Core Viewpoint - Chery Automobile's listing on the Hong Kong Stock Exchange marks a significant milestone in the Chinese automotive industry, attracting key investors like Horizon Robotics, which highlights the growing importance of smart technology in reshaping the automotive value chain [1][3][13]. Investment and Strategic Collaboration - Horizon Robotics' investment of $40 million in Chery reflects a strong belief in Chery's growth potential and the strategic importance of smart technology in the automotive sector [1][3]. - The partnership between Horizon and Chery, established in 2021, has led to the development of advanced driving assistance systems, showcasing a successful collaboration that enhances both companies' market positions [4][10]. Market Performance and Growth Projections - Chery is projected to achieve a 49.4% increase in passenger car sales in 2024, positioning it among the top global automakers [3]. - Horizon Robotics leads the Chinese market for autonomous driving solutions, holding a 32.4% share in the market for passenger car assistance systems and a 45.8% share in the ADAS front-view camera market [3][8]. Technological Advancements and Product Development - Horizon Robotics has established a robust competitive edge through its "chip + algorithm + ecosystem" strategy, which has resulted in significant revenue growth, with a 67.6% year-on-year increase in revenue to 1.567 billion yuan [8]. - The introduction of the Horizon Journey 6P chip in Chery's latest model, the Starway ET5, exemplifies the integration of advanced technology into new vehicles, enhancing their market appeal [4][10]. Industry Trends and Future Outlook - The penetration rate of advanced driver assistance systems among Chinese automakers has reached 59%, indicating a strong trend towards smart vehicle technology [9]. - The collaboration between Horizon and over 40 automotive brands, along with plans for mass production of smart driving systems, suggests a promising future for the smart driving market in China [10][11]. - The anticipated growth of the Robotaxi market, projected to reach $47 billion by 2035, underscores the potential for Horizon Robotics to capitalize on emerging opportunities in the autonomous vehicle sector [11][12].

Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD 9.14 billion and achieving a market capitalization of nearly HKD 200 billion, marking it as the largest IPO of a car company in Hong Kong this year [3][4]. Company Background - Founded by Yin Tongyue in 1997 with a startup capital of only CNY 300,000, Chery has evolved from a struggling startup to a leading automobile manufacturer in China, ranking second among domestic passenger car brands in 2024 with sales of nearly 2.3 million vehicles and revenue of CNY 269.9 billion [3][6][11]. - Chery has maintained its position as the top exporter of Chinese automobiles for 22 consecutive years, with a significant focus on international markets since its inception [19][20]. Financial Performance - In 2024, Chery's revenue from fuel vehicles accounted for 83% of total revenue, while new energy vehicles contributed 17% [4][23]. - The company reported a net profit of CNY 14.3 billion in 2024, reflecting its strong financial health [3]. Investment and Shareholding Structure - Major shareholders include Anhui Wuhu Investment Holding and Luxshare Precision, with the latter holding a 16.83% stake as it expands into automotive manufacturing [17][18]. - The IPO proceeds will primarily be allocated to the development of new energy and intelligent vehicles, indicating a strategic shift towards electrification [4][23]. Historical Challenges and Milestones - Chery's journey to IPO has been fraught with challenges, including multiple failed attempts since 2004 due to various market and regulatory obstacles [12][14]. - The company has made significant strides in technology, including the successful development of its first engine in 1999, which laid the foundation for its vehicle manufacturing capabilities [9][11]. Market Position and Future Outlook - Chery has established a strong presence in international markets, exporting vehicles to over 100 countries and setting up manufacturing facilities in regions such as Malaysia and Brazil [20][21]. - The company is poised to capitalize on the growing demand for electric vehicles and aims to enhance its product offerings in the new energy sector [23].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The launch of the new ASIL-D functional safety grade automotive SBC SC6259XQ will support automotive intelligence, integrating multiple power sources in a single chip [2][3]. - The company is experiencing a growth phase with a 21.08% year-on-year revenue increase to 785 million yuan in Q2 2025, driven by product line expansion and entry into high-end consumer electronics and smart automotive electronics [3]. - Future revenue projections are optimistic, with expected revenues of 3.31 billion yuan in 2025, 4.21 billion yuan in 2026, and 5.30 billion yuan in 2027, alongside net profits of 331 million yuan, 452 million yuan, and 608 million yuan respectively [4][6]. Financial Forecasts and Metrics - Revenue for 2024 is projected at 2.567 billion yuan, with a growth rate of 44.19%, and is expected to grow at rates of 28.78%, 27.29%, and 25.94% in the following years [6][13]. - The company's EBITDA is forecasted to increase from 267.87 million yuan in 2024 to 703.60 million yuan in 2027 [6]. - The net profit margin is expected to stabilize around 10% by 2027, with a projected net profit of 607.60 million yuan [6][13]. - The company’s P/E ratio is projected to decrease from 71.05 in 2024 to 35.89 in 2027, indicating potential valuation improvement [6][13].

