汽车行业周报：零跑B10上市，关注智驾硬件普及-20250414

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2] Core Viewpoints - The official launch of the Leapmotor B10, an all-electric SUV, highlights the focus on the proliferation of intelligent driving hardware, with the model priced at 119,800 yuan and featuring advanced capabilities [5][15] - The penetration rate of LiDAR technology is expected to increase significantly due to rising safety requirements and decreasing costs, with projections indicating prices could drop below 200 USD by 2025 [5][15] - The report emphasizes the importance of intelligent driving systems, particularly in light of recent traffic incidents raising consumer concerns about safety redundancies [5][15] Industry Dynamics - Great Wall Motors has formed a strategic partnership with Yushun Technology to advance the industrialization of robotics in the automotive sector [16] - The second-generation full-stack control chassis from SAIC is anticipated to be launched by 2027 [5][16] - The automotive sector has seen a decline in stock performance, with the automotive index underperforming the CSI 300 index by 2.64 percentage points during the week of April 7 to April 11, 2025 [5][34] Market Data - In March 2025, retail sales of passenger vehicles reached 1.94 million units, reflecting a year-on-year increase of 14.80% and a month-on-month increase of 40.18% [5][60] - The retail penetration rate for new energy vehicles reached 51.1% in March 2025, up 8.81 percentage points year-on-year [5][60] - The report notes that the penetration rate for L2.5 and above intelligent driving systems reached 17.11% in February 2025, marking a historical high [5][68] Investment Recommendations - The report suggests focusing on leading companies in intelligent driving such as BYD, Changan Automobile, Great Wall Motors, and SAIC, as well as key players in the intelligent hardware sector like Desay SV, Coboda, and Huayang Group [5][15] - For commercial vehicles, it recommends attention to leading bus and heavy truck manufacturers such as Yutong Bus and China National Heavy Duty Truck [5][15]