智能汽车主线周报：小鹏成立Robotaxi业务部，看好智能化

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [24]. Core Insights - The smart automotive index decreased by 3.0%, while the index excluding Tesla increased by 3.9%. The price-to-sales (PS) ratio for the smart automotive index is 12.9x, which is in the 84th percentile since the beginning of 2023 [2][10]. - Key developments include Tesla's FSD V14.3 entering internal testing, expected to be widely released within weeks, and Xiaopeng Motors establishing a Robotaxi division to begin passenger operations later this year [2][15]. - The report emphasizes a strong outlook for L4 RoboX in 2026, favoring B-end software companies over C-end hardware companies [2]. Market Performance Review - The smart automotive index's PS ratio as of March 27, 2026, is 12.9x, with the index excluding Tesla at 4.1x and the index excluding complete vehicles at 6.6x [10][12]. - The top five gainers in the smart automotive sector include WeRide, Xiaopeng Motors, and others, while the overall index saw a decline [2][13]. Industry Changes - Significant changes in the industry include the internal testing of Tesla's FSD V14.3, the establishment of Xiaopeng's Robotaxi division, and Momenta's submission of a prospectus for an IPO in Hong Kong [2][15]. - The report highlights various investment opportunities across different segments, including Robotaxi, Robovan, and other autonomous vehicle applications [2]. Investment Recommendations - Recommended stocks include Xiaopeng Motors, Horizon Robotics, and others in the B-end software category, as well as various companies in the supply chain and downstream applications [2][15]. - Specific recommendations for A-shares include Qianli Technology, Desay SV, and Jingwei Hirain, while H-shares include Xiaopeng Motors and others [2]. Company Performance Metrics - As of March 27, 2026, the total market capitalization and revenue projections for key companies such as Tesla, Xiaopeng Motors, and Li Auto are provided, with specific PS and PE ratios outlined for each [18]. - The report includes detailed financial forecasts for various companies, indicating expected revenue growth and profitability metrics for the coming years [18].