资金将主要用于中西部基地建设项目(一期)和智能汽车电子系统及部件生产项目(惠南二期)，通过推进 上述项目，公司将进一步完善区域产能布局，强化运营效能和核心竞争力，有效降低运营成本，提高本 地化服务效率，巩固行业领先地位。 成都智算中心的建设将为公司高阶智能化产品研发提供关键算力支持，更好地响应客户新项目定点开发 需求；同时，舱驾融合平台研发项目将聚焦软硬件融合、高阶智能化功能集成及舱行泊一体化等前瞻技 术，持续构建技术壁垒，推动业务生态向高附加值、多元化方向发展。 此次定增的成功发行，既体现了市场对德赛西威在汽车智能化领域综合实力的高度认可，也是公司优化 资本结构、增强资金实力的关键举措。借助此次融资，德赛西威将加速推进技术升级和产业布局，夯实 可持续发展基础，把握汽车智能化发展的战略机遇。 本报讯(记者王镜茹)近日，惠州市德赛西威（002920）汽车电子股份有限公司(以下简称"德赛西威")完 成定增发行工作，募集资金总额43.99亿元。作为公司上市以来的首次再融资，此次定增不仅实现了资 本运作的重要突破，也标志着德赛西威战略发展进入新阶段，充分体现了资本市场对公司核心竞争力和 未来成长性的高度认可。 本次发 ...

Core Insights - The establishment of Huawei's HarmonyOS and the independent operation of its automotive business unit as "Shenzhen Yiwang Intelligent Technology Co., Ltd." is leading to an increase in new vehicles utilizing QianKun intelligent driving and Harmony cockpit technology [1][12] - GAC Trumpchi's new model, the Xiangwang S9 QianKun, is positioned as a mid-to-large SUV, featuring advanced driving assistance and smart cockpit systems, with a price range of 229,900 to 259,900 yuan [1][2] Vehicle Specifications - The Xiangwang S9 QianKun is equipped with Huawei's QianKun ADS 4 Max, which includes 192-line lidar and three 4D millimeter-wave radars, totaling 29 perception units [2] - The vehicle supports urban commuting with features such as point-to-point autonomous driving, automatic toll booth navigation, and advanced collision avoidance systems [2][4] Safety and Performance - The vehicle's safety features include a front crash beam made of aerospace-grade aluminum alloy and a passenger cabin constructed entirely from high-strength steel, exceeding national safety standards [4] - It utilizes a range-extended powertrain with a 44.5 kWh battery, offering a pure electric range of 252 km and a total range exceeding 1200 km [4] Design and Comfort - The exterior design follows GAC's third-generation design language, featuring AI light curtain tail lights with multiple customizable light patterns [6] - The interior includes North American black walnut trim, HarmonyOS 5 smart cockpit, and various comfort features such as multi-point massage seats and rear entertainment systems [7][9] Industry Context - The integration of Huawei's technology in vehicles from various manufacturers, including GAC, Dongfeng, Changan, BYD, and Audi, is significantly enhancing the smart capabilities of these vehicles [12] - The collaboration between technology companies like Huawei and traditional automakers is driving the transition of China's automotive industry towards greater intelligence and innovation [12]

