作者：周源/华尔街见闻 特斯拉最新上市的Model Y L在国内正式搭载字节跳动旗下火山引擎提供的豆包大模型，另外DeepSeek （DS）模型也进入了特斯拉智能座舱。 这一组合不仅是技术迭代，更是特斯拉对车载AI生态的全面布局。 豆包模型负责车辆功能操作和信息查询，DeepSeek模型提供闲聊与情感交互，实现从单一语音识别向 多层次、沉浸式交互的升级。 特斯拉选择与火山引擎合作，快速部署本土化大模型，同时保持长期自研潜力。 这标志着特斯拉在智能驾驶体验上迈出了关键一步，也映射出智能汽车未来的发展方向。 豆包和DS各有分工 车载语音交互，从最初的规则匹配系统，逐步演化为深度学习驱动的端到端语音识别，再到今天的大模 型应用。 早期系统只能响应有限指令，如调节空调或切换电台；随着深度学习和自然语言理解引入，车辆可以理 解更多自然语言指令，但多轮对话和上下文理解仍有限。 进入大模型阶段后，车辆能识别复杂语义，维持对话连贯性，并结合功能执行和情绪交互，形成完整的 车内AI生态。 在国内市场，智能汽车竞争激烈，各厂商纷纷投入车载AI研发。 这一策略不仅降低初期研发成本，也为快速迭代和适应市场需求提供了可能。在资本市场， ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][4]. Core Views - The company continues to expand its advantages in the automotive sector while focusing on AI to develop high-end projects, which is expected to enhance profitability [4][9]. - In the first half of 2025, the company achieved a revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, and a net profit attributable to shareholders of 650 million yuan, a slight decrease of 1.06% year-on-year [4][8]. - The company has become the world's largest automotive PCB supplier as of 2024, leveraging its extensive industry experience and a strong customer base [8][9]. - The company is actively embracing opportunities in AI, with ongoing advancements in high-end PCB products for data centers and AI servers [9]. Financial Performance Summary - Revenue projections for the company are as follows: 2024A: 12.659 billion yuan, 2025E: 15.055 billion yuan, 2026E: 17.774 billion yuan, and 2027E: 20.863 billion yuan, with year-on-year growth rates of 17.7%, 18.9%, 18.1%, and 17.4% respectively [7][10]. - Net profit projections are: 2024A: 1.169 billion yuan, 2025E: 1.433 billion yuan, 2026E: 1.830 billion yuan, and 2027E: 2.246 billion yuan, with year-on-year growth rates of 24.9%, 22.6%, 27.7%, and 22.7% respectively [7][10]. - The company's gross margin is expected to improve from 22.7% in 2024 to 24.6% in 2027, while the net margin is projected to increase from 9.2% to 10.8% over the same period [11]. Market Position and Strategy - The company has established itself as a leading supplier in the automotive PCB market, with a focus on high-end projects such as laser radar boards and domain controller boards, which are in the process of mass production [8][9]. - The company is also enhancing its production capabilities for high-end HDI boards and is investing in technology upgrades at its manufacturing facilities to support AI and data center applications [9].