智驾芯片行业：技术普惠因风起，国产替代恰逢时

Investment Rating - The report gives an "Overweight" rating for the intelligent driving chip industry and a "Buy" rating for Horizon Robotics-W (9660.HK) and Black Sesame Intelligence (2533.HK) [3][7][9]. Core Insights - The intelligent driving chip market is expected to expand significantly, with the global ADAS SoC market projected to reach RMB 92.5 billion by 2028 [7]. - The penetration rate of ADAS functions in China's new energy passenger vehicles reached 82.6% in the first half of 2025, indicating a strong demand for intelligent driving capabilities [8][55]. - Domestic intelligent driving chip suppliers are gaining market share due to their cost-effective products and production experience, benefiting from the trend of domestic substitution [9]. Summary by Sections Industry Background - The automotive electronic architecture is evolving, with SoC becoming the mainstream choice for control chips in intelligent electric vehicles [13][14]. - The intelligent driving chip is a core component for achieving advanced driver-assistance systems (ADAS) and autonomous driving functions [19]. Current Industry Status - The intelligent driving process is still in its early stages, with high-level ADAS function penetration remaining low [39]. - The global electric vehicle market is expected to exceed 20 million units in 2025, with a penetration rate of over 25% [39]. Development Trends - The intelligent driving chip market is rapidly expanding, driven by the increasing complexity of software and hardware requirements for ADAS functions [7][19]. - The market for automotive-grade SoC is projected to grow from RMB 57.9 billion in 2023 to RMB 205.3 billion by 2028, with a compound annual growth rate of 29% [19]. Competitive Landscape - Domestic manufacturers are expected to capture a larger market share as they improve their production capabilities and experience [9]. - The competition in the intelligent driving chip market is intensifying, with various players entering the field [9]. Investment Value - The report is optimistic about the upgrade of ADAS capabilities and the domestic substitution trend, indicating potential long-term growth in the robotics sector [9][10]. - The intelligent driving chip market is expected to see a simultaneous increase in both volume and price due to advancements in algorithms and hardware requirements [9]. Company Coverage - Horizon Robotics-W (9660.HK) is positioned as a leading player in the domestic intelligent driving chip market, with a target price of HKD 12.0, representing a potential upside of 22% [11]. - Black Sesame Intelligence (2533.HK) is also highlighted as a key player, with a target price of HKD 21.4, indicating a potential upside of 16% [11].