Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook on the sector's performance [4][5]. Core Insights - Tesla is expected to launch its Full Self-Driving (FSD) system in China and Europe by Q1 2025, which will accelerate the development of the domestic intelligent driving industry and enhance product capabilities, benefiting both intelligent driving manufacturers and Tesla's supply chain [3][4]. - The introduction of FSD in China is anticipated to replicate the "catfish effect" seen with the electric vehicle market, promoting the industrialization of the domestic intelligent driving sector and supporting local manufacturers and suppliers [4]. - The report highlights that the domestic high-level intelligent driving features are expected to see rapid growth, with 945,000 vehicles equipped with Navigation on Autopilot (NOA) functions by 2023, including 707,000 for highway NOA and 238,000 for urban NOA [4]. Summary by Relevant Sections Investment Recommendations - Recommended companies include: - Jianghuai Automobile - Changan Automobile - Desay SV - Kobot - Xingyu Co., Ltd. - Top Group - Xinquan Co., Ltd. - Shuanghuan Transmission - Yinlun [4][7]. Event Summary - On September 5, Tesla announced its roadmap for FSD, which is pending regulatory approval. The FSD system is expected to undergo continuous upgrades, enhancing its capabilities and potentially increasing Tesla's sales in China [4][5].
汽车行业事件快评：FSD有望入华，加速智驾行业发展
Guotai Junan Securities·2024-09-05 23:37