科技行业动态点评：关注比亚迪智能化转型机遇

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The report emphasizes the importance of BYD's upcoming smart driving strategy conference on February 10, which is expected to significantly impact the smart driving industry chain. BYD's shift towards smart driving is seen as a milestone event, as the company previously held a skeptical view on autonomous driving technology. The report anticipates that BYD will enhance the penetration of smart driving technology, fostering collaboration among upstream and downstream enterprises, thereby solidifying its core position in the industry [1][2] - BYD's global vehicle sales are projected to reach 4.27 million units in 2024, representing a 41% year-on-year increase, making it the fifth largest car manufacturer globally and the largest in China. The smart transformation of BYD is expected to drive market demand growth across related industry segments, including chips, smart driving platforms, and onboard perception systems [1][2] Summary by Sections Smart Driving Market Size Estimation - The global smart driving market is expected to maintain rapid growth in the coming years. If BYD's smart driving penetration rate reaches 40% by 2025, with projected vehicle sales of 5.5 million units, the estimated shipment of smart driving vehicles would be around 2.2 million units. Calculating an average value of 5,000 yuan per vehicle for the smart driving system, BYD's market size in this sector could reach 11 billion yuan. The overall industry penetration rate is anticipated to increase further due to policy support and rising consumer acceptance, creating substantial growth opportunities for upstream and downstream companies [2] Impact on Chips and Smart Driving Platforms - The proliferation of smart driving will significantly increase the demand for high-performance chips and computing platforms, particularly benefiting Chinese automotive-grade chips. BYD, as a vehicle manufacturer, is expected to drive the iterative upgrade of automotive-grade chips (such as CIS, MCU, AI processors). Relevant companies in the supply chain include Hezhima Intelligent, Horizon Robotics, and Weir Shares. Additionally, BYD may optimize its smart driving platform through self-research or collaboration, setting a technological benchmark for the industry, benefiting algorithm developers and platform providers such as Desay SV [3] Impact on Onboard Perception Systems - Onboard perception systems are crucial for achieving advanced smart driving, encompassing components like cameras, LiDAR, and millimeter-wave radars. The upcoming conference may accelerate the mass production and application of related perception devices, with relevant companies including Sunny Optical and Yutong Optical. The cost reduction and performance enhancement of LiDAR, a core component of advanced autonomous driving, will be key variables, with relevant companies including Hesai Technology and Suteng Juchuang [4]