Guohai Securities·2025-07-22 11:26Investment Rating - The report maintains a "Recommended" rating for the autonomous driving industry [1] Core Insights - The autonomous driving industry is at a pivotal point of capability evolution, with advancements in AI and high-performance computing driving the development of autonomous driving solutions [5][8] - The report identifies that the differentiation in autonomous driving capabilities among automakers is diminishing as the industry matures, leading to a focus on safety features and user experience [5][8] Summary by Sections 1. Industry Overview - The report outlines the current state of the autonomous driving industry, highlighting the convergence of technology paths and the need for enhanced safety features as the industry transitions to higher levels of automation [5][6] 2. Corporate Strategy and Organization - Companies are adjusting their organizational structures and research focuses to improve R&D efficiency and commercialization pace, with a notable shift towards AI applications [6][52] - The report emphasizes the importance of maintaining product strength and long-term operational capabilities in a price-sensitive competitive landscape [6][52] 3. Technical Capabilities - Sensors: The report discusses the parallel development of multiple sensing solutions, including LiDAR, cameras, and radar, to meet safety and reliability requirements [7] - Computing Power: It highlights the establishment of cloud-based computing centers for model training and algorithm iteration, with Tesla leading at over 75 Eflops and some Chinese automakers achieving around 10 Eflops [7] - Vehicle-Cloud Models: The report notes a shift from rule-based to data-driven models, enhancing decision-making capabilities through the integration of multimodal data [7] 4. Consumer Perception - The report indicates that autonomous driving products are becoming increasingly recognized by consumers, with features such as parking assistance and safety enhancements being continuously optimized [7][49] 5. Investment Recommendations - The report suggests focusing on automakers making significant advancements in R&D and functional deployment, including Tesla, Xpeng, Li Auto, NIO, and Xiaomi, as well as leading third-party solution providers like Momenta and Horizon Robotics [8][50]