Soochow Securities·2025-12-13 07:52Group 1 - The report identifies 2026 as a pivotal year for intelligent driving, marking the transition to a commercial model for B-end autonomous vehicles, with a potential explosion in C-end adoption expected by 2028 [3][45] - Three core drivers for L4 RoboX investment opportunities are highlighted: technological advancements, cost reductions, and operational improvements, particularly in first-tier cities [3][6] - The report proposes a new valuation framework for L4 RoboX, emphasizing the revenue-generating capacity of intelligent vehicles based on their ownership and capability levels [3][6] Group 2 - The past decade of intelligent driving is characterized as a 0-1 introduction phase, with significant hardware and software iterations leading to major capability upgrades [4][11] - The report outlines three distinct phases of intelligent driving development from 2015 to 2025, detailing the evolution from initial high valuations to a focus on performance and software opportunities [4][21] - The transition from hardware-centric to software-centric investment strategies is emphasized, with a shift towards AI-driven pricing models for intelligent vehicles [4][32] Group 3 - Key catalysts for 2026 include significant model iterations from major players like Tesla and Xiaopeng, as well as the acceleration of RoboX deployments by various companies [7][45] - The report suggests a focus on B-end software companies over C-end hardware companies for investment, highlighting specific stocks in both H-shares and A-shares markets [7][45] - The RoboX commercial model is expected to rely on a combination of technological breakthroughs, cost management, and effective operational strategies, including regulatory support [65][66] Group 4 - The report outlines the expected market dynamics for intelligent driving from 2026 to 2030, predicting a shift towards a new pricing system that values results over processes [47][48] - The intelligent vehicle market is anticipated to undergo significant transformations, with RoboX expected to redefine the automotive landscape and create new revenue streams [47][61] - The report emphasizes the importance of hardware sales as a precursor to software monetization in the intelligent vehicle sector, advocating for a focus on user value creation [51][53]