汽车行业点评：比亚迪推动智驾功能普及，全民智驾时代开启

Investment Rating - Industry investment rating is "Outperform the Market" [13] Core Viewpoints - BYD's intelligent driving strategy aims to popularize smart driving features, marking the beginning of a "smart driving era" for the public [3][7] - The launch of the "Tian Shen Zhi Yan" intelligent driving solutions across BYD's entire model range is expected to enhance the penetration of intelligent driving features, particularly in the price range below 200,000 yuan [7][10] - BYD's "Tian Shen Zhi Yan C" system includes advanced perception capabilities and is set to cover the high-speed NOA function for models priced below 200,000 yuan, with the lowest priced model starting at 78,800 yuan [7][10] Summary by Sections Intelligent Driving Technology - BYD introduced three intelligent driving technology solutions: Tian Shen Zhi Yan A, B, and C, with the C version featuring 12 cameras, 5 millimeter-wave radars, and 12 ultrasonic radars [3][7] - The Tian Shen Zhi Yan C system enables high-speed NOA, smart parking, and urban memory navigation, with the latter expected to be available via OTA updates by the end of 2025 [7] Market Impact - BYD's strategy is likely to accelerate the adoption of intelligent driving features across the industry, compelling competitors to quickly follow suit [7][10] - The intelligent driving capabilities, especially high-speed NOA, are anticipated to become a significant factor for consumers when purchasing vehicles, potentially diminishing the competitiveness of vehicles lacking such features [10] Competitive Landscape - The report highlights that while BYD is a follower in terms of releasing intelligent driving functions, it plays a crucial role in driving the overall industry's penetration rate [7][10] - Competitors like XPeng Motors are expected to introduce urban NOA features at lower price points, indicating a competitive pressure in the market [7][10] Investment Recommendations - The report suggests that the intelligent driving strategy will benefit companies in the intelligent driving supply chain, including manufacturers of driving chips, cameras, and sensors [10] - Specific companies recommended for investment include Baolong Technology, Desay SV, and Huayang Group, among others [10]