Core Insights - The fifth China International Consumer Products Expo (CICPE) will open on April 13 in Haikou, featuring an autonomous driving vehicle fleet to enhance the experience for exhibitors and attendees [1] - The vehicle fleet is part of the "Vehicle-Road-Cloud Integration" pilot project, showcasing its initial results in a compact application scenario [1][2] - The project aims to improve driving efficiency and safety through real-time communication between smart vehicles, intelligent roads, and cloud platforms [1][2] Company and Industry Developments - The "Vehicle-Road-Cloud Integration" project is undertaken by Hainan Highway Co., Ltd., which has transformed several traditional buses in Haikou to connect with roadside sensing devices and cloud platforms [2] - During the expo, attendees can experience autonomous passenger cars and buses, as well as autonomous retail and cleaning vehicles, demonstrating the practical applications of the technology [1][2] - The project aligns with Hainan's goal to become a leading province in smart connected vehicles, emphasizing a data-driven approach to intelligent driving [2]

Core Viewpoint - Black Sesame Intelligence has reported impressive financial results for 2024, with significant revenue and gross profit growth, indicating a successful transition from an automatic driving chip supplier to a comprehensive intelligent computing solution provider [4][5][26]. Group 1: Financial Performance - Revenue increased by 51.8% to 474 million yuan in 2024 compared to 2023 [4]. - Gross profit reached 195 million yuan, a remarkable increase of 152.4%, raising the gross margin from 23.7% in 2023 to 41.1% in 2024 [4][5]. - The growth in revenue is attributed to sales to leading domestic automotive OEMs and increased market penetration in commercial vehicles [6][7]. Group 2: Business Model Transformation - Black Sesame Intelligence has successfully transitioned from being a chip supplier to a full-scenario intelligent computing solution provider, driven by the sale of more System-on-Chip (SoC) based automatic driving solutions and proprietary software licensing [8][25]. - The company aims to solidify its core technology while exploring imaginative new business models, including entry into the robotics market and enhancing its presence in commercial vehicle and vehicle-road-cloud integration sectors [26][28][29]. Group 3: Strategic Partnerships and Market Position - The company has established deep partnerships with major automotive manufacturers such as BYD, Geely, and Dongfeng, facilitating large-scale production of its chips [10][12][14]. - Black Sesame Intelligence's chips are recognized for their high computational power, making them the preferred choice for several leading automotive companies [11][12]. - The company is expanding its ecosystem by collaborating with algorithm companies and hardware manufacturers to enhance its delivery capabilities to automotive clients [28]. Group 4: Technological Innovations - The launch of the new Wudang A2000 series chips, designed specifically for automatic driving, showcases the company's commitment to innovation and efficiency in computing [18][20]. - Black Sesame Intelligence has developed key technologies such as the Jiushao NPU and ISP, which optimize performance for automatic driving applications and enhance image processing capabilities [21][22]. - The company is focusing on integrating high-performance computing capabilities into various applications, including smart transportation and industrial automation, leveraging its advanced chip technologies [31].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The IoT industry is experiencing significant growth, with a projected national market size of approximately 3.6 trillion yuan in 2023, and an expected compound annual growth rate (CAGR) of 18.9% during the 14th Five-Year Plan period [1]. - The company is actively innovating and launching new products, including various smart gateways and routers, to meet the demands of multiple sectors such as vehicle insurance and remote monitoring [2]. - The company's business expansion is showing results, with a focus on emerging fields like vehicle insurance, asset management, and cold chain logistics, which are expected to drive future growth [3]. Summary by Sections Market Overview - The national IoT industry is projected to exceed 5 trillion yuan by 2025, with a CAGR of 23.4% during the 13th Five-Year Plan [1]. - The government is supporting the development of the connected vehicle industry through new policies aimed at enhancing infrastructure and technology standards [1]. Product Development - The company has introduced several innovative products in 2024, including the GV850/851 smart bus gateway and the WR210LG router, catering to various industrial standards [2]. - There is a continued emphasis on developing connected products for two-wheeled vehicles, exploring applications of AI and large model technologies [2]. Financial Forecast - The company's net profit forecasts for 2024 and 2025 have been adjusted to 189 million yuan and 246 million yuan, respectively, reflecting a decrease of 17% and 20% from previous estimates [3]. - The report projects a net profit of 294 million yuan for 2026, with corresponding price-to-earnings ratios of 34, 26, and 22 for the years 2024, 2025, and 2026 [3]. Key Financial Metrics - Revenue is expected to grow from 1,002 million yuan in 2022 to 1,674 million yuan by 2026, with a growth rate of 19.45% in 2026 [4]. - The company's return on equity (ROE) is projected to increase from 9.8% in 2022 to 13.23% in 2026 [11].