Core Viewpoint - The collaboration between Huawei and traditional automotive companies is evolving towards a "new cooperation model" that emphasizes deeper integration and shared responsibilities in product development and marketing, moving beyond simple technical integration [1][3][4]. Summary by Categories Collaboration Models - Huawei's partnerships with automotive companies include three main models: component supply, HUAWEI INSIDE (HI) model, and the Smart Selection Car model (Harmony Smart Travel) [1][2]. - The HI model involves Huawei's Car BU collaborating with 11 automotive companies to provide comprehensive solutions for smart cockpits and driving [1][2]. - The Smart Selection Car model allows Huawei to have significant control over product definition and terminal sales, with five models already developed [1][2]. New Cooperation Model - The new cooperation model is characterized by a deeper collaboration than the HI model but less than the Smart Selection Car model, covering the entire product lifecycle from design to marketing [1][4]. - This model includes joint teams and shared resources, with a focus on integrating Huawei's processes and methodologies into the automotive companies' existing frameworks [4][5]. Strategic Shifts - Traditional automotive companies are shifting their focus from the "soul theory" of technology dominance to a more balanced partnership with Huawei, recognizing the importance of their own manufacturing capabilities [3][5]. - Companies like Dongfeng and GAC are prioritizing their collaborations with Huawei, viewing it as essential for their strategic transformation [3][5]. Market Dynamics - The competition in the automotive market is intensifying as more models equipped with Huawei's technology are introduced, prompting companies to seek differentiation through unique product features and designs [5][6]. - The delivery volumes of Huawei's Harmony Smart Travel have shown a decline, indicating the need for enhanced competitiveness in the market [6].

Core Viewpoint - 博泰车联 is set to go public on the Hong Kong Stock Exchange, with a total market capitalization projected to reach HKD 153.34 billion based on an issue price of HKD 102.23 per share, reflecting its strong growth potential and industry position [1][4]. Company Overview - Founded in 2009, 博泰车联 has focused on the core area of automotive intelligence and is one of the earliest companies to develop smart cockpit solutions in China [2]. - The company has established a differentiated "software + hardware + cloud service" integrated model, creating significant technical barriers in the industry [2]. - 博泰车联 holds the highest number of registered invention patents among domestic smart cockpit and connected service solution providers as of December 31, 2024 [2]. Financial Performance - 博泰车联 has demonstrated high growth, with revenue increasing from RMB 1.218 billion in 2022 to RMB 2.557 billion in 2024, representing a compound annual growth rate (CAGR) of 44.9% [3]. - For the first five months of 2025, revenue further increased by 34.4% year-on-year, reaching RMB 754 million [3]. - The revenue from domain controllers, which are the core components of smart cockpits, surged from RMB 674 million in 2022 to RMB 1.959 billion in 2024, with a CAGR of 70.5% [3]. Market Position and Future Outlook - The company’s domain controller revenue accounted for 76.6% of total revenue by 2024, indicating a strong focus on smart cockpit solutions [3]. - The upcoming IPO is expected to enhance the company's valuation, reflecting its industry standing and growth potential, especially with a projected revenue growth rate of 70.9% for 2024 and 34.4% for the first five months of 2025 [4]. - As the company increases its high-end product offerings, it is anticipated that profit margins will improve, leading to enhanced profitability and long-term investment value for investors [4].

Core Viewpoint - 博泰车联科技 is a leading player in the automotive intelligence sector in China, officially launching its IPO on the Hong Kong Stock Exchange with a planned global offering of 10.4369 million H-shares at a price of HKD 102.23 per share, aiming to raise significant capital to support its growth and expansion in the smart cockpit solutions market [1][2]. Company Overview - Founded in 2009 and headquartered in Shanghai, 博泰车联 focuses on the automotive intelligence sector, being one of the earliest developers of smart cockpit solutions in China. The company has established a comprehensive industry chain covering R&D, production, and sales [5]. - 博泰车联 has a unique "software + hardware + cloud service" integrated model, providing customized smart cockpit solutions to meet diverse OEM and Tier 1 customer needs, with a growing international market presence [5][11]. Financial Performance - The company has experienced rapid revenue growth, with total revenue increasing from RMB 1.218 billion in 2022 to RMB 2.557 billion in 2024, representing a compound annual growth rate (CAGR) of 44.9%. The revenue from domain controllers, a key product, grew at a CAGR of 70.5% during the same period [9][10]. - For the five months ending May 31, 2025, revenue reached RMB 754 million, a year-on-year increase of 34.4%, driven by steady growth in domain controller shipments and an increase in high-end product sales [9]. Market Position and Competitive Advantage - 博泰车联 ranks as the third largest supplier of smart cockpit domain controller solutions in China, holding a market share of 7.3% as of 2024, with significant competitive advantages in technology and innovation [6][15]. - The company has established strategic partnerships with major automotive manufacturers and technology firms, enhancing its market position and enabling rapid response to market demands [11][15]. Industry Outlook - The Chinese automotive smart cockpit solutions market is projected to grow significantly, with an expected market size of RMB 129 billion in 2024, increasing to RMB 299.5 billion by 2029, reflecting a CAGR of 18.4% [13]. - The penetration rate of domain controllers in passenger vehicles is anticipated to rise from 13.7% in 2020 to over 90% by 2029, indicating substantial growth opportunities for leading companies like 博泰车联 [13]. Valuation Analysis - The IPO price of HKD 102.23 per share implies a market capitalization of HKD 15.334 billion. Based on the latest revenue figures, the company's price-to-sales (P/S) ratio is 5.1, which is significantly lower than the median P/S ratio of comparable companies at 13.04, suggesting that the company is undervalued [16].

