Core Viewpoint - The company is a leading player in the domestic third-party intelligent driving chip and solution market, with advanced integrated hardware and software technology, strategic positioning, and business model [1] Company Positioning - The company is positioned as an algorithm software company disguised as a chip manufacturer, focusing on intelligent driving solutions, aiming to become the Wintel of the robotic era [1] - The company has grown into the leading third-party intelligent driving solution provider in China since shifting its strategy in 2019 [1] - The company’s full-stack hardware and software products include chips, underlying software (BPU and toolchain), and algorithms, with the Zhengcheng series of intelligent driving chips holding the largest market share domestically [1] Financial Performance - The company is expected to deliver approximately 2.9 million units in 2024, with total revenue projected at 2.38 billion yuan, a year-on-year increase of 53.6%, and a gross margin of 77.3% [1] - Revenue from technology licensing and service business is expected to reach 1.65 billion yuan, with a gross margin of 92% [1] - Revenue for 2025 is projected to reach 3.41 billion yuan, a year-on-year increase of 43.1%, and 5.8 billion yuan in 2026, a year-on-year increase of 70.1% [3] Industry Trends - The intelligent driving sector is experiencing a shift towards increased penetration and self-sufficiency in the supply chain, which is becoming a key competitive factor in the automotive industry [2] - The penetration rate of mid-to-high-end intelligent driving configurations in passenger vehicles is expected to rise significantly, with new vehicle penetration projected to increase from approximately 10% in 2024 [2] Competitive Advantages - The company’s core competitive advantage lies in its unique integrated hardware and software model, which covers high-tech barriers and high-value-added segments of the industry [2] - The company is well-positioned to establish market dominance as the trend of intelligent driving equity develops [2] Investment Value - The market's perception of the company's investment value is primarily focused on its leading position in self-sufficient intelligent driving chips, despite concerns about potential limitations from OEMs developing their own chips [2] - The company’s intelligent driving software algorithm capabilities may be undervalued, with the HSD high-end intelligent driving solution expected to reshape market perceptions in 2025 [2] Future Growth Potential - The company is expected to achieve a compound annual growth rate of 50% over the next 3-5 years, with total revenue projected to reach 12 billion yuan by 2028 and net profit exceeding 1 billion yuan [3] - Long-term projections suggest that if the company can achieve 6 million units of high-end intelligent driving solutions and a 20%-25% global market share in mid-to-low-end intelligent driving, revenue could reach 30 billion yuan, resulting in nearly 10 billion yuan in profit [3]

Core Viewpoint - Horizon Robotics is a leading provider of advanced driver assistance systems (ADAS) and high-level intelligent driving (AD) solutions in China, focusing on a software-hardware integrated technology path to cover low, medium, and high-end markets with its chips and algorithms [2][3]. Group 1: Company Overview - Horizon Robotics was established in 2015 and has released multiple generations of its Journey series chips since 2017, with cumulative shipments expected to exceed 10 million by 2025 [3]. - The company has a diverse customer base, including major automakers such as Volkswagen, BYD, and Geely, and is projected to hold over 40% and 30% market shares in the Chinese OEM ADAS and AD markets by 2024, ranking first and second respectively [3][4]. - The company has experienced strong revenue growth, with a CAGR of 72% from 2021 to 2024, expecting total revenue of 2.4 billion yuan in 2024 [3][18]. Group 2: Market Potential - The intelligent driving solutions market is expected to reach a scale of 1 trillion yuan by 2030, with significant growth driven by the penetration of high-level intelligent driving technologies [4][44]. - The market for high-level intelligent driving is anticipated to rapidly penetrate the 100,000 to 200,000 yuan segment, with a forecasted increase in demand for intelligent driving solutions [4][35]. - The global market for advanced driver assistance systems and high-level autonomous driving solutions is projected to grow from 61.9 billion yuan in 2023 to 1,017.1 billion yuan by 2030, with a CAGR of 49.2% [44]. Group 3: Financial Performance - Revenue from automotive solutions is expected to grow significantly, with automotive product solutions revenue projected to reach 664 million yuan in 2024, reflecting a CAGR of 47% [25]. - The company has maintained a high gross margin, with gross margins of 71%, 69%, 71%, and 77% from 2021 to 2024 [19]. - Despite strong revenue growth, the company has reported net losses from 2021 to 2024, primarily due to high R&D expenditures, with an adjusted net loss of 1.681 billion yuan in 2024 [18][19]. Group 4: Technological Advancements - The company has developed a comprehensive product matrix, including the Journey series chips, which cover all levels of intelligent driving needs, with the latest Journey 6 series expected to achieve significant performance improvements [54][55]. - Horizon Robotics has a strong focus on R&D, with R&D expenditures projected to reach 3.16 billion yuan in 2024, and a high proportion of its workforce dedicated to R&D [30][32]. - The company has secured numerous patents, with a total of 673 patents, including 585 invention patents, establishing a strong competitive barrier [32].

