Investment Rating - Industry rating: Outperform the market (maintained rating) [1] Core Viewpoints - Huawei's automotive business leverages three cooperation models to empower car manufacturers, providing a full-stack intelligent automotive solution [1] - The impact of intelligent driving features on consumer purchasing decisions is expected to increase due to regulatory, technological, and model supply factors [2][19] - The new AITO M7 model is positioned as a turning point due to its strong product capabilities and competitive pricing [2][23] Summary by Sections 1. Huawei Automotive Business Overview - Huawei's automotive business has evolved through four stages: initial exploration (2013-2015), cooperative R&D (2016-2018), promotion and establishment of the car BU (2019-2022), and a product launch phase starting in 2023 [10][11] - The business structure has undergone three major changes, with plans to spin off the automotive business into a new company [12][13] 2. Why the AITO M7 Facelift Can Be a Turning Point - The intelligent driving function's influence on purchasing decisions is expected to rise, supported by favorable regulations and technological advancements [19] - The AITO M7 has been launched with a price reduction of 40,000-50,000 yuan, enhancing its cost-performance ratio [23] 3. Huawei's Competitive Barriers - Huawei possesses strong product definition capabilities, validated through its smartphone series, which can be replicated in the automotive sector [30][34] - The brand's recognition has been reinforced by the successful sales of the AITO M9, which has surpassed competitors in the same price range [34] 4. Product Cycle and Channel Reform Upgrades - The intelligent vehicle segment is expected to see significant sales growth, with multiple models set to launch in 2024 and beyond [4][16] - The channel upgrade aims to streamline pre-sales and after-sales processes, enhancing user experience [4][16]
乘用车行业深度研究：华为智选车：渠道+技术赋能，强产品周期有望持续
天风证券·2024-09-09 03:25