Core Insights - The global automotive AI chip market is projected to grow from $13.8 billion in 2024 to $34.3 billion by 2029, with a compound annual growth rate (CAGR) of 20.45% [2] - AI chips are becoming the central component for enabling key applications such as autonomous driving, smart cockpits, and predictive maintenance in the automotive industry [3][4] - The market is driven by advancements in technology, increasing efficiency of AI algorithms, and stricter regulations on ADAS and active safety features [4] Market Dynamics - The automotive AI chip market is expanding with applications ranging from in-vehicle smart functions to platforms for intelligent perception, decision-making, and control [3] - Major drivers include the rising penetration of autonomous driving, the complexity of ADAS systems, and the demand for AI processing capabilities in smart cockpits [4] - The shift from general-purpose AI chips to automotive-grade AI chips is evident, with a focus on low latency and low power consumption [4] Competitive Landscape - The competition in the automotive AI chip market is becoming increasingly differentiated, with companies like NVIDIA and Qualcomm holding significant market shares [5] - NVIDIA's Orin chip has been installed in over 5 million vehicles, while Qualcomm's SA8155P chip has a 40% penetration rate in high-end models [5] Technological Advancements - The computational density of AI chips is continuously improving, with expectations for single-chip performance to reach 2000 TOPS in the coming years [6] - The rise of integrated storage-compute architectures is breaking traditional bottlenecks, enhancing data throughput and energy efficiency [6] Industry Trends - Edge computing and cloud collaboration are emerging as key trends in the development of automotive AI chips, enabling real-time decision-making and efficient data flow [7] - The market is witnessing a shift from traditional hardware sales to "Compute as a Service" (CaaS) models, providing flexible service options for users [8] Strategic Directions - Companies are advised to establish a "general-purpose computing platform + dedicated acceleration module" approach to enhance computational efficiency and adaptability [9] - Building a closed-loop ecosystem of "chip-algorithm-data" is crucial for rapid technological iteration and optimization [9] Future Outlook - The development of automotive AI chips is not only a race of technological iteration but also a transformation of industrial ecosystems and business models [10] - As chips become the "digital engine" of vehicles, the entire industry stands at a pivotal point of transformation towards smart automotive solutions [10]

本届泰达汽车论坛上，来自政产学研界的嘉宾回顾"十四五"汽车业取得的业绩，共同为"十五五"产业发展建言献策。本报梳理了四个热点话题，以飨读 者。 13 William the state 3 3 2 1 2 1.85 Kiss 17 1-57 1 150 are 1 20 B - 4/12/2 194 P 12 t 2015 A I 195 Children y W 东风汽车集团有限公司首席专家、东风汽车研发总院副院长陈涛表示，AI技术正推动汽车从"功能机"向"智能体"转变，通过多模态大模型实时捕捉驾驶员生 理和情绪状态，自动调节车内环境，实现"共情式"出行体验。在企业端，AI能力体系已应用于研发、制造、供应链和服务全链条，显著提升生产效率和质量 控制水平。 智能化转型成为本届泰达汽车论坛重点讨论的话题，在多场关于智能化的专场论坛中，技术创新、安全底线、政策法规等问题被反复提起，成为汽车智 能化进程的重要挑战。 数据驱动产业生态重构 北京理工大学副教授、新能源汽车国家大数据联盟副秘书长刘鹏指出，数据作为新生产要素，正深刻改变汽车产业的研发、生产与服务模式。数据已成为驱 动产业全面升级的新动力，如何系统性挖掘数据 ...