智能驾驶系列报告（五）：新能源汽车竞逐智驾，梯次发展雏形或现

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [1] Core Insights - The electrification of vehicles is the foundation for their intelligence, with current mass-produced smart vehicles in China not reaching L3 level, indicating that automotive intelligence is still in its early stages. Electrification supports the operation of intelligent devices, while intelligence enhances the value of electric vehicles, leading to increased sales and accelerated iterations of smart driving technology [1][6] - The progress of smart driving can be divided into six stages, with the first tier of companies, including Huawei, Xiaopeng, NIO, and others, showing significant competitive advantages in terms of practical smart driving capabilities and coverage [2][11] - The second tier includes companies like Xiaomi and BYD, which are catching up by leveraging partnerships and third-party solutions, although their sales remain at a lower level compared to the first tier [3][11] Summary by Sections 1.1 Electrification as the Basis for Intelligence - The battery capacity of electric vehicles ranges from 15 to 60 kWh, effectively supporting the energy consumption of intelligent devices. The market penetration rate of smart connected passenger cars with combined auxiliary driving functions reached 38.18% in 2023, an increase of 8.47 percentage points from 2022 [6][8] 1.2 Current State of Automotive Intelligence Development - Most smart driving models currently do not possess high-level driving capabilities, with all mass-produced smart vehicles in China classified as L2 or lower. The definition of "high-level driving" is dynamic, with urban NOA functionality now considered a benchmark [9] 1.3 Competitive Advantages of the First Tier - The first tier of companies, including Huawei, Xiaopeng, and NIO, has established significant competitive advantages in smart driving capabilities and coverage. New energy vehicle companies are becoming pioneers in the smart driving sector, with many models priced below 300,000 CNY [11][12] 2.1 Early Layouts and Competitive Dynamics - The timeline for developing smart driving solutions typically spans several years, with first-tier companies like NIO and Huawei leading the way in urban scenarios. The competitive landscape is pushing companies to accelerate their smart driving strategies [15] 2.2 Smart Driving Upgrades Driving Sales Growth - The continuous enhancement of smart driving scenarios and functionalities is positively impacting the average monthly sales of various companies, with significant increases observed during different stages of smart driving capability rollout [18][20] 2.3 Company-Specific Developments - Huawei: Established a comprehensive ecosystem from chips to applications, collaborating with various automakers to provide smart driving solutions [22][27] - Xiaopeng: Achieved significant sales growth following the rollout of its smart driving systems, with monthly sales surpassing 20,000 units [31] - NIO: Became the first company to achieve full delivery of high-speed NOP functionality, maintaining stable monthly sales above 20,000 units [35] - Li Auto: Experienced rapid growth in sales, reaching 50,000 units per month, driven by smart driving upgrades [39] - Jiyue: Launched its smart driving system with capabilities across multiple scenarios, although its sales remain lower than first-tier competitors [45]