Core Viewpoint - The automotive industry's price-cutting trend has led to a continuous decline in valuations across the supply chain, yet savvy investors are beginning to acquire undervalued stocks, particularly in the intelligent driving sector [1] Group 1: Intelligent Driving Sector - The intelligent driving segment is a core investment theme in the automotive industry, with domestic new energy vehicle penetration exceeding 40%, but high-level intelligent driving penetration remains low, primarily at the L2 stage [1] - Companies like Xpeng and Tesla are leading the push for higher-level intelligent driving, with only a few models achieving L2+ and L3 capabilities [1] - The steer-by-wire system is a key component of high-level intelligent driving, and the global steering system leader, Nexteer (耐世特), is gaining investor interest [1] Group 2: Company Performance and Market Position - Nexteer's valuation has dropped by 7% recently but has increased by over 77% this year, driven by improved fundamentals and strong competitiveness in the steer-by-wire sector [1] - The company is strategically expanding into the steer-by-wire chassis sector to meet industry mass production demands, further enhancing its fundamentals [1] - Nexteer holds a strong position in the global automotive steering system market, ranking among the top three with a market share of 16.16% in China, second only to Bosch Huayu [2][4] Group 3: Financial Outlook - Despite being a market leader, Nexteer faces significant competitive pressure from price wars and domestic substitution in the Chinese market, with revenue growth slowing to only 1.65% in 2024 [4] - The company has a high customer concentration, with its top three clients contributing 68.8% of revenue, which poses operational risks if major clients like General Motors face performance issues [4] - In Q1 2025, Nexteer secured $800 million in new orders, a 60% year-on-year increase, with a significant rise in orders from Chinese clients, indicating strong product recognition [5][11] Group 4: Product Development and Market Trends - The steer-by-wire system is becoming mainstream as the automotive industry shifts from traditional hydraulic systems to electronic systems, with significant growth potential in the L2+ and L3 intelligent driving segments [7][10] - Nexteer's product portfolio includes traditional hydraulic and electric power steering systems, with a notable increase in orders for steering columns and intermediate shafts in 2025 [8] - The company has made breakthroughs in steer-by-wire technology, winning multiple orders from leading electric vehicle manufacturers, which positions it well for future growth [10] Group 5: Investment Sentiment - Several investment banks are optimistic about Nexteer's prospects, forecasting a compound annual growth rate of 29% in net profit from 2025 to 2027, supported by strong order growth and product diversification [11] - The intelligent driving sector remains a hot investment theme, with Nexteer's fundamentals and multiple growth drivers expected to support its market value in the long term [12]

Group 1 - The core viewpoint of the article is that the implementation of mandatory AEBS (Advanced Emergency Braking System) standards in China marks a significant transformation in automotive safety, transitioning from voluntary to compulsory installation for various vehicle categories [1][3][4] - The new regulations will expand the scope of AEBS to include N1 class light commercial vehicles, covering approximately 30% more vehicles than before [3] - The market for AEBS is expected to grow dramatically, with the installation rate projected to rise from less than 60% to 100%, and the market size anticipated to increase from 38 billion yuan in 2024 to 120 billion yuan by 2026 [1][7] Group 2 - The new AEBS standards will require all relevant vehicles to be equipped with the system, with a phased implementation timeline set for 2026 to 2028 [3] - The AEBS system is crucial for active vehicle safety, utilizing a three-module approach: perception, decision-making, and execution, to prevent accidents caused by driver inattention or fatigue [5] - The new standards introduce stricter performance requirements, including the ability to recognize vulnerable road users such as pedestrians and cyclists, and incorporate simulation testing into the evaluation process [5][6] Group 3 - The current AEBS market in China shows a "dumbbell" distribution, with a significant disparity in installation rates across different vehicle price segments, indicating a substantial market gap for lower-priced models [6] - Following the new regulations, the AEBS market is projected to experience explosive growth, driven by the inclusion of N1 class vehicles and the increased installation rates for entry-level models [7] - The AEBS industry chain consists of three main components: perception (sensors), decision-making (algorithms/chips), and execution (braking systems), all of which are expected to benefit from the new regulations [9][10] Group 4 - The perception layer of AEBS, primarily composed of cameras and millimeter-wave radars, is essential for the system's functionality, with significant growth expected in the market for these components [9] - The decision-making layer, which processes sensor data, is led by companies like Horizon Robotics, which holds a 28% market share in this segment [9] - The execution layer, consisting of electronic braking systems, is also seeing increased penetration in the market, with projections indicating a rise from 50.8% in 2024 to 65% by 2025 [10]

