BYD(002594) 市值风云·2025-02-11 11:05Investment Rating - The report indicates a positive outlook for BYD, highlighting its leadership in the smart driving sector and the introduction of the "Tianshen Eye" high-level driving system [1][4][11]. Core Insights - BYD is leading the charge in democratizing smart driving technology, breaking the traditional pricing logic that associates smart features with high-end models [2][3]. - The company aims to equip over 60% of its models with advanced NOA (Navigation On Autopilot) systems by 2025, positioning itself as a key player in the smart driving market [11]. - The report emphasizes the importance of large-scale technology adoption as a benchmark for evaluating the development level of smart driving [12]. Summary by Sections Smart Driving Technology - BYD's "Tianshen Eye" system will be available across its entire lineup, with a focus on affordability for models priced below 100,000 yuan [1][4]. - The company has made significant advancements in smart driving, now ranking among the top tier in the industry alongside competitors like Xpeng and Li Auto [5][6]. Research and Development - In 2023, BYD invested nearly 40 billion yuan in R&D, with 33.3 billion yuan allocated in the first three quarters of 2024 [10]. - The company possesses the largest vehicle cloud database in China and maintains a robust self-developed smart driving research system [9]. Market Opportunities - The report identifies several A-share companies that could benefit from BYD's advancements in smart driving, including Desay SV, Ruiming Technology, and Haon Automotive [15][19]. - The laser radar market is dominated by Chinese manufacturers, capturing 84% of the global market share, with notable players like Hesai Technology and RoboSense [15]. Components and Systems - The smart driving system is categorized into three main systems: perception, decision-making, and execution, with BYD's "Tianshen Eye" featuring advanced components from NVIDIA [13][14]. - Companies like Huace Navigation and Four-Dimensional Map New are highlighted for their roles in high-precision navigation and positioning, essential for smart driving [25][28].