Group 1 - The forum focused on the theme of "Consolidating Electrification, Advancing Intelligence, Achieving High-Quality Development" and discussed the global and Chinese electric vehicle development trends, intelligent connected vehicle trends, and the integration of vehicle-road-cloud systems [1] - China Mobile's representative emphasized the "Four Integrations" technology framework, which includes 5G computing network innovations and new model explorations for vehicle-road-cloud integration applications [2][3] - The forum highlighted the need for intelligent upgrades in infrastructure to support the era of intelligent driving in China, with a focus on practical implementations in smart cities and services for intelligent cabins and driving [2] Group 2 - China Mobile is developing a high-cost performance network solution based on 5G and C-V2X integration, along with multi-level collaborative AI computing infrastructure to empower vehicles [2] - The company proposed a collaborative approach between operators and government to build a unified computing network infrastructure and explore intelligent interaction systems between vehicles and cities [2] - China Mobile aims to provide innovative momentum for the high-quality development of the vehicle-road-cloud industry by leveraging its role as a leading operator in new infrastructure construction [3]

Core Insights - The article discusses the development of an all-space unmanned transportation system in Guangzhou, particularly in the Nansha area, which includes land, sea, and air transportation technologies [1][12] - The initiative is part of the Guangdong Province's action plan to enhance modern industrial systems by improving infrastructure for electric vehicle charging and vehicle-network collaboration [1][12] Group 1: Vehicle-Network Collaboration - In Nansha, the use of unmanned smart connected taxis has become a common mode of transportation for residents [2] - A real-time monitoring platform for smart connected vehicles has been established to objectively collect and analyze testing data [2] - The proportion of vehicles in autonomous driving mode has reached over 90%, indicating significant advancements in autonomous driving technology [3] Group 2: Information Complementation - Autonomous vehicles equipped with cameras can collect data on 14 types of urban events, enhancing the information available to smart roadside devices [4] - This data collection does not increase costs for car manufacturers and reduces the need for additional camera installations [4] Group 3: Advanced Networking - The deployment of 5G-A networks is crucial for the success of the vehicle-network collaboration and all-space unmanned systems [6] - 5G-A offers significant improvements in latency and device connectivity, supporting millions of devices per square kilometer [6] - Smart lamp posts equipped with weather monitoring devices can provide necessary forecasts and warnings for low-altitude vehicles [6] Group 4: Smart Roadside Systems - Smart roadside systems, primarily composed of intelligent lamp posts, play a vital role in the vehicle-network collaboration [7] - These systems can monitor road conditions and send real-time alerts to connected vehicles using C-V2X communication protocols [7][9] - Edge computing capabilities allow for low-latency responses to road conditions, enhancing the safety and efficiency of autonomous vehicles [8] Group 5: Satellite Network Development - The "Five Rams Constellation" satellite network is being designed to provide comprehensive monitoring and information services for low-latitude regions [10][11] - This network aims to improve the efficiency of government services and expand applications in various sectors, including economic development and emergency management [11] Group 6: Industry Development - The all-space unmanned system in Guangzhou has a solid industrial foundation and application scenarios, with ongoing advancements in technology [12] - The city is actively promoting its capabilities in the IoT sector, attracting interest from other cities and supporting various vehicle-network projects across the country [12]

撰 文 / 周 洲 设 计 / 张 萌 3月20日，春分时节，由人民邮电出版主办的《志在超车：智能网联汽车的中国方案》新书发布暨 媒体见面会在北京举行。 《志在超车：智能网联汽车的中国方案》由第十四届全国政协常委、经济委员会副主任，工业和信 息化部原部长苗圩撰写。 2020 年7月底，苗圩从工业和信息化部部长的岗位上退休。 由于大学所学专业是内燃机，几十年来工作也一直与汽车行业息息相关，苗圩对汽车行业最有感 情、最有兴趣、也最为熟悉，所以决定把对工业、通信业和信息化发展的重大问题研究聚焦到汽车 行业，继续探讨汽车行业在面临百年一遇的全球大变局下如何"换道超车"的问题。 经过四年多的努力，苗圩出了两本书，第一本是2024年年初出版的《换道赛车：新能源汽车的中国 道路》；第二本就是3月20日发布的《志在超车：智能网联汽车的中国方案》。 《换道赛车》回答了中国的汽车产业"如何换道"的问题，姊妹篇《志在超车》对汽车产业竞争智能 化"下半场"发展方向进行了深入浅出的前瞻研判。 换道和超 发布会上，苗圩带着对汽车行业深厚的情感，围绕我国发展智能网联汽车的潜力与优势、机遇与挑 战，分享了自己写作这本书的心路历程以及对中国汽 ...

