汽车与零部件行业：智驾平权促进智驾产业链渗透率快速提升

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Viewpoints - The trend of "intelligent driving equality" is expected to become a significant development trend in the automotive industry, with high-level intelligent driving penetration rates anticipated to continue increasing from 2025 onwards [7] - The penetration rates of intelligent driving-related hardware, such as sensors and domain controllers, are expected to rise alongside the adoption of advanced intelligent driving features [7] - Major automotive companies are likely to benefit from the growth in the intelligent driving supply chain, with a focus on both vehicle manufacturers and component suppliers [3][7] Summary by Sections Investment Recommendations and Targets - Recommended vehicle manufacturers include SAIC Motor (600104, Buy), BYD (002594, Not Rated), JAC Motors (600418, Not Rated), Changan Automobile (000625, Buy), XPeng Motors-W (09868, Not Rated), and Geely Automobile (00175, Buy) [3] - Recommended component suppliers include Jingwei Hirain Technologies-W (688326, Buy), Bertel (603596, Buy), Aosheng Electronics (688533, Buy), Desay SV (002920, Buy), Huayang Group (002906, Buy), and Kobot (603786, Buy) [3] Industry Dynamics - The intelligent driving technology landscape is shifting towards end-to-end solutions, with major companies releasing new intelligent driving systems based on this architecture [7] - The penetration rate of L2 and above intelligent driving systems reached 54.95% from January to November 2024, an increase of 7.7 percentage points compared to 2023 [7] - The proportion of models capable of achieving highway/city NOA functions among L2 and above intelligent driving vehicles was 21.4% during the same period [7]