Core Insights - The article discusses the rise of intelligent driving technology in the automotive market, particularly focusing on Zhuoyue Technology's approach to providing cost-effective driving assistance solutions [1][2][3]. Group 1: Company Overview - Zhuoyue Technology, formerly known as DJI Automotive, has transitioned from a team within DJI focused on intelligent driving technology to an independent entity, leveraging its expertise in sensors and computer vision from the drone industry [2]. - The company aims to provide high-performance driving assistance features at lower costs, utilizing its self-developed hardware and software [1][2]. Group 2: Product Development - Zhuoyue's 7V (7 cameras) + 32 TOPS configuration has become standard in vehicles priced between 80,000 to 150,000 RMB, enabling features like urban memory navigation and highway driving [1]. - The company plans to launch the "Chengxing Platform" in November 2024, offering 7V and 9V solutions that reduce reliance on high-precision maps and LiDAR, thus lowering costs for advanced driving assistance [2]. Group 3: Market Position and Strategy - The mid-to-low-end market is expected to grow significantly by 2025, which aligns with Zhuoyue's strengths [3]. - Zhuoyue has established partnerships with major automotive manufacturers, including FAW, Volkswagen, and BYD, with over 20 models already in production and more than 30 models set to launch soon [2]. Group 4: Technological Innovations - The company is focusing on enhancing its capabilities through the introduction of the Thor platform, which offers higher computing power at a lower cost compared to existing solutions [3][6]. - Zhuoyue is also exploring the integration of reinforcement learning and world models to improve safety and decision-making in driving assistance systems [12][19]. Group 5: Future Directions - The company is preparing to develop hardware for L3 and L4 autonomous driving, including necessary sensors and controllers, while emphasizing the importance of first perfecting L2 assistance before advancing to higher levels of automation [9][10]. - Zhuoyue aims to enhance user experience by implementing a more intuitive point-to-point navigation system that mimics human driving behavior [20].

Core Viewpoint - The article highlights the significant upgrade of the Li Auto L6789 model, particularly the standard inclusion of Hesai's ATL LiDAR across all variants, emphasizing its advanced features compared to the previous ATX model [1]. Group 1: Technical Specifications - The ATL LiDAR features a fourth-generation chip architecture with a dual-core MCU [2]. - Compared to the Hesai AT128, the ATL's size and weight have been reduced by 60% [2]. - The minimum exposed window height is 25 mm, consistent with the public version of ATX [2]. Group 2: Performance Enhancements - The ATL achieves a best angular resolution of 0.08° (H) × 0.1° (V), an improvement over the ATX's 0.1° × 0.1° [3]. - The higher horizontal resolution and increased point cloud density at the same operating frequency enhance performance [4]. - The ATL can activate optical zoom while driving at high speeds, allowing for a 30° field of view with a maximum range of 200 meters, effectively doubling the resolution [4]. Group 3: Safety Features - Li Auto has customized the ATL with intelligent zoom functionality, focusing on enhancing the active safety capabilities of the AD Pro and AD Max systems [4]. - The latest capabilities include AEB (Automatic Emergency Braking) that can stop at 120 km/h in rainy night conditions and AES (Active Emergency Steering) that can navigate around two accident vehicles at 130 km/h in the dark [4]. - This upgrade aligns the active safety capabilities across the entire Li Auto lineup, from L6 Pro to MEGA Home [5].