Core Viewpoint - GAC Group is making a significant investment of $1.3 billion to localize production in Brazil and establish a research and development center, amidst challenges in the domestic market, including a projected loss of 4.351 billion yuan in 2024, marking the first non-recurring loss in 20 years [1][4][5]. Group 1: Investment and Market Strategy - GAC Group's investment plan in Brazil aims for a comprehensive industry chain layout, including KD (knock-down) assembly plants, R&D centers, and model introductions, with a focus on reducing tariff barriers through local production [2][3]. - The Brazilian automotive market is attractive, with projected new car sales of 2.635 million units in 2024, a year-on-year increase of 14.1%, the highest growth rate since 2007 [2]. - GAC's strategy includes exporting complete vehicles initially, followed by parts, which is a common approach for Chinese automakers entering foreign markets [2]. Group 2: Domestic Challenges - GAC Group's financial performance has deteriorated, with a 7.82% year-on-year decline in revenue to 19.879 billion yuan in Q1 2025, and a net loss of 731 million yuan, a 159.59% decrease compared to the previous year [4][5]. - In 2024, GAC's total revenue was 106.798 billion yuan, down 17.05%, with a net profit of 824 million yuan, a decline of 81.4% [5]. - The company faced a significant drop in vehicle sales, with a total of 487,527 units sold in the first four months of 2025, a decrease of 10.22% year-on-year [5][6]. Group 3: Competitive Landscape - GAC's reliance on joint ventures with Honda and Toyota has become a liability as these brands lag in electric vehicle transformation, while domestic competitors gain market share [7]. - GAC's own brands, such as GAC Trumpchi and Aion, are struggling, with sales down 23.80% and a slight increase of 0.42% respectively in early 2025 [7]. - The competitive environment is intensifying, with major players like BYD and Geely aggressively entering the high-end intelligent driving market, posing further challenges for GAC [7]. Group 4: Strategic Initiatives - GAC Group has launched the "Panyu Action" strategy, committing at least 50 billion yuan to innovation, international market expansion, and organizational optimization, aiming for over 60% of total sales from its own brands by 2027 [9][13]. - The company is restructuring its marketing and sales operations for its own brands and has initiated a recruitment drive for key positions to enhance its competitive edge [9][10]. - GAC plans to introduce seven new models in 2025, covering various new energy power forms, and aims to launch a total of 22 new models by 2027 [11].

Core Points - The company is holding its 2024 Annual General Meeting to discuss various proposals, including financial reports and profit distribution plans for 2025 [1][5][12] - The company reported a revenue of RMB 423.44 million for 2024, a year-on-year increase of 20.36%, but incurred a net loss of RMB 46.74 million, which is a decrease of RMB 30.73 million compared to the previous year [30][31] - The company plans to apply for a comprehensive credit limit of up to RMB 1.6 billion for 2025 to support its financing and operational needs [9][10] Meeting Procedures - The meeting will only allow shareholders, representatives, and invited personnel to enter, ensuring order and seriousness [2][3] - Shareholders must sign in 30 minutes before the meeting and present necessary identification to participate [2][3] - Voting will be conducted through both on-site and online methods, with results announced after the meeting [4][12] Financial Proposals - The company proposes not to distribute cash dividends for 2024 due to its ongoing investment in R&D and fixed assets, with a total of RMB 7.60 million allocated for share buybacks [7][8] - A proposal to authorize the board to determine the mid-term profit distribution plan for 2025 based on the company's profitability and funding needs [12][13] - The board seeks authorization to issue shares to specific investors, with a total financing amount not exceeding RMB 300 million [11][14] Operational Insights - The company is focusing on enhancing its governance structure and operational efficiency to support sustainable growth [25][26] - It aims to strengthen customer relationships and expand its market share while managing costs effectively [25][26] - The company plans to invest in talent development and improve internal management to enhance overall performance [25][26]