Core Viewpoint - The article emphasizes Shenzhen's rapid transformation into a leading hub for the new energy vehicle (NEV) industry, highlighting the city's unique ecosystem and the pivotal role of key players like BYD and Huawei in driving innovation and growth in the automotive sector [2][18]. Industry Overview - The automotive industry is experiencing a significant shift, with Shenzhen emerging as a key player in the NEV market, achieving a production volume of 2.9353 million NEVs in 2024, a year-on-year increase of 69.2% [4][5]. - The city aims to solidify its position in global markets by enhancing its competitiveness in electronics, automotive, and new energy sectors through initiatives like the "ICT+" action plan [3]. Key Players and Innovations - BYD has established itself as a leader in the global NEV industry, with a focus on vertical integration of core components such as batteries, motors, and electronic controls, enhancing its resilience to market changes [6][10]. - Huawei, while not manufacturing vehicles, has become an integral part of the automotive supply chain, leveraging its ICT expertise to provide solutions for various car manufacturers [4][6]. Technological Advancements - The article discusses the emergence of a "networked" supply chain structure in the NEV sector, allowing for "emergent innovation" where more supply chain companies take on leading roles [6][16]. - Innovations such as BYD's blade battery and the e-platform 3.0 are highlighted as key technological advancements that contribute to the competitive edge of Shenzhen's automotive industry [10][12]. Infrastructure Development - Shenzhen has built a comprehensive charging infrastructure, becoming the world's first "supercharging city" with over 13,400 new charging piles and 1,030 supercharging stations [8]. - The city is also advancing in smart transportation, with initiatives like the "car-road-cloud integration" project, which aims to enhance the synergy between vehicles, infrastructure, and digital technologies [14][15]. Future Outlook - The Shenzhen government plans to achieve an industrial output value of over one trillion yuan for the automotive sector by 2025, indicating strong growth potential [18]. - The article concludes that Shenzhen's unique innovation culture and engineering talent will continue to drive the city's automotive industry forward, positioning it as a model for the future of global NEV development [19][20].

Core Viewpoint - The article discusses the initiation of the second batch of pilot projects for the electrification of public vehicles in China, aiming to expand the market application of new energy vehicles (NEVs) from 2024 to 2026, with a target of promoting over 250,000 new energy vehicles and constructing over 240,000 charging stations in selected cities [1]. Group 1: Pilot Projects and Market Expansion - The Ministry of Industry and Information Technology, along with other departments, has launched pilot projects in 10 cities, including Tianjin and Xi'an, to promote the electrification of public vehicles [1]. - The pilot projects will support the integration of new technologies such as vehicle-network interaction and smart connectivity, enhancing the market application of NEVs [1]. - The expected outcomes include the promotion of over 250,000 new energy vehicles and the construction of more than 240,000 charging stations in the selected cities [1]. Group 2: Battery Companies' Initiatives - CATL is collaborating with various bus companies to provide high-performance battery products and has launched a series of commercial vehicle batteries suitable for different scenarios [1][2]. - CATL has partnered with Yutong Group to offer a 15-year warranty on long-life batteries and signed a strategic cooperation agreement with Shaanxi Automobile Group to promote the adoption of new energy commercial vehicles [1]. - EVE Energy is working with remote new energy commercial vehicles to supply high-performance batteries for electric buses and has introduced the Omni LMX series batteries for light and heavy trucks [2]. Group 3: Infrastructure Development - CATL has established over 3,000 battery swap stations since 2018 and plans to build 30,000 swap stations in collaboration with partners by 2027 [4]. - The "Chocolate Battery Swap" service brand by CATL operates in multiple cities, providing integrated battery swap solutions [4]. - Guoxuan High-Tech is exploring charging infrastructure with its mobile charging pile product, which offers flexible and rapid charging services for new energy vehicles [4].

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