Core Viewpoint - The company is optimistic about the breakthrough opportunities for leading third-party intelligent driving suppliers, driven by the demand for equal access to intelligent driving and the performance catch-up and mass production validation [2][8]. Group 1: Market Opportunities - Leading third-party intelligent driving suppliers are expected to become the optimal solution for second- and third-tier automakers seeking equal access to intelligent driving, with a potential market share of around 50% of total new car sales [2][8]. - The current trend of intelligent driving is accelerating towards equal access, with a focus on cost reduction in systems, as automakers balance performance and cost in their strategies [2][8]. Group 2: Domestic Chip Comparison - NVIDIA's Orin series chips currently dominate the high-end intelligent driving market, but domestic chip suppliers have made significant progress in performance, mass production validation, and customer acquisition over the past five years [3][39]. - The domestic chip leader, Horizon Robotics, is entering a new cycle of product iteration and business model elevation, leading in the rollout of mid- to high-end intelligent driving chips and algorithms [11][39]. Group 3: Core Value of Third-Party Chip Suppliers - The importance of being a first mover is highlighted, as intelligent driving chips typically require over three years of R&D and manufacturing cycles, necessitating continuous iteration capabilities for cost-performance balance [4][54]. - The design and manufacturing cost perspective indicates that a 7nm intelligent driving chip can achieve cost parity with mature chip procurement at a production volume of 1.5 million units, emphasizing the need for high output and rapid iteration capabilities for self-developed chips [4][57]. Group 4: Algorithm Insights - The "BEV + Transformer" algorithm approach, focusing on "heavy perception, light mapping," has been validated and widely applied, reducing risks for Tier 1 suppliers and allowing them to keep pace with cutting-edge technologies [4][62]. - Horizon Robotics' latest intelligent driving algorithm, HSD, is positioned as a "showcase," balancing performance and efficiency while addressing the challenges of scaling up and out in intelligent driving systems [62][63]. Group 5: Industry Trends - The intelligent driving landscape is expected to see a significant shift towards equal access by 2026, with many domestic automakers planning to adopt domestic chips as their mainstream solution [28][43]. - The competitive landscape among automakers is intensifying, with a focus on high-level intelligent driving capabilities and the need for cost-effective solutions [2][8].

Group 1: Financial Performance - In 2024, the company's operating revenue increased by 11.75% year-on-year, primarily driven by growth in the HDI segment and the introduction of global renowned terminal customers [1] - The net profit attributable to shareholders for 2024 was -87,433,652.40 CNY, indicating a reduction in losses compared to previous periods [2] - The company achieved profitability in Q4 2024 and Q1 2025, marking two consecutive quarters of profit [3] Group 2: Product Development and Market Position - The main products, including high-layer PCB, mid-to-high-end HDI, and flexible circuits (FPC), showed stable growth in 2024 [1] - The company is actively developing new technologies and products in AI, high-speed storage, high-frequency communication, smart driving, low-altitude flying vehicles, and robotics [1] - The company has enhanced its product structure by focusing on high-layer boards and high-end HDI boards, with an increasing proportion of products with 8 layers or more [7] Group 3: Capacity and Operational Efficiency - The new factory in Zhuhai is gradually increasing its capacity utilization, with expectations for steady growth in output [2] - The company is implementing strategies to optimize asset structure and cost control, which have improved operational quality and profitability [3] - The company plans to enhance manufacturing and operational efficiency, focusing on high-end products and emerging markets [8] Group 4: Strategic Initiatives and Market Expansion - The company is seeking advantageous mergers and acquisitions to enhance product structure, technology, and expand the value chain [2] - The company has established offices or subsidiaries in Taiwan, Hong Kong, Singapore, and Thailand to expand overseas marketing channels [4] - The company anticipates that the global PCB market will exceed $100 billion by 2027, driven by smart upgrades and emerging applications [6] Group 5: Research and Development - R&D expenses are increasing, focusing on new energy vehicles, smart driving, AI, and high-frequency communication [5] - The company is recognized as a high-tech enterprise and has established provincial and national-level research centers, indicating strong R&D capabilities [5] - The demand for PCBs is expected to grow significantly due to the increasing requirements for computing power and AI applications [6]