● 本报记者 吴玉华 近日，汽车板块持续反弹，截至5月9日，4月9日以来累计涨幅达13.91%，走势明显强于同期大盘。5月 8日，乘联分会发布数据显示，4月全国乘用车市场零售179.1万辆，同比增长17%。 分析人士表示，汽车板块有望进入销量高景气、事件催化、产业趋势共振阶段，具备良好的投资价值， 长期看好汽车板块智能化优质龙头。 多家车企4月销量大增 5月8日，乘联分会发布数据显示，4月1日-30日，全国乘用车市场零售179.1万辆，同比增长17%，较上 月下降8%；今年以来累计零售691.8万辆，同比增长9%。4月1日-30日，全国乘用车新能源车市场零售 92.2万辆，同比增长37%，较上月下降7%，新能源市场零售渗透率达52.3%；今年以来累计零售334.2万 辆，同比增长37%。 从多家车企公布的4月销量数据来看，多数取得明显增长。比亚迪4月乘用车销量达到37.26万辆，同比 增长19.4%，今年以来累计销量已突破138万辆，同比增长47%，位居市场首位。吉利汽车4月总销量达 23.41万辆，同比增长53%，其中新能源汽车销量为12.56万辆，同比增长144%。上汽集团4月整车销量 合计为37.65万 ...

Group 1 - The Hong Kong stock market opened lower on May 8, with technology stocks declining while biotechnology stocks rose collectively [1] - The Hang Seng Technology Index briefly turned positive, with notable gains in stocks such as Li Auto, Meituan, Tencent Music, Trip.com, Tencent Holdings, and XPeng Motors [1] - The automotive sector, including Geely and Li Auto, showed strength due to favorable policy news regarding car consumption in Guangdong Province [1] Group 2 - Guohai Securities predicts that the vehicle replacement policy will boost passenger car sales in 2024, with continued support for automotive consumption into 2025 [2] - The Hang Seng Technology Index ETF (513180) is leading in both scale and liquidity among its peers in the A-share market, supporting T+0 trading [2] - The ETF combines hard technology and new consumption attributes, focusing on AI core assets and a significant weight in consumer sectors such as e-commerce, automotive, and home appliances [2]

最耀眼的明星企业小米，正被两场突如其来的风暴撕碎光环。一场高速车祸的致命烈焰尚未完全熄灭，另一场关于超长工时的舆论海啸又席卷而来。 雷军，这位曾以"亲民形象"著称的商界大佬，此刻却静默般站在风暴眼：一边是三条年轻生命的消逝与智驾的信任危机，另一边是小米被爆出要求员工日均 工作时长不得低于11.5小时。 难道雷军的人设要塌房了吗？ 小米高速车祸的智驾风波还未完全平息，就又陷入第二场舆论风暴之中。 日前，多家媒体报道显示，小米要求员工平均每天工作时间，不得低于11.5小时。即便平均工时达标甚至超过12个小时，但如果排名靠后，也会被领导约 谈。 另有小米员工表示，不同组情况不一样，日均最低工时有10.5小时、11.5小时、12.5小时，甚至14、15个小时。 但值得注意的是，这些"领导都是口头要求，不会留下痕迹"。 如果上述情况属实，那么根据相关法律法规，小米的工时管理存在三重问题。 首先，《劳动法》规定每日加班不得超过3小时，每月累计不得超过36小时，而小米部分员工的日均工时已远超这一限制，企业面临集体诉讼风险。 前排的罗某、李某几乎被"烧没了"，后排的霍某被送往医院后也不治身亡。 这个车祸发生的根本原因，到底是 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1] Core Viewpoints - The automotive industry is expected to enter a phase of high sales prosperity, driven by policy incentives and new product launches, with a focus on high-level intelligent driving and robotics development [4][6][16] - The 2024 vehicle replacement policy is anticipated to boost passenger car sales beyond expectations, continuing into 2025 [4][16] Summary by Sections Recent Trends - The automotive sector outperformed the Shanghai Composite Index from April 21 to April 25, with a weekly increase of 4.9% compared to the index's 0.6% rise [5][17] - Major automotive stocks such as Li Auto, Xpeng, and NIO saw significant gains during this period, with NIO increasing by 15.9% [5][17] New Product Launches - The 21st Shanghai International Automobile Industry Exhibition showcased over 100 global debut models, highlighting the strong performance of domestic brands and the acceleration of intelligent vehicle development [13][14] - Huawei's ADS 4 system was launched, featuring capabilities for high-speed Level 3 autonomous driving [14][16] Investment Opportunities - The report identifies several investment opportunities within the automotive sector: 1. Domestic brands entering a new phase of high-end development, with companies like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors recommended for investment [6][16] 2. The "affordability" of high-level intelligent driving is expected to significantly increase its penetration rate, with companies like Xpeng, Huayang Group, and Desay SV recommended [6][16] 3. The potential for mass production of robotics, with companies like Top Group, Sanhua Intelligent Control, and Beite Technology highlighted [6][16] 4. Favorable conditions for quality auto parts manufacturers like Fuyao Glass and Xingyu Co., with a focus on their upward operational cycles [6][16] 5. In the commercial vehicle sector, a recovery in heavy truck demand is anticipated in 2025, with China National Heavy Duty Truck and Yutong Bus recommended [6][16]

