智驾专题：比亚迪加速智能化转型，高阶智驾有望大规模上车

Investment Rating - The industry investment rating is maintained as "Outperform" [1] Core Insights - The report highlights the acceleration in filling gaps and organizational restructuring reflecting management's determination [2] - The planning for models priced above 100,000 yuan with advanced intelligent driving capabilities is underway [18] - The revenue growth in the new energy vehicle sector is attributed to the increase in new energy passenger vehicles [34][36] Summary by Sections Financial Performance - Gross margin experienced a brief spike in 2020 before declining, while the expense ratio remained stable. The net profit margin is currently low but is expected to improve gradually with the increase in automotive and server business revenues [3][42] Intelligent Driving Development - BYD's current support for high-level intelligent driving models is limited, with algorithms primarily sourced externally. The integration of the algorithm team is expected to enhance self-developed algorithms [10][15] - The company plans to introduce high-level intelligent driving features in various models, with a focus on both high-end and entry-level vehicles [29] Pricing Strategies - Two pricing strategies are identified: one where not all models are equipped with intelligent driving features, allowing consumers to choose based on their needs, and another where all models are equipped, potentially increasing the base price slightly [21][31] - The report discusses the impact of pricing strategies on single-vehicle profits, indicating that adjustments in feature offerings can maintain profitability [30][31] Market Expansion - The new energy vehicle business is rapidly expanding alongside the parent company's growth, with significant revenue increases expected [34] - The report notes that the intelligent driving sector is becoming increasingly competitive, with many players entering the market [48]