中银证券：中银晨会聚焦-20250121

Core Insights - The report highlights the significant growth potential in the global intelligent driving market, projected to reach a trillion-dollar scale, driven by end-to-end solutions and domestic chip manufacturers challenging overseas leaders [5][6][7] - The report emphasizes the expected widespread adoption of advanced autonomous driving technologies in vehicles priced below 200,000 yuan by 2025, indicating a trend towards democratization of high-level driving assistance [7] Market Performance - The report provides a summary of market indices, with the Shanghai Composite Index closing at 3244.38, reflecting a slight increase of 0.08%, while the Shenzhen Component Index rose by 0.94% to 10256.40 [3] - The report also details the performance of various industry sectors, noting that the power equipment sector saw a rise of 2.16%, while coal and oil sectors experienced declines of 1.26% and 1.02% respectively [4] Focus on Key Companies - Horizon Robotics is identified as a key player in the intelligent driving sector, providing integrated hardware and software solutions that are expected to enhance production efficiency and cost-effectiveness for OEMs and Tier 1 suppliers [5][7] - The report notes that Horizon Robotics has achieved a market share of 35.9% in the domestic OEM advanced driving assistance solutions market, positioning it as a leader in this space [6] Industry Trends - The report anticipates that the penetration rates for various levels of autonomous driving (L1, L2, L3-L5) will increase significantly by 2028, with L1 and L2 expected to reach 25.0% and 54.3% respectively [5] - The global market for advanced driver assistance and high-level autonomous driving solutions is projected to grow from 61.9 billion yuan in 2023 to 1,017.2 billion yuan by 2030, with a compound annual growth rate (CAGR) of approximately 49% [5]