■ Transformer架构为高阶智驾商业化落地注入革命性动力。 目前，中国在汽车电动化发展中获得领先，而被 公认为汽车革命下半场的智能化成为全球各大车企竞争的焦点。近两年，以Transformer为代表的大模型较 CNN在数据训练的优势更为突出，在自然语言处理领域几乎取代了RNN，并被引入计算机视觉领域，成为高 阶智驾发展的核心引擎。 我们认为AI驱动的智能化正为中国汽车产业塑造新的竞争优势，或将促使我国汽车 产业从市场追随者向行业规则制定者转变。 ■ 驱动高阶智驾加速渗透的因素是什么？ 从政策端看， 工信部联合其他三部门敲定了首批九家获得智能网联 汽车准入及L3级别上路通行试点资格的企业名单，这标志着高阶智驾的商业化落地正渐行渐近。 从需求端 看， 智能驾驶凭借显著降低人为因素引发事故、提升道路交通安全水平的优势，已成为影响用户购车决策的 关键因素。 从供给端看， 特斯拉FSD的迅猛发展以及硬件成本的持续降低，正促使中国车企与科技企业加速 高阶智驾领域的产业布局。 ■ AI如何赋能高阶智驾持续升级？ 从算法端看， AI大模型的发展与智能驾驶技术的演进之间已形成深度共生 关系，从技术底层、系统能力到生态体 ...

点 击 蓝 字 关 注 我 们 本文全文共 4071 字，阅读全文约需 13 分钟 目录 国内新闻 1.公安部道研中心发普法长文:警惕"高阶智驾"陷阱 2.山东新能源汽车保有量突破270万辆 3.一季度粤港澳大湾区电动汽车出口增长107.8% 4.大众汽车集团宣布上海车展首发自研高级驾驶辅助系统 5.广汽昊铂首家直营交付中心在上海正式开业 6.长城汽车将在泰国扩大产能 持续渗透东盟出口市场 7.智己汽车宣布2025年进军沙特等海湾国家 8.小鹏汽车加速驶向全球化布局 国外新闻 1.韩国3月国内汽车销量同比增长2.4% 2.现代汽车计划再度暂停部分电动车产线 3.售价超400万 法拉利首款电车10月发布 4.起亚将在欧洲推出人工智能语音助手 商用车 1. 一汽解放携签署电动底换电重卡合作协议 2. 东风股份斩获新能源商用车评选大奖 4月15日上午，经济导报记者从山东省政府新闻办举行的发布会上获悉，目前，山东省新能源汽车保有量 已突破270万辆。这背后，"五段式"分时电价政策对山东充电基础设施和新能源汽车产业发展发挥了带动作 用。 对此，山东省能源局党组成员、副局长岳建如介绍，通过进一步完善充电桩分时电价政策，山 ...