HTSC·2025-06-03 08:10Investment Rating - The report maintains an "Overweight" rating for the automotive and electronics sectors [6] Core Insights - The Robo X industry, represented by Robotaxi and Robovan, is experiencing accelerated commercialization driven by policy and industry resonance, with significant market attention due to multiple catalysts [10][11] - The global and China L4 autonomous driving market is projected to reach USD 15.35 trillion and USD 581 billion respectively by 2030, with a CAGR of 104% and 105% from 2025 to 2030 [10] - The report suggests focusing on core operational platforms, high-growth hardware suppliers, and innovative application scenario developers as investment opportunities [44] Summary by Sections Robotaxi - The commercialization of Robotaxi is accelerating, with leading companies like Pony.ai, WeRide, and Loongrun expanding fleet sizes and increasing order volumes [2][12] - Pony.ai's Robotaxi service revenue grew by 200% year-on-year in Q1 2025, while WeRide's revenue contribution reached 22.3%, up 10.4 percentage points year-on-year [2][19] - The policy environment is improving, with major cities expanding operational areas and refining license management, which lowers operational costs for companies [12][19] Robovan - Robovan is showing significant potential in logistics, with a positive cycle of "cost reduction-application validation-scale expansion" forming [3][23] - The hardware costs have drastically decreased, with models like the New Stone X3 dropping from CNY 200,000 to CNY 70,000, and the Jiushi Intelligent E6 model priced at CNY 19,800, a 91% reduction [3][23] - Major players are accelerating financing and production expansion, with Jiushi Intelligent targeting the delivery of 10,000 units in 2025 [3][24] Broader Applications - The Robo X concept extends beyond Robotaxi and Robovan to include applications like Robosweeper and Robotruck, which are also seeing accelerated commercialization [4][14] - Robosweeper has been deployed in multiple cities, reducing labor costs and improving operational efficiency [4][40] - Drone logistics is emerging as a key area, with significant potential in last-mile delivery and complex terrain transport, supported by favorable policies [41][42] Investment Opportunities - The report recommends focusing on core operational platforms that have achieved scalable operations and possess clear cost reduction paths, such as Pony.ai [44] - High-growth component suppliers in critical areas like lidar and high-performance chips are also highlighted as potential beneficiaries of the autonomous vehicle rollout [44] - Companies that integrate autonomous driving technology with specific industry applications, such as smart warehousing and last-mile delivery robots, are identified as innovative scenario developers [44]