9月智能驾驶月报

Industry Investment Rating - Outperform (Maintained) [1] Core Views - The report highlights the rapid growth of intelligent driving (智驾) adoption among major new energy vehicle (NEV) brands, with significant increases in user base, driving mileage, and advanced driver-assistance system (ADAS) functionalities [1][3][5][7] - The penetration rates of key automotive technologies such as One Box, domain controllers (智驾域控, 座舱域控), and HUDs are steadily increasing, with domestic players gaining market share [9][10][11][12] - Newly launched models from brands like Huawei, NIO, and XPeng are driving innovation in intelligent driving, with strong market reception and advanced hardware/software capabilities [13][14][16] Detailed Summary by Section Intelligent Driving Metrics (New Energy Vehicle Brands) - Li Auto: As of September 2024, Li Auto's cumulative intelligent driving mileage reached 24.1 billion kilometers, with NOA (Navigation on Autopilot) accounting for 12.4 billion kilometers (77% of total mileage) [3] - Li Auto's AD MAX models saw a significant increase in sales share, indicating strong consumer preference for high-end intelligent driving features [3] - Huawei (Hongmeng Zhixing): Cumulative intelligent driving mileage exceeded 7.4 billion kilometers by September 2024, with a 34.5% user driving mileage share [5] - Huawei's ADS model training capacity reached 7.5E FLOPS, enabling rapid iteration and learning [5] - NIO: Cumulative intelligent driving mileage reached 15.2 billion kilometers, with NOP+ (Navigate on Pilot Plus) accounting for 13.1 billion kilometers (76.6% of total mileage) [7] - NIO's end-to-cloud computing power reached 346.2 EOPS, the largest in China [7] Technology Penetration Rates - One Box: August 2024 penetration rate was 38.5%, with domestic players holding a 13.5% market share [9] - Intelligent Driving Domain Controllers: August 2024 penetration rate was 14.4%, with domestic players holding a 26.4% market share [10] - Cockpit Domain Controllers: August 2024 penetration rate was 27.8%, with domestic players holding a 16.2% market share [11] - HUDs: August 2024 penetration rate was 22.6%, with domestic players holding a 17.0% market share [12] New Model Launches - Huawei Zhijie R7: Launched in September 2024, featuring Huawei ADS 3.0 and advanced hardware, with over 20,000 pre-orders within half a month [13] - NIO Ledao L60: Launched in September 2024, equipped with 30 high-performance sensors and NVIDIA Orin X chip, offering advanced ADAS capabilities [14] - XPeng P7+: Unveiled in October 2024, featuring XPeng's next-gen AI visual system and advanced intelligent driving capabilities [16]