Tesla(US:TSLA) Guoxin Securities·2025-08-27 09:50Investment Rating - The report maintains an "Outperform" rating for the automotive industry [6] Core Insights - The automotive industry is experiencing significant advancements in intelligent driving technologies, with increasing penetration rates for L2 and above functionalities in passenger vehicles [3] - The report highlights the growing market for high-resolution cameras, with an expected penetration rate of 67.6% for front-view cameras by June 2025, and a notable increase in the share of 8-megapixel cameras [2] - The report emphasizes the rising market share of lidar technology, which is projected to reach a penetration rate of 10% in passenger vehicles by June 2025 [2] Summary by Sections Industry News - Waymo received the first permit for testing autonomous vehicles in New York City [1] - The launch of the Shangjie H5 SUV equipped with HUAWEI ADS 4 driving assistance system [1] - The first model to feature Horizon HSD technology is the Chery Xingtu E05 [1] - Pony.ai has officially launched autonomous driving services in Shanghai [1] High-Frequency Core Data Updates - By June 2025, the penetration rate of 8-megapixel cameras in passenger vehicles is expected to reach 39.7%, a year-on-year increase of 22 percentage points [2] - The market share of NVIDIA driving chips has increased, with a penetration rate of 31% for passenger vehicle driving domain controllers [2] - The market share of lidar technology has increased, with Huawei leading at 47% [2] Intelligent Driving - The penetration rate of passenger vehicles with L2 and above functionalities reached 29.7% by June 2025, a year-on-year increase of 13 percentage points [3] - The penetration rates for front-view cameras, forward millimeter-wave radars, and lidar in June were 67.6%, 57.4%, and 9.7%, respectively [3] Investment Recommendations - Recommended companies include XPeng Motors, Leap Motor, and Geely for complete vehicles [4] - For L4 technologies, recommended companies are Pony.ai and WeRide [4] - Recommended component suppliers include SUTENG, Hesai Technology, and Horizon Robotics for data acquisition and processing [4] Key Company Earnings Forecast and Investment Ratings - XPeng Motors: Outperform rating with an expected EPS of -3.03 in 2024 [5] - Xingyu Co., Ltd.: Outperform rating with an expected EPS of 4.93 in 2024 [5] - Horizon Robotics: Outperform rating with an expected EPS of 0.18 in 2024 [5]