智能驾驶专题：产业趋势加速，智驾赋能车企销量、利润

Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - The willingness of consumers to pay for advanced driving assistance systems (ADAS) varies across different price segments, with high-end models achieving significant premium pricing [2][12] - The penetration rate of high-level ADAS in the market is still low, with expectations for rapid growth as leading manufacturers leverage software and hardware pricing strategies [15] - The profitability threshold for software in ADAS is approaching for companies like Li Auto, while Huawei is nearing its breakeven point [5][56] Consumer Willingness to Pay - The current charging models for high-level ADAS can be categorized into two types: software-free with hardware included and software-paid with hardware options [7] - High-end models from brands like Li Auto and Huawei show a high willingness to pay, with up to 75% opting for advanced driving packages [10][12] - The penetration of high-level ADAS in the 300,000+ RMB segment is around 70%, indicating strong consumer demand [12][13] Evaluation of Mainstream Automakers' ADAS Capabilities - Tesla leads in algorithm development, followed by Huawei, Xpeng, and Li Auto, all of which have achieved end-to-end deployment [3][19] - The growth in urban ADAS mileage is fastest for Huawei, with Li Auto and NIO following [23] - The cloud computing power for Tesla is significantly higher than that of domestic competitors, with expectations for continued investment in chip acquisition [25][26] Cost Competitiveness of ADAS - The cost of ADAS hardware has decreased significantly, particularly for LiDAR and radar systems, while the cost of domain controllers varies based on chip integration [4][32] - High-end models have a lower percentage of ADAS costs relative to vehicle price, while mid-range models face greater challenges in cost management [37][38] - The cost structure for ADAS includes significant expenses for domain controllers and sensors, with high-end models typically integrating these as standard features [29][39] OEM and Supplier Relationships - Traditional OEMs are increasingly collaborating with external suppliers while developing in-house algorithms to enhance competitiveness [42] - The supply chain for ADAS includes chip manufacturers, domain controller developers, and software providers, each with distinct roles and pricing models [44][46] - Companies like Huawei and Momenta are leading in providing comprehensive ADAS solutions, with a focus on high-end market segments [47] Profitability of ADAS for Automakers - The revenue model for automakers includes charging for ADAS features either through vehicle pricing or software subscriptions [50][51] - Li Auto has successfully crossed the breakeven point for its ADAS software, while Huawei is close to achieving similar results [56] - The combination of scale effects and decreasing hardware costs is expected to enhance profit margins for automakers investing in advanced ADAS technologies [49][56]