【重磅深度/小马智行】革新交通运输，Robotaxi驶向未来

Investment Highlights - The cost of Robotaxi is decreasing, with BOM costs dropping to around 300,000 yuan, aided by mass production of autonomous driving kits and significant reductions in the costs of onboard computing units and LiDAR by 80% and 68% respectively [3][48] - The company has a strong technical foundation and is leading in commercialization, with over 10 billion kilometers of testing data generated through its PonyWorld platform [4][66] - The company is expanding its operations in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, while also pursuing international markets, having obtained Robotaxi licenses in the US, South Korea, and Luxembourg [5][62] Business Model and Financials - The company’s revenue from autonomous driving truck logistics is expected to grow significantly, with a 61.3% increase projected for 2024 [23] - The company’s total revenue is forecasted to reach 78 million USD in 2025, with a rapid scale-up expected as the Robotaxi business model matures [6] - The gross margin is under pressure due to the increasing share of lower-margin autonomous truck logistics revenue, but there is potential for improvement as operational efficiency increases [26] Market Potential - The Robotaxi market in China is projected to reach 200 billion yuan, with significant growth expected as it replaces traditional shared mobility services [52] - The company is well-positioned to benefit from a supportive policy environment and advancements in autonomous driving technology, which are expected to drive down costs and enhance profitability [59][60] Technological Advancements - The company’s latest generation of Robotaxi vehicles features advanced sensor configurations, including 9 LiDARs and 14 cameras, enabling 360-degree detection and a range of up to 650 meters [70] - The integration of multi-modal language models into the autonomous driving system enhances its ability to understand complex traffic scenarios and improve decision-making [34][38] Regulatory Environment - The regulatory framework for autonomous vehicles in China is evolving, with increasing support for testing and commercial operations, which is expected to accelerate the industry’s growth [59][62] - The company is actively participating in pilot programs across various cities, contributing to the establishment of a robust operational framework for autonomous driving [62]