汽车行业深度报告：供需两端改善明显，智驾爆发拐点将至

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The supply and demand sides are showing significant improvement, with a turning point for advanced driving assistance systems (ADAS) expected soon [2] - The penetration rate of high-level autonomous driving is anticipated to increase rapidly, with projections indicating a rise from 6.9% in 2023 to 24.8% in 2025 for NOA (Navigation on Autopilot) [27] - The report highlights the importance of cost reduction in the supply chain, which is expected to lead to a decrease in the price range of supporting models and an increase in the penetration rate of high-level autonomous driving [7][10] Supply Side Summary - In 2024, the penetration rate for high-level autonomous driving is relatively low, with the price range for supporting models being high [7] - The BOM (Bill of Materials) for ADAS is projected to decrease by 3-5% in 2024, indicating a trend towards lower costs [10] - By 2025, low-cost solutions are expected to increase, with companies like BYD accelerating the implementation of intelligent driving technologies [11] Demand Side Summary - Tesla is leading the market with its One Model approach, enhancing the capabilities of autonomous driving models [14] - Regulatory advancements and marketing efforts are expected to boost demand for autonomous driving technologies [19] Outlook Summary - Both supply and demand sides are expected to improve significantly, with a rapid increase in the penetration rate of high-level autonomous driving [27] - The report forecasts substantial growth in the sales of NOA vehicles, with urban NOA vehicle sales projected to rise from 47,000 units in 2023 to 347,000 units in 2025 [30] Opportunities Summary - The report identifies opportunities for main manufacturers to build high-level autonomous driving technology barriers through data, computing power, and simulation systems [35] - The SoC (System on Chip) market is expected to see significant growth, with mid to high-level autonomous driving and mid-range computing chips anticipated to increase in volume [43] - The laser radar market is projected to grow rapidly, with shipments expected to exceed 3 million units by 2025 due to the introduction of low-cost products [62]