比亚迪股份：比亚迪智驾专题报告

Investment Rating - The report recommends a focus on BYD's intelligent driving strategy, indicating a positive outlook for the company's future performance in the smart driving sector [43]. Core Insights - BYD's strategy emphasizes "intelligent driving equality," aiming to promote smart driving systems across all vehicle price ranges, including models priced below 100,000, between 100,000 and 200,000, and above 200,000 [7][41]. - The penetration rates for BYD's high-speed NOA (Navigate on Autopilot) and urban NOA are currently low at 1.0% and 0.5% respectively, suggesting significant growth potential as the company expands its offerings [7][22]. - BYD's intelligent driving system, named "Tianshen Eye," includes various versions with different capabilities, indicating a comprehensive approach to smart driving technology [12][19]. Summary by Sections Intelligent Driving Strategy - BYD's intelligent driving strategy was unveiled during the 2024 Dream Day, focusing on scaling the adoption of smart driving systems across its entire vehicle lineup [7]. - The company has historically developed its driving assistance systems, including Dipilot and Tianshen Eye, with plans to enhance its capabilities through AI computing power [10][12]. Industry Overview - The intelligent driving market in China is expected to grow significantly, with smart vehicle sales projected to reach 2,040 million units by 2026, representing a penetration rate of 81.2% [35]. - The report highlights the competitive landscape, noting that leading companies like Li Auto and NIO currently dominate the high-end NOA market, which poses challenges for BYD [22][41]. Company Recommendations - The report suggests monitoring BYD (1211) and Geely (175) for their intelligent driving strategies, as well as companies involved in L3 level autonomous driving such as XPeng (9868) and Li Auto (2015) [43]. - It also recommends keeping an eye on component suppliers like BYD Electronics (285) and SUTENG (2498) for their roles in the intelligent driving ecosystem [43].