Guoxin Securities·2025-06-20 11:15Investment Rating - The report maintains an "Outperform" rating for the automotive industry [6][4]. Core Insights - Tesla is set to launch Robotaxi pilot operations in Texas on June 22, 2025, with an initial fleet of 10 Model Y vehicles [16]. - Xiaopeng G7 has begun pre-orders at a price of 235,800 yuan, featuring the Turing AI chip and AR-HUD technology [19]. - The penetration rate of L2 and above smart driving functions in passenger vehicles reached 24.3% in April 2025, up 11 percentage points year-on-year [3]. - The market for automotive smart components is expanding, with significant growth in the adoption of high-resolution cameras and advanced driving chips [2][3]. Summary by Sections Industry News - Tesla's Robotaxi pilot program is launching soon [16]. - Xiaopeng G7 is now available for pre-order, showcasing advanced AI capabilities [19]. - GAC Aion's autonomous vehicles are undergoing public road tests in Guangzhou and Shenzhen [1]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles reached 32.9% in April 2025, a year-on-year increase of 18 percentage points [2]. - NVIDIA's driving chip market share increased to 57% in April 2025 [2]. - The market share of LiDAR in passenger vehicles rose to 8% [2]. Smart Driving - The penetration rate of L2 and above smart driving functions in passenger vehicles increased by 4.3 percentage points year-on-year [3]. - The penetration rates for front-view cameras, forward millimeter-wave radar, and LiDAR were 65.8%, 55.8%, and 8.2%, respectively [3]. Investment Recommendations - Recommended companies include Xiaopeng Motors, Leap Motor, and Geely for complete vehicles [4]. - For components, recommended companies include SUTENG Technology, Hesai Technology, and Horizon Robotics [4]. Key Company Earnings Forecast and Investment Ratings - Companies such as Xingyu Co., Ltd., and Kobot are rated as "Outperform" with projected earnings per share (EPS) growth [5].