近日，奔驰与字节跳动宣布升级合作，其全新纯电CLA车型将搭载"豆包"大模型。早在2023年，字节系"火山车娱"已进入奔驰座舱；2024年，奔驰中国与火 山引擎建立合作。 这回并非是简单的供应商与主机厂的合作。 2024年，智能汽车的全球销售量达到66.2百万台，2019年至2024年的复合年增长率为10.5%。预期智能汽车的全球销售量将于2029年达到92.1百万台，2025 年至2029年的复合年增长率为5.9%。 作为代表百年造车工艺与豪华底蕴的传统玩家，奔驰的日子并不怎么好过。今年上半年，奔驰销售收入为663.77亿欧元，同比下滑8.6%，税前净利润暴跌 40.7%至45.34亿欧元，税后净利润下滑55.8%至26.88亿欧元。 在中国市场，奔驰更是遭遇不间断的围堵，与豆包合作，或许是奔驰在中国这个全球最大、最卷的电动汽车市场里，面对智能化浪潮冲击时，一场关乎生死 存亡的自救与追赶。 全球范围内，AI+汽车市场呈现出快速增长的态势，预计未来几年将持续扩大。阿里通义千问、腾讯混元、华为鸿蒙智行加入车企阵营，对于字节跳动而 言，与奔驰合作，是将AI从虚拟世界传导至实体工业、从消费互联网向产业互联网渗透的重要 ...

Core Viewpoint - The company Guokewai (300672.SZ) has launched a series of automotive AI chips aimed at various applications in smart cameras, driving recorders, and monitoring systems, with plans for future product development and validation [1] Group 1: Product Applications - The automotive AI chips are primarily used in front-mounted smart cameras, driving recorders, streaming electronic rearview mirrors, electronic side mirrors, camera monitoring systems, driver fatigue monitoring systems, cabin monitoring systems, and front-view ADAS integrated machines [1] Group 2: Future Developments - The company plans to release a new generation of automotive AI chips that meet AEC-Q100 Grade 2 standards in the first half of 2025, with current validation processes underway [1] - The company aims to develop a full range of automotive AI chips with computing power varying from low to high, targeting production of 2 million to 8 million units within three years [1]

Core Insights - Tesla's latest Model Y L integrates ByteDance's Volcano Engine's Doubao model and DeepSeek model, marking a significant step in the development of in-car AI ecosystems [1][3] - The collaboration with Volcano Engine allows for rapid deployment of localized large models while maintaining long-term self-research potential, which signals growth opportunities for investors [3][10] Model Functions - Doubao model is responsible for core functions such as navigation, media playback, climate control, and owner manual queries, showcasing its capabilities in voice recognition and natural language understanding [4][5] - DeepSeek model focuses on casual conversation and emotional interaction, enhancing user engagement and providing a personalized experience [6][7] Technological Advancements - Doubao model integrates voice recognition, natural language understanding, and vehicle control interfaces for real-time responses, improving the accuracy and speed of command execution [5][9] - The collaboration between edge devices and cloud services ensures low latency and high precision, addressing computational limitations in in-car AI [9] Market Positioning - Tesla's strategy in the domestic market emphasizes speed, cost-effectiveness, and long-term potential, contrasting with its international approach that focuses on self-research and control [10] - The dual model strategy of Doubao and DeepSeek enhances driving efficiency and user experience, positioning Tesla as a leader in the smart automotive sector [10] Future Directions - The future of in-car AI includes multi-modal integration, OTA smart upgrades, personalized interactions, and international adaptation, which will continuously enhance vehicle functionality and user engagement [10] - The development of a comprehensive mobile smart terminal is supported by the collaboration of functional and conversational models, creating a unified system that adds value for users and provides long-term advantages for the company [10]

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].