AI+汽车智能化系列之十一：以地平线为例，探究第三方智驾供应商核心竞争力

Investment Rating - The report maintains a positive outlook on leading third-party intelligent driving suppliers, highlighting their potential to capture approximately 50% of the new car sales market share due to the demand for equal access to intelligent driving technology and performance improvements [2][3]. Core Insights - The report emphasizes the historical breakthrough opportunities for domestic intelligent driving chips, particularly focusing on the competitive landscape where domestic suppliers are catching up with NVIDIA in terms of product performance and mass production validation [2][30]. - The report discusses the importance of a combined hardware and software approach, noting that Horizon Robotics is currently one of the few suppliers capable of delivering both high-level intelligent driving chips and algorithms, positioning itself strongly within the industry [5][71]. Summary by Sections 1. Positive Outlook on Domestic Intelligent Driving Chips - The report identifies a significant opportunity for domestic intelligent driving chips, driven by the increasing demand for equal access to intelligent driving technology [7]. - It highlights that the competition among car manufacturers is intensifying, leading to a shift towards third-party intelligent driving solutions as a preferred option for second and third-tier car manufacturers [2][19]. 2. Analysis of Horizon Robotics - Horizon Robotics is entering a new cycle of product iteration and business model enhancement, leading the domestic chip suppliers in the rollout of high-level intelligent driving systems [5][81]. - The company’s unique soft-hard integration strategy allows it to optimize performance and cost, making it a key player in the intelligent driving supply chain [5][71]. 3. Competitive Landscape and Market Dynamics - The report notes that the intelligent driving market is expected to see a significant increase in penetration rates, with projections indicating that by 2026, urban NOA (Navigation on Autopilot) will become a standard feature [20][35]. - It discusses the evolving E/E architecture in the electric vehicle era, which provides a foundation for car manufacturers to expand their capabilities beyond traditional supply chain integration [12][16]. 4. Technological Advancements and Innovations - The report highlights the advancements in intelligent driving algorithms, particularly the shift towards a "heavy perception, light map" approach, which has been validated and widely adopted [2][54]. - It also emphasizes the role of reinforcement learning in enhancing intelligent driving models, providing new solutions to complex driving scenarios [56][62]. 5. Cost and Performance Considerations - The report provides insights into the cost structure of intelligent driving chips, indicating that achieving economies of scale and rapid iteration capabilities are crucial for car manufacturers considering in-house chip development [49][50]. - It compares the performance metrics of various intelligent driving solutions, showcasing the competitive positioning of domestic suppliers against established players like NVIDIA [32][33].