Guoyuan Securities·2025-08-05 10:15Investment Rating - The report rates the smart driving industry as "Recommended" [1] Core Insights - The evolution of smart cars is being led by intelligent driving, with SOC chips accelerating domestic production [1] - The demand for SOC chips is surging due to advancements in smart cockpits, intelligent driving, and autonomous driving technologies [4][9] - The market is highly concentrated, with domestic alternatives gaining traction, and leading domestic companies are expected to continue breakthroughs leveraging industry trends [5] Summary by Sections 1. Evolution from ECU to SOC Chips - The automotive industry is experiencing a shift from distributed electronic control units (ECUs) to centralized SOC chips, driven by the increasing complexity of electronic and electrical architectures [15][16] - SOC chips are becoming essential components for smart vehicles, facilitating the integration of various systems and enhancing performance [23][24] 2. Explosive Demand for SOC Chips - The market for SOC chips is expanding rapidly, particularly in high-level autonomous driving applications such as unmanned delivery and robotaxis [9] - The integration of AI models and the push for high-performance SOC chips are accelerating the domestic production of cockpit SOCs [9][50] 3. Investment Recommendations - The report suggests that investors should focus on leading domestic SOC chip manufacturers that are well-positioned to benefit from the ongoing trends in the smart driving sector [5][9] - Key domestic companies in the SOC chip market include Horizon Robotics, Black Sesame, and others, which are capitalizing on the opportunities presented by intelligent driving [9][47]