Core Viewpoint - Horizon Robotics (地平线机器人) is recognized as a leading company in domestic intelligent driving solutions, with rapid growth in product shipments and authorized solution business revenue, indicating a strong business model and potential for further growth in J6 and HSD solutions [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.384 billion yuan, representing a year-on-year increase of 53.62%, and a net profit of 2.347 billion yuan, up 134.82% year-on-year [1] - The company's automotive solutions revenue reached 2.312 billion yuan in 2024, accounting for 97% of total revenue, with a significant increase in gross margin to 77.25% from 70.53% in 2023 [2] - The company reported a net profit of 2.347 billion yuan in 2024, with adjusted operating losses narrowing to 1.495 billion yuan, a reduction of 11.4% compared to 2023 [3] Group 2: Operational Efficiency - The company's sales expense ratio decreased from 21.09% in 2023 to 17.20% in 2024, continuing a three-year trend of rapid decline, while the management expense ratio also fell from 28.57% to 26.75% [3] - Research and development investment reached 3.156 billion yuan, accounting for 132% of revenue, with a decrease in R&D expense ratio from 152% in 2023 [3] Group 3: Market Position and Product Development - As of March 2025, Horizon Robotics' solutions have been adopted by 27 OEMs (42 brands), with over 100 new models added in 2024, and a cumulative delivery of over 7.7 million units, maintaining the top position in China's intelligent driving solution delivery scale [4] - The company ranks second among independent third-party high-level intelligent driving solution providers in China, with positive market feedback for the newly launched Journey 6 solution, expected to exceed 10 million units in cumulative shipments by 2025 [4] - The new generation all-scenario high-level autonomous driving solution, Horizon SuperDrive (HSD), is set to begin mass production in Q3 2025, aiming to enhance market share [4]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected stock performance that exceeds the benchmark index by more than 10% over the next six months [1][3]. Core Insights - The company, Nastec, has a rich history dating back to 1906 and has established itself as a global leader in steering systems, with a diverse product range including electric and hydraulic power steering systems, steer-by-wire systems, and software solutions [2][5]. - Nastec's revenue in the Asia-Pacific region has been growing consistently since 2020, with expectations for continued investment in new product development and customer expansion in this market [2][16]. - The company is projected to achieve revenues of $4.5 billion, $4.8 billion, and $5.1 billion for the years 2025, 2026, and 2027, respectively, with net profits of $147 million, $169 million, and $193 million for the same years [3][60]. Summary by Sections Company Overview - Nastec has become a global steering system company serving over 60 clients, with a focus on next-generation technologies like steer-by-wire systems that enhance driving experiences and support advanced autonomous driving [2][3]. Financial Projections - Revenue is expected to grow from $4.276 billion in 2024 to $5.113 billion by 2027, with a compound annual growth rate of approximately 9% from 2020 to 2024 [10][61]. - The Asia-Pacific region is anticipated to see significant growth, with revenues projected to rise from $1.338 billion in 2024 to $1.879 billion by 2027, reflecting a compound annual growth rate of 12% [60][61]. Product Development and Market Position - Nastec has secured multiple contracts for steer-by-wire systems, including significant orders from leading OEMs, indicating a strong market position and technological leadership in the steering systems sector [26][62]. - The company is set to leverage its new Changshu factory to produce high-value products, enhancing its competitive edge in the Asia-Pacific market [25][62]. Market Trends - The report highlights a shift in the steering system landscape, with a growing adoption of electric power steering (EPS) systems in China, where the penetration rate is nearing 99% [27][62]. - The steer-by-wire technology is expected to create substantial market opportunities, with projections indicating a market size of approximately 53 billion RMB by 2025, growing to 261 billion RMB by 2030 [57][58].