Group 1: Company Development Plans - The company aims to leverage the growth of the new energy vehicle industry and the implementation of the "Safety Performance Inspection Regulations for New Energy Vehicles" to enhance its market presence in vehicle inspection and automotive aftermarket services [1][8]. - The company has established 32 service outlets nationwide, achieving comprehensive market coverage [2]. Group 2: Technological Advancements - The company has developed new energy vehicle inspection equipment and systems, which have received certification from the Ministry of Public Security, and are currently in trial operation with mass production conditions [2][3]. - The company is actively exploring the application of AI technologies in its inspection systems to enhance its competitive edge [5][6]. Group 3: Market Opportunities and Challenges - The implementation of the new energy vehicle inspection regulations is expected to create significant market opportunities for companies with technological advantages [8]. - The overall level of vehicle inspection stations in China is still low, indicating potential growth in inspection demand as vehicle ownership increases [8][11]. Group 4: Financial Performance and Risks - The company reported a 263.73% drop in net profit for 2024, primarily due to reduced inspection demand following policy changes [10][11]. - The company is facing challenges from two rounds of policy adjustments that have decreased inspection frequency, impacting revenue from acquired inspection stations [10][11]. Group 5: Research and Development - In 2024, the company invested 43.89 million yuan in R&D and holds 90 patents and 209 software copyrights [7]. - The company plans to continue focusing on R&D to align with national policies and market demands, enhancing its innovation capabilities [7][12].

点 击 蓝 字 关 注 我 们 吉利 银河星耀8 是吉利银河旗下一款定位为中大型级别的插电混动轿车，将于5月9日正式上市。外观设 计上，它采用与银河E8相似的设计风格，车头采用封闭式面板搭配下格栅，两侧带有类似T字形镀铬装饰件； 采用分体式LED头灯设计，日间行车灯造型修长，车身配备隐藏式门把手。内饰配置方面，采用全新座舱布 局，提供悬浮式液晶仪表屏、横向大尺寸中控屏、AR-HUD抬头显示系统等，副驾后方位置设置"VIP"座椅， 具备131度最大靠背调节角度，还拥有通风、加热、按摩等功能。动力系统提供 EM-i、EM-P两种雷神电混系 统，其中，EM-i车型搭载1.5升混动专用发动机，提供CLTC纯电续航60公里、130公里版本；EM-P车型搭载 1.5T发动机，提供CLTC纯电续航130公里版本。智能科技上，搭载银河Flyme Auto智能座舱系统，已接入 DeepSeek大模型，此外，还搭载吉利自研的千里浩瀚高阶智驾系，且配备激光雷达，在算力高达116TOPS的双 智驾芯片赋能下，可实现高速/高架NOA领航等驾驶辅助功能。 2025款 智己L6 将于5月13日正式上市并开启交付，共推出三个配置版本，官方预 ...

Group 1: Company Overview - The company has been focusing on corner module technology, providing comprehensive solutions that integrate hub motors, electronic mechanical brakes (EMB), steering systems, active suspension, and chassis domain controllers, enabling independent control of vehicle systems and enhancing application scenarios for personalized travel needs [2] - The EMB products are currently in the technology reserve stage and have not yet been mass-produced, with market launch dates dependent on customer project plans [3] Group 2: Performance and Growth - The company's performance growth in the previous year and the first quarter of this year is attributed to the increase in domestic automobile sales and the launch of new international projects, leading to scale effects and improved manufacturing capabilities [3] - The gross profit margin has improved year-on-year, contributing to steady performance growth [3] Group 3: Production Capacity and Market Strategy - The current capacity utilization rate is high, and production levels are determined by vehicle sales; the company plans to expand production lines based on market demand [3] - The company has secured numerous automotive electronics projects, with domestic suppliers being favored for their cost-effectiveness, service quality, and responsiveness compared to foreign brands [3] Group 4: Challenges and Responses - The company faces annual price reduction requests from vehicle manufacturers and plans to optimize product structure and enhance internal management to address pricing pressures [3] - The Moroccan production base project is progressing smoothly [3]

