通信行业点评报告：自动驾驶企业陆续上市，产业链有望受益

Investment Rating - The industry investment rating is maintained as "Overweight" [2] Core Insights - The report highlights the recent IPOs of autonomous driving companies, such as Horizon and WeRide, which are expected to benefit the industry chain [2] - Horizon is recognized as a leading player in the autonomous driving sector, holding significant market shares in advanced driver-assistance systems (ADAS) [2] - WeRide is noted for being the first company globally to offer paid L4 autonomous taxi services and has a strong operational history [2] - The report anticipates that the commercialization of autonomous taxis will accelerate, with significant market growth projected for the coming years [2] Summary by Sections Industry Overview - The report discusses the recent IPO of Horizon, which raised approximately 5.407 billion HKD, marking it as the largest tech IPO in Hong Kong this year [2] - Horizon's market shares in the domestic OEM sector are 21.3% and 35.9% for 2023 and the first half of 2024, respectively [2] - WeRide has obtained autonomous driving licenses in multiple countries and operates in 30 cities globally [2] Market Potential - The global market for Robotaxi services is projected to reach 290 million USD by 2025 and 66.6 billion USD by 2030, with China expected to be the largest market [2] - The report emphasizes the rapid growth of Horizon's ADAS and AD solutions, which saw a fourfold increase in installation volume from 2022 to 2023 [2] Investment Recommendations - The report suggests focusing on companies like Huace Navigation and Zhonghaidah, as the commercialization of autonomous driving is expected to gain momentum [2]