设 计 / 赵昊然 一切都在意料之中。 对于熟悉小鹏汽车的投资人来说，既没有超预期，也没有低于预期的信息。根据最近的销量数字和 发布会，投资人几乎能预估到全部的关键信息。 3月18日晚，小鹏汽车发布了号称史上最强的2024年财报，全年总收入达408.7亿元，毛利率达 14.3%，净亏损相较2023年的103.8亿元，收窄44.2%至57.9亿元。 小鹏汽车董事长、CEO何小鹏在财报发布后的电话会议上又一次强调了单季度盈利时间表：今年四 季度盈利，销量翻倍。 一边，是连续两月位居新势力销冠、月销量超过3万辆，却不敢轻言胜券在握，谨慎谦虚的何小 鹏。 "我们还在ICU门口"，"我没跟李斌对过，他如果在'复读'，我也在'复读'。已经'读大学'的兄弟们也 不一定，因为现在读大学很多也找不到合适的'工作'。我觉得再给我们三年，就像淘汰赛一样，也 许就知道谁能够'大学毕业'找到一个'工作'，然后再花3—5年就能看到'毕业工作'之后，谁能够在工 作中脱颖而出。"他说。 一边，何小鹏又对技术有着十足的底气。 撰 文 / 周 洲 "我们和特斯拉是全球唯二有能力不依赖高精地图、激光雷达，用一套软件在各个车型上实现'全球 都好用' ...

Core Viewpoint - The article discusses the growth of the new energy vehicle (NEV) market in February, driven by trade-in policies and promotional activities from car manufacturers, highlighting significant sales increases for various companies, particularly BYD and Xiaopeng [7][27]. Summary by Sections New Energy Vehicle Market Performance - In February, the NEV market continued to grow, with 10 car manufacturers reporting a year-on-year sales increase of 119% and a month-on-month increase of 2.6% [7]. - BYD, as the industry leader, sold 322,846 vehicles in February, marking a 164% year-on-year increase [7]. - Xiaopeng delivered over 30,000 vehicles in February, a 570% year-on-year increase, with new models expected to enhance competitiveness [7][27]. - Li Auto and NIO also reported significant year-on-year increases in deliveries, with Li Auto at 26,263 vehicles (up 29.7%) and NIO at 13,192 vehicles (up 62.2%) [7]. Industry Trends and Future Outlook - The article suggests that the NEV market is likely to maintain high growth due to the implementation of trade-in policies, increased penetration of intelligent driving technologies, and the launch of new models [7][27]. - The competitive landscape is intensifying, with companies like BYD and Xiaopeng leading the charge in high-level intelligent driving systems [26][30]. Investment Recommendations - The article recommends focusing on undervalued leading companies in the vehicle and component sectors due to improving performance, particularly in the context of the NEV and intelligent driving trends [26][30]. - Specific companies highlighted for potential investment include BYD, Li Auto, and various component manufacturers benefiting from the shift towards electric and intelligent vehicles [27][30].

Summary of Jinlong Automobile Conference Call Industry Overview - The Chinese bus industry is currently in an upward cycle, with 2024 sales projected at approximately 520,000 units, which is below the peak of 600,000 units in 2014-2015, indicating potential for growth [8][10] - The industry is expected to exceed previous peak levels due to significant export volumes and favorable policies such as vehicle trade-in programs [10] Company Performance - Jinlong Automobile sold 23,000 large and medium-sized buses in 2023, capturing a market share of 25%, ranking second in the industry [2][3] - The company aims for nearly 50,000 units in total sales for 2024, including both large and medium-sized buses and light buses [3] - Jinlong's overseas sales revenue surpassed domestic revenue for the first time in 2023, with overseas sales accounting for 45% of total sales volume and 52% of total revenue [11] Financial Metrics - Jinlong's gross margin reached 17%, significantly higher than the domestic market average by six to seven percentage points [5] - The net profit margin of Jinlong is currently below that of competitors Yutong (10%) and Zhongtong (4-5%), but there is substantial room for improvement through cost reduction and efficiency enhancements [6][12] - If raw material costs decrease by 5%, Jinlong's gross margin could potentially reach 15.5% [6] Strategic Developments - Jinlong completed the acquisition of 100% of Xiamen Jinlv, enhancing its control and operational efficiency [2][9] - The proportion of high-priced, high-margin products increased from 23% in 2021 to 36% in 2024 [11] Autonomous Driving Initiatives - Jinlong is one of the earliest companies to invest in autonomous driving buses, having launched the Apollo autonomous bus in collaboration with Baidu in 2018, now in its second generation [7][13] - The company has also designed an autonomous minibus for Hong Kong Airport, positioning itself to benefit from the rapid increase in high-level intelligent driving penetration [7] Competitive Landscape - Jinlong competes with major players like Yutong and Zhongtong, with Yutong's revenue exceeding 30 billion yuan and Jinlong's around 20 billion yuan [4][12] - The profitability of Jinlong is currently lower than its competitors, but ongoing integration and cost optimization efforts are expected to enhance its financial performance [12] Market Trends - The penetration rate of autonomous commercial vehicles is anticipated to rise sharply in the next 2-3 years, which could significantly boost the company's gross and net profit levels [14] - The overall market dynamics suggest that as the penetration rate increases from 10% to 30%, the company's performance and valuation are likely to experience strong expansion [14]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [9]. Core Insights - The launch of the Leapmotor B10, with a starting price of 10.98 million yuan, has generated significant interest, achieving over 15,010 orders within the first hour of pre-sale [5]. - The B10 features advanced driving capabilities powered by Qualcomm's 8650 chip, enabling 26 intelligent driving assistance functions [5]. - The new LEAP 3.5 architecture enhances the vehicle's smart driving, smart cockpit, and overall performance compared to the previous version [6]. - The report suggests that as more manufacturers introduce high-level intelligent driving models, domestic automakers are likely to capture a larger share of the high-end market [7]. Summary by Sections Industry Performance - The automotive sector has shown strong performance with a 33.3% increase over the past 12 months, outperforming the CSI 300 index, which only increased by 9.8% [2]. Investment Recommendations - The report recommends focusing on companies with deep collaborations with Huawei, such as Seres and JAC Motors, as well as various automotive parts manufacturers benefiting from technological changes and market dynamics [9]. - Specific sectors highlighted for growth include lightweight components, interior and exterior parts, smart vehicles, and humanoid robots [9]. Company and Earnings Forecast - The report includes earnings per share (EPS) forecasts for various companies, with several receiving a "Buy" rating based on their projected performance [11].

