BYD(01211) 交银国际证券·2025-02-11 07:08Investment Rating - The investment rating for BYD Company Limited (1211 HK) is "Buy" with a target price of 379.22 HKD, indicating a potential upside of 14.8% from the current price of 330.20 HKD [3]. Core Insights - The report highlights the official launch of BYD's advanced driving system "Tianshen Zhi Yan" on February 10, 2024, which will be equipped across all models, starting with 21 models. This system includes three versions, enhancing AI capabilities through the integration of the "Xuanji Architecture" with DeepSeek [2][3]. - The introduction of the "Tianshen Zhi Yan" system allows BYD to penetrate the 70,000 RMB market segment, making advanced driving features accessible in lower-priced models, which is a significant shift in the industry [2]. - The report anticipates that the aggressive pricing strategies of BYD and competitors will accelerate the adoption of intelligent driving technologies, potentially increasing the penetration rate of new energy vehicles in China to 60% by 2025 [2]. Summary by Sections Event Overview - BYD officially launched its high-level driving system "Tianshen Zhi Yan," which will be available in all models, with the first batch of 21 models set to hit the market. The system is designed to enhance user experience and AI capabilities [2]. Product Details - "Tianshen Zhi Yan" consists of three versions: - Version A (DiPilot 600) with three LiDARs for nationwide navigation without maps, primarily for the Yangwang brand - Version B (DiPilot 300) with a single LiDAR for similar navigation, used in brands like Tengshi and BYD - Version C (DiPilot 100) for high-level driving and valet parking, featured in entry-level models like Qin PLUS DM-i and Song PLUS DM-i [2]. Market Implications - The report suggests that BYD's strategy to offer advanced driving systems in lower-priced vehicles will challenge competitors and reshape the market dynamics, leading to a potential shift of fuel vehicle users to new energy vehicles [2].