Hua Yuan Zheng Quan·2025-04-18 07:36Investment Rating - Investment Rating: Positive (Maintain) [1] Core Insights - The penetration rate of intelligent driving is continuously increasing, with a significant rise in high-level intelligent driving penetration [4][35] - Leading domestic and international automotive companies are focusing on the intelligent driving sector [4][35] - The intelligent driving chip market is expanding, with significant industry barriers [4][35] - Horizon Robotics is a leading domestic manufacturer of autonomous driving chips and intelligent driving solutions [4][35] - Black Sesame is making breakthroughs in high-end intelligent driving chips, with notable software optimization effects [4][35] Summary by Sections 1. Intelligent Driving Penetration - The global sales of high-level intelligent vehicles are accelerating, with an expected penetration rate of over 65% for high-level autonomous driving by 2030 [12][13] - In China, the penetration rate of intelligent vehicles is projected to reach 99.7% by 2030, with a compound annual growth rate (CAGR) of 48.1% for high-level autonomous driving from 2023 to 2030 [16][17] 2. Intelligent Driving Chip Market - The global ADAS SoC market reached 27.5 billion RMB in 2023, with China's market accounting for 14.1 billion RMB [85] - The market is expected to grow to 92.5 billion RMB globally by 2028, with a CAGR of 27.5% [85] 3. Key Players and Innovations - BYD is expected to lead in sales with 4.272 million units in 2024, showing a year-on-year growth of 41.1% [36] - The "Whole Vehicle Intelligence" strategy by BYD aims to integrate electric and intelligent technologies for enhanced safety and efficiency [39] - Tesla's Full Self-Driving (FSD) is seeing accelerated mileage growth, with significant improvements in AI training computing power [52][56] 4. Market Trends - The penetration rates of highway NOA and city NOA are steadily increasing, with domestic brands showing rapid growth compared to joint venture brands [28][29] - Huawei's QianKun ADS 3.0 architecture has been upgraded to enhance perception, decision-making, and control efficiency [66][67]