国君汽车|龙头企业加速推进,智驾渗透率有望提升

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook on the growth potential of smart driving penetration rates [1]. Core Insights - The penetration rate of smart driving is expected to accelerate, driven by leading companies like BYD and Tesla, with catalysts emerging continuously in the smart driving sector by 2025 [1]. - The cost of smart driving technology is decreasing, and the price range of smart driving vehicles is becoming a competitive factor in the mid-to-low-end market, as hardware prices are expected to decline with increased sales of smart driving models [1]. - Significant advancements in smart driving solutions are being made by companies such as Tesla and Huawei, with the expectation that urban Navigation on Autopilot (NOA) penetration rates will continue to rise [2]. Summary by Sections - Industry Investment Rating: The industry is rated as "Overweight" with expectations for increased smart driving penetration [1]. - Catalysts for Growth: Leading companies are accelerating their smart driving initiatives, with BYD set to announce new developments in its high-level smart driving system, "Tian Shen Zhi Yan," and Tesla's FSD updates expected to enhance capabilities significantly by 2025 [1][2]. - Market Dynamics: The competition in the mid-to-low-end market is intensifying as smart driving features become essential, with technological advancements reducing costs and entry barriers for new players [1][2].