丨证券研究报告丨 行业研究丨专题报告丨汽车与汽车零部件 [Table_Title] 汽车行业一季度基金持仓分析——板块保持超 配，龙头配置维持高位 报告要点 [Table_Summary] 2025Q1 乘用车批发销量 673.0 万辆，内需稳健，有望支撑全年新能源与总量需求。内资方面， 偏好高景气行业，看好全球化和电动智能变革，高股息龙头强劲。外资方面，持股比例持续提 升，偏好盈利能力强的行业龙头以及高成长个股。2025Q1 乘用车销量平稳增长，新能源车市 场需求旺盛，新能源渗透率同比增长。一季度基金重仓比例维持高位，展望来看，"以旧换新" 政策延续，叠加换购需求，支撑内需韧性，有望带动板块需求超预期。智驾平权再塑整车机会， 机器人转型打开零部件空间，坚定看好汽车板块投资机会。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 汽车与汽车零部件 cjzqdt11111 [Table_Title 汽车行业一季度 ...

Summary of Key Points from Conference Call Records Industry Overview - **Military Industry**: The military sector is expected to enter a new growth cycle from 2025 to 2027, following a period of demand adjustment and performance decline in 2023-2024. Analysts are optimistic about the military sector's future performance, indicating clear signs of a bottoming out in terms of earnings and holdings [1][1][1]. Company Insights - **Tianqin Equipment**: The company holds "four military certificates" and specializes in ammunition storage and protection products. Its customer base includes major manufacturers and various military branches, covering multiple protective device packaging and components [2][2][2]. - **Xinyu Guoke**: This company offers a wide range of military explosives, with over 400 products in production and development, serving various military branches including the army, navy, air force, and police [2][2][2]. Smart Driving Sector - **Strategic Partnership**: Shenzhou Car Rental and Baidu Apollo have formed a strategic partnership to launch the world's first autonomous vehicle rental service, aiming to innovate the application of autonomous driving technology in the rental industry. This collaboration is expected to accelerate the deployment of autonomous driving technology across various urban scenarios, tapping into a significant market potential [3][3][3]. - **Market Growth**: The smart driving market is projected to experience rapid growth, with IDC forecasting that the global connected vehicle scale will reach 78.3 million by 2025, with a compound annual growth rate (CAGR) of 11.5%. By 2026, the scale of autonomous vehicles is expected to reach 89.3 million, with a CAGR of 14.8% [3][3][3]. Additional Company Developments - **Dazhong Transportation**: Collaborating with Baidu to conduct smart connected vehicle demonstrations in Jiading, leveraging advanced technologies for scalable L4-level autonomous driving systems across various industries and scenarios [4][4][4]. - **Ningbo Huaxiang**: The company is enhancing cooperation in robotics and aims to leverage its advanced manufacturing experience in automotive parts to participate deeply in the intelligent robotics industry chain [17][17][17]. Market Trends - **Stock Performance**: The military sector stocks have shown significant performance, with several companies reaching historical highs. The military and automotive sectors are highlighted as key areas of growth, with a notable number of stocks achieving new highs [11][11][11][16][16][16]. Conclusion - The military and smart driving sectors are poised for growth, with strategic partnerships and technological advancements driving innovation and market expansion. Companies within these sectors are well-positioned to capitalize on emerging opportunities, despite recent performance challenges in the military industry.

5月9日，A股早盘走势震荡，截至发稿，中证A500指数跌0.41%，成分股中，润和软件涨超6%，软通动 力、华能国际、百济神州-U、兴业银行等跟涨。 相关ETF中，截至发稿，A500指数ETF（159351）跌0.31%，成交额超5亿元，换手率近4%，早盘交投 活跃，溢折率0.04%，盘中频现溢价交易。 资金流向上，Wind金融终端数据显示，A500指数ETF（159351）昨日获超7500万元资金净流入，该 ETF已连续三个交易日获资金净流入，累计"吸金"超1.8亿元。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性强、 表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心龙头资产。此外，该指数在电 子、电力设备、医药生物、计算机等行业权重较大，成长属性更强。A500指数ETF（159351）还配备 了场外联接基金（A类022453；C类022454）。 消息面上，据中国证券报，中国上市公司协会5月8日发布的中国上市公司2024年经营业绩报告显示，截 至5月7日，除公告延迟披露公司外，沪深北三家证券交易所共5412家上市公司公布2024年年 ...