Ping An Securities·2025-06-11 05:43Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The high-end strategy of automotive companies is categorized into two types: those with clear advantages focusing on their strengths and those adopting benchmarking strategies [4][58] - The tightening regulations on intelligent driving are leading to a shift in marketing strategies among automotive companies, emphasizing safety and compliance [28][59] - Leading intelligent driving suppliers are expanding their product matrices and customer bases through integrated hardware and software solutions [60] Summary by Sections 1. Leveraging Strengths for Brand Advancement - Automotive companies like Li Auto, Great Wall Motors, and Xiaomi are focusing on their unique strengths to enhance brand positioning [4][58] - Li Auto's MEGA model maintains a flagship position with a price above 500,000 yuan, while Great Wall Motors continues to deepen its off-road market with the launch of the Tank 300 [8][19] - The introduction of new large SUVs during the 2025 Shanghai Auto Show aims to capture market share and elevate brand value [9][21] 2. Strengthening Safety and Regulatory Compliance - The intelligent driving sector is entering a period of stringent regulation, with new guidelines affecting marketing and OTA upgrades [28][29] - Companies are adjusting their marketing strategies to highlight safety features and avoid misleading claims about autonomous capabilities [35][36] 3. Leading Intelligent Driving Suppliers: Integrated Solutions and Rich Product Matrix - Major suppliers like Huawei and Horizon Robotics are offering diverse solutions across various price segments, with Huawei's ADS 4 and Horizon's HSD series [42][60] - High-end products are undergoing further iterations, with Huawei's ADS 4 flagship version introducing commercial L3 solutions [46][60] - The rapid expansion of user bases and significant R&D investments are leading to economies of scale for these suppliers [50][60] 4. Investment Recommendations - The report recommends focusing on automotive companies with distinctive brand advantages and ongoing development, specifically highlighting Li Auto, Great Wall Motors, and Xiaomi [58][60] - It also suggests looking at companies benefiting from the scale of new energy vehicles, such as BYD and Geely, and suppliers like Horizon Robotics and Fuyao Glass that are poised to gain from the proliferation of intelligent driving technologies [60]