汽车：比亚迪智驾专题报告

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [2]. Core Insights - The report highlights BYD's strategic focus on "equal access to intelligent driving," 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]. - BYD's intelligent driving system, named "Tianshen Eye," is categorized into three versions (A, B, C), with the most widely used being Tianshen Eye C (DiPilot 100), which supports highway navigation and valet parking [12]. - The report anticipates that BYD's high-level NOA (Navigate on Autopilot) models will account for 50% of its offerings by 2025, indicating a rapid increase in market share [24]. Summary by Sections 1. BYD Intelligent Driving Strategy Analysis - BYD's intelligent driving strategy was unveiled during the 2024 Dream Day, with a focus on expanding the penetration of high-speed NOA and urban NOA functionalities [7][10]. - The company has historically developed its driving assistance systems, including Dipilot and Tianshen Eye, with the latter being a high-level intelligent driving system launched in 2023 [10]. 2. Intelligent Driving Industry Overview - The intelligent driving market is expected to grow significantly, with China's smart vehicle sales projected to reach 2,040 million units by 2026 and 2,980 million units by 2030, achieving a penetration rate of 81.2% and 99.7%, respectively [35]. - The report notes that the penetration rate of high-level autonomous driving is expected to rise from 12% in 2023 to over 80% by 2030 [35]. 3. Company Recommendations - The report recommends focusing on companies involved in intelligent driving, including BYD (1211), Geely (175), XPeng Motors (9868), Li Auto (2015), and Xiaomi Group (1810) [43]. - It also highlights component suppliers such as BYD Electronics (285), SUTENG (2498), Horizon Robotics (9660), and others as potential investment opportunities [43].