BYD(002594) 群益证券·2025-02-13 07:55Investment Rating - The report does not explicitly state an investment rating for BYD Core Insights - BYD has launched the "Tianshen Eye" intelligent driving system, which will be standard across all product lines, including lower-priced models starting from 70,000 yuan [3][10] - The "Tianshen Eye-C" solution utilizes a vision-based approach to reduce hardware costs, enabling intelligent driving features in mid-range vehicles priced between 70,000 to 150,000 yuan [3][4] - The introduction of advanced intelligent driving capabilities in lower-priced models signifies a shift in the automotive industry, pushing competitors to enhance their technological capabilities and supply chain systems [3][10] Summary by Sections Launch Highlights - The "Tianshen Eye" system consists of three solutions (A/B/C) targeting different price segments: above 300,000 yuan, around 200,000 yuan, and below 200,000 yuan [4] - The high-end intelligent driving features will be available in BYD's Yangwang and Denza brands by the end of 2024, with capabilities such as urban navigation without maps [4] Technical Architecture - The "Xuanji" architecture integrates intelligent electric systems, enhancing communication efficiency and allowing for continuous upgrades via OTA [7] - All three "Tianshen Eye" solutions are built on the same underlying architecture, ensuring that lower-priced models can also benefit from advanced intelligent driving experiences [7] Market Impact - BYD plans to upgrade all its models to the "Tianshen Eye" system, with 21 products in the pipeline, 15 of which are expected to feature the cost-effective "Tianshen Eye-C" solution [10] - The move to offer intelligent driving capabilities in models priced below 100,000 yuan is expected to disrupt the market, as most current models with such features are priced above 150,000 yuan [10] Industry Dynamics - The report indicates that the automotive industry will undergo significant changes by 2025, with increased competition and potential market consolidation as companies adapt to new technological standards [14] - BYD's strategy to provide high-end intelligent driving features in lower-priced vehicles positions it favorably against competitors, who are also working on similar technologies [17]