Tesla(US:TSLA) Shanxi Securities·2025-05-29 06:23Investment Rating - The automotive industry is rated as "Leading the Market - A" [1] Core Insights - The report highlights the acceleration of Robotaxi commercialization, with companies like Nvidia and Pony.ai expanding their fleets and services [3][6] - Significant growth in Robotaxi services is noted, with Baidu's "LuoBo Kuaipao" achieving over 1.4 million rides in Q1 2025, a 75% year-on-year increase [4] - The report emphasizes the potential for high-level autonomous driving technologies to gain traction in 2025, driven by regulatory support and technological advancements [7] Summary by Sections Market Performance - The automotive industry has shown a robust performance over the past year, with key stocks such as Jingwei Hirun and China Automotive Technology receiving "Buy - A" and "Increase - A" ratings respectively [2] Company Developments - Nvidia is applying its AI models to autonomous vehicles, partnering with Mercedes to launch a fleet using its end-to-end autonomous driving technology [3] - Pony.ai plans to expand its Robotaxi fleet to 1,000 vehicles by the end of 2025, with a reported revenue of 123 million yuan (approximately 17.3 million USD) from Robotaxi services, marking a 200% year-on-year growth [3] - WeRide reported a revenue of 16.1 million yuan from Robotaxi services in Q1 2025, contributing 22.3% to its total revenue [5] Investment Recommendations - The report suggests focusing on companies benefiting from advancements in intelligent driving chips, such as Horizon Robotics and Black Sesame Technologies [7] - It also highlights the potential for domestic Tier 1 suppliers to replace imports and deepen customer relationships through core product offerings [7] - The report recommends monitoring companies like Pony.ai and WeRide for their prospects in high-level autonomous driving and Robotaxi services [7]