking human visual processing [10][12]. 3. Algorithm Iteration - The FSD's algorithm has progressed from traditional feature extraction to advanced architectures like BEV+Transformer and Occupancy Network, enhancing its perception capabilities [12][20]. - The introduction of time-series information and the Occupancy Network has allowed the FSD to operate in a 4D space, improving its ability to predict and react to dynamic environments [21][23]. 4. Market Potential in China - China is identified as the largest market for electric vehicles, with Tesla's cumulative sales expected to exceed 1.7 million units by the end of 2023, potentially generating additional revenue of 5.44 billion to 39.168 billion yuan from FSD penetration [2][12].