SINOLINK SECURITIES·2025-04-15 01:55Investment Rating - The report indicates a strong investment outlook for the automotive sector, particularly in the areas of advanced driving and humanoid robotics, driven by technological advancements and market dynamics [3][7]. Core Insights - Embodied intelligence is identified as the strongest industrial trend in the automotive sector, with smart driving and humanoid robots being the two key directions [3]. - The report forecasts a significant increase in the penetration rate of advanced driving systems, expected to exceed 15% by 2025, with a year-on-year growth of 200% [3][10]. - The supply chain for smart driving components, including chips and lidar, is highlighted as a high-value investment area due to its explosive growth potential [4][27]. Summary by Sections Advanced Driving - Advanced driving is entering a phase of explosive growth, with a projected penetration rate of over 70% in the next 2-3 years [3]. - The report emphasizes the importance of the Tier0.5 model versus full-stack self-research in data acquisition and customer response speed, with full-stack self-research expected to gain a competitive edge [3][20]. - The Robotaxi segment is anticipated to reach a tipping point by 2025, with operational costs aligning with traditional ride-hailing services [3][26]. Humanoid Robotics - The humanoid robotics sector is on the verge of commercialization, with significant advancements expected by 2025, particularly in high-cost scenarios [5][35]. - The report identifies key components such as dexterous hands and sensors as critical to the humanoid robotics supply chain, with high average selling prices (ASP) and barriers to entry [5][48]. - The Chinese supply chain is expected to rise significantly, contributing to the cost reduction and mass production of humanoid robots [5][48]. Supply Chain Dynamics - The report highlights the increasing penetration and localization rates of smart driving chips, with Nvidia and Tesla leading the market [27][29]. - The laser radar market is also projected to see significant growth, with major players like Hesai and RoboSense capturing substantial market shares [31][33]. - The anticipated reduction in costs for smart driving systems is expected to make advanced driving features standard in vehicles priced above 200,000 RMB by 2025 [30][34].