乘用车、智能化4月报：3月产批零符合预期，华为ADS4迈向L3新征程

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly focusing on AI intelligence and robotics as key investment themes for 2025 [5]. Core Insights - The automotive industry is experiencing a significant increase in production and sales, with March 2025 showing a production volume of 2.481 million units, a year-on-year increase of 12.9% and a month-on-month increase of 42.9% [4][13]. - The penetration rates for intelligent components in new energy vehicles are on the rise, with notable increases in DLP/ADB headlights and HUD systems [3]. - The report highlights the importance of regulatory improvements in intelligent driving, particularly following incidents that may affect public perception and market dynamics [5]. Industry Tracking Production and Sales Performance - March 2025 saw wholesale sales of 2.412 million units, reflecting a year-on-year increase of 10.2% and a month-on-month increase of 36.5% [4][13]. - The insurance-based sales volume for March was 1.827 million units, with year-on-year and month-on-month increases of 19.7% and 42.7%, respectively [17]. New Energy Vehicle Tracking - The wholesale penetration rate for new energy vehicles reached 46.8% in March, with a month-on-month increase of 0.4 percentage points [26]. - Retail penetration for new energy vehicles was 53.0%, marking a month-on-month increase of 1.8 percentage points [24][26]. Autonomous Driving and Intelligent Features - The penetration rate for city-level NOA (Navigation on Autopilot) intelligent driving reached 18.3% in March, with significant growth observed in lower-tier cities [48]. - Major brands like Wanjie and Xiaopeng are leading in intelligent driving penetration, with Wanjie's rate at 84.0% and Xiaopeng's at 40.5% [57]. Component Market Tracking - The report notes a consistent increase in the adoption of high-end intelligent components, with significant growth in the penetration rates of advanced driver assistance systems [3]. - The report also tracks the performance of various automotive parts manufacturers, highlighting key players in the intelligent component sector [5]. Investment Recommendations - The report suggests a focus on companies involved in AI intelligence and robotics, with specific recommendations for stocks in both the passenger vehicle and component sectors [5]. - Key recommended stocks include Xiaopeng Motors, Li Auto, and BYD in the A-share market, and Horizon Robotics and Desay SV in the component sector [5].