无人驾驶出租车专题报告：Robotaxi加速快跑，智能驾驶持续推进

Industry Investment Rating - The report maintains an Overweight rating for the automotive industry, consistent with the previous rating [1] Core Views - Robotaxi is expected to enhance consumer awareness of intelligent driving and improve technical solutions through mileage accumulation As costs decrease and technology iterates, the penetration rate of intelligent driving is likely to gradually increase [3] - The domestic ride-hailing and taxi market is estimated to exceed 100 billion RMB, with a potential market size of nearly 3000 billion RMB in 2023 [3][10] - Robotaxi is gradually expanding its operational areas and entering commercial operations, with participation from ride-hailing platforms and autonomous driving technology companies [3][17] - In the short term, Robotaxi faces economic challenges due to high hardware and safety personnel costs, but in the medium term, cost advantages are expected to improve as scale effects and hardware costs decrease [3][49] Domestic Ride-Hailing and Taxi Market - By the end of 2023, the number of ride-hailing and taxis in China exceeded 4 million vehicles, with the market size approaching 3000 billion RMB [10] - The number of ride-hailing vehicles increased from 1.12 million in 2020 to 2.95 million in the first half of 2024, while the number of taxis remained stable at around 1.36 million [10] - The daily average orders per ride-hailing vehicle have remained at 8-9 orders since 2022 [12] - The main cost for ride-hailing platforms is driver-related expenses, accounting for 79.1% of revenue in 2020 [14] Robotaxi Commercialization and Operations - Robotaxi is gradually entering commercial operations in specific regions and scenarios, with participation from ride-hailing platforms and autonomous driving technology companies [17] - The operational areas of Robotaxi are expanding, with some cities like Wuhan opening up 3000 square kilometers for testing and operations [23] - Robotaxi is currently used as a supplementary tool for commuting, with 67% of users considering it a primary or supplementary commuting tool [28] - The transition from onboard safety personnel to remote safety personnel is underway, with some cities allowing driverless operations in specific areas [39][40] Policy and Regulatory Support - National policies are supporting the development of Robotaxi, with guidelines issued for autonomous driving in ride-hailing services [29] - Local governments are refining regulations, with cities like Shanghai and Wuhan setting detailed requirements for testing, demonstration, and commercialization [32][35] - The transition from testing to demonstration and finally to commercialization is a key process for Robotaxi development, with some cities already allowing commercial operations [43][45] Technological Advancements - Robotaxi is equipped with L4+ high-level autonomous driving solutions, with ongoing optimization and iteration of technical solutions [49] - The current Robotaxi solutions rely on multi-sensor fusion, with most vehicles using 500+ TOPS computing platforms and high-performance chips like NVIDIA Orin [53][54] - Sensor integration and design improvements, such as the "starship keel design" used by some manufacturers, are helping to reduce wind resistance and improve vehicle performance [53]