汽车行业：FSD进展超预期，智能驾驶拐点将至

Investment Rating - The report maintains a positive outlook on the smart driving industry and investment opportunities, particularly focusing on Tesla's advancements in Full Self-Driving (FSD) technology [2][21]. Core Insights - The FSD Beta V12 has significantly improved user experience and iteration speed compared to previous versions, indicating a pivotal moment for high-level automation in the automotive industry [4][20]. - Tesla's advancements in FSD are driven by superior computing power, algorithms, and data accumulation, positioning it as a leader in the smart driving sector [6][9][10]. Summary by Sections FSD Progress and User Experience - FSD Beta V12 offers enhanced driving experience with better speed and steering control, and faster updates compared to FSD Beta V11 [4][6]. - The introduction of an end-to-end neural network model in FSD Beta V12 replaces over 300,000 lines of C++ code, leading to significant improvements in user perception [9][10]. Computing Power - Tesla's AI computing power has seen substantial growth, with the introduction of the Dojo supercomputer expected to enhance training capabilities significantly, projecting an equivalent of 300,000 A100 chips by the end of 2024 [6][7]. Algorithm Development - The transition to an end-to-end architecture in FSD Beta V12 marks a significant milestone in Tesla's algorithm development, enhancing the overall driving experience [9][10]. Data Accumulation - As of April 2024, Tesla's FSD has accumulated 1 billion miles of driving data, which greatly enhances the AI algorithm's capabilities [10][11]. Market Penetration and Future Outlook - FSD penetration in North America is expected to rise significantly, with projections indicating an increase from 7% in 2023 to 25% by 2025, driven by regulatory changes and expanded market access [12][15][20]. - The introduction of Robotaxi is anticipated to open new growth avenues for Tesla, with a formal announcement expected in August 2024 [18][20]. Investment Recommendations - The report suggests focusing on companies collaborating with Tesla, such as Changan Automobile and Xpeng Motors, as well as component suppliers benefiting from high-end automation [21].