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 "土星五号" 是地平线高阶智驾研发的项目代号，主要负责基于地平线征程 6P 研发高阶智驾方案 Horizon SuperDrive，团队负责人是苏箐。苏箐此前是华为车 BU 智能驾驶产品部部长，强于工程能力和团队管理，曾 带队完成华为第一代智能驾驶产品 ADS 1.0 的研发工作。他在 2022 年 10 月加入地平线。 本周一，地平线在上海举办了 "智驾科技畅想日" 活动，这也是苏箐 2022 年从华为离职后的首度公开亮相。 苏箐在活动上称，自动驾驶研发没有 "银子弹"。地平线只有通过打造坚实工程团队，比别人吃更多苦、掌握 更多经验、具有更加持之以恒的心态，及时吸收最新技术并理解技术的边界，才能让高阶智能驾驶的技术创 新逐步落地。 "高阶智驾方案的成败，将决定地平线在国内市场的话语权。" 文丨赵宇 编辑丨龚方毅 我们独家获悉，国产智能驾驶解决方案提供商地平线近期发生多项组织调整，主要涉及智能汽车事 业部、"土星五号" 项目团队等。调整完成后，地平线高阶智驾研发、工程团队的管理权 ...

高速 NOA 之后，供应商们开始比拼城市智驾的能力。 文丨张家豪 编辑丨程曼祺 我们独家了解到，智驾方案商元戎启行近日完成了 1 亿美元 C 轮融资，由国内头部车企长城汽车集团独家 投资。 元戎启行目前已完成 5 轮融资，累计融资金额超 5 亿美元，股东包括复星锐正、云启资本、阿里巴巴、耀 途资本和东风资产等。据了解，元戎启行目前约有 700 名员工。 依靠端到端辅助驾驶方案，元戎启行在今年一季度成为长城供应商。据了解，今年 8 月发布的长城新蓝山 上，已搭载了由元戎提供的智驾方案，目前新蓝山已支持保定、石家庄、武汉、广州、郑州、西安等 9 座城 市的城区领航辅助驾驶，即业内所称的 "城区 NOA" 功能。 不久后的 10 月，吉利与奔驰合资品牌 Smart 旗下 smart 精灵#5 上市。据了解，该车型也采用了元戎启行提 供的无图城区 NOA 功能。 市场现在一般视 "基础自适应巡航" 等功能为低阶智驾，高速 NOA 为中阶智驾，城区 NOA 为高阶智驾。 长城新蓝山和 smart 精灵#5 的上市，意味着元戎启行已成为第三家能提供城区 NOA 功能的高阶智驾量产供 应商。而直到今年上半年，全球第三方供应 ...