从华为看智能汽车（六）：探寻华为车BU盈利模式

Investment Rating - The report maintains a "Stronger than the Market" rating for the industry [4] Core Views - Huawei's Car BU is expected to split soon, with three main business models: component mode, HI mode, and ZhiXuan mode The ZhiXuan mode currently contributes the majority of revenue, with future growth expected from the HI mode due to its potential in brand, channel quantity, and price range [2] - The HI mode is seen as a foundational model, with the ZhiXuan mode offering deeper involvement in vehicle definition and design, and the component mode providing standardized parts [5] - Huawei's Car BU has turned profitable, with intelligent driving and cockpit solutions contributing 97 6% of the total revenue in 2023 [6] - The HI mode is expected to coexist with the ZhiXuan mode, with the HI mode having significant growth potential as it serves as a smart base for various automakers, similar to the Android system in smartphones [7] - The report recommends focusing on companies closely collaborating with Huawei's Car BU, such as Changan Automobile, Seres, and others, as the joint venture is expected to drive the development of the smart car industry [8] Business Models and Solutions Huawei Car BU Business Models - Huawei's Car BU operates through three business models: HI mode, ZhiXuan mode, and component mode, each varying in the depth of collaboration with automakers [5] - The HI mode allows automakers to flexibly choose Huawei's solutions, while the ZhiXuan mode involves deeper collaboration, including vehicle definition, design, and sales [14] - The component mode provides standardized parts, such as laser radar and AR-HUD, to automakers [38] Huawei's Five Major Solutions - Huawei's smart car solutions include five major areas: Qiankun Intelligent Driving, Harmony Cockpit, Qiankun Vehicle Control, Qiankun Vehicle Light, and Qiankun Vehicle Cloud These solutions cover intelligent driving, cockpit systems, and other key areas, forming the core of Huawei's smart car offerings [12] - Qiankun Intelligent Driving is the core solution, with ADS 3 0 achieving significant advancements in safety and driving experience, including a 96% success rate in complex intersections [16] - Harmony Cockpit redefines the smart cockpit experience with HarmonyOS 4 0, offering improved performance and personalized services [22] - Qiankun Vehicle Light focuses on smart lighting solutions, including AR-HUD and light field screens, enhancing driving safety and experience [23] - Qiankun Vehicle Control supports comfortable driving with features like the TMS thermal management system and XMOTION body control system [24] - Qiankun Vehicle Cloud provides lifecycle services, including VHR cloud services and OTA updates, with over 13 million vehicles connected globally [27] Market Performance and Tracking Revenue Growth - Huawei's Car BU revenue grew by 128% YoY in 2023, reaching 4 7 billion RMB, with intelligent driving and cockpit solutions contributing 97 6% of the total revenue [6] - In H1 2024, Huawei's Car BU revenue reached 10 billion RMB, a tenfold increase compared to the same period in 2023, with Qiankun Intelligent Driving contributing 62 1% of the revenue [40][41] HI Mode Tracking - The HI mode focuses on Qiankun Intelligent Driving, with key metrics including sales volume, penetration rate, and hardware/software configuration changes [6] - In H1 2024, HI mode vehicle sales reached 21,000 units, a 152% YoY increase, driven by the Avatr 12 model [48][49] - The HI mode covers a price range from 189,900 RMB to 600,000 RMB, targeting both mass-market and high-end consumers [50] ZhiXuan Mode Tracking - The ZhiXuan mode requires close attention to vehicle price, sales volume, penetration rate, production capacity, and channel development [56] - In H1 2024, ZhiXuan mode revenue reached 8 96 billion RMB, with a per-vehicle revenue of 51,500 RMB, driven by the popularity of the AITO M9 and M7 models [44][46] - The ZhiXuan mode covers a price range from 249,800 RMB to 569,800 RMB, targeting mid-to-high-end and luxury segments [58] Component Mode Tracking - The component mode focuses on the shipment volume and market share of standardized parts, such as laser radar and AR-HUD [38] - In 2023, Huawei shipped over 3 million sets of smart components, serving multiple automakers including Changan, BYD, and SAIC [38]