本周二，理想全新纯电 SUV 理想 i8 正式上市，其搭载的全新一代 VLA 辅助驾驶系统立刻引起了人们的关注。 机器之心报道 作者：泽南 VLA「司机大模型」问世。 事实证明，「模仿学习」的路线不具备深度的逻辑思维能力。 去年，理想工程师开始试图在需要深度决策时为 AI 模型中加入更多推理能力。但当时基于 VLM 的推理速度很慢（当时为 2-3Hz），它也不能理解在执行任务的 中间接受由人类提出的新指令。 在基于 VLA（Vision Language Action）架构的辅助驾驶方案中， 最大的改进在于使用、依靠大模型的语言智能提供决策能力——空间智能的输入会转化成语言智 能的理解表达编码，最后形成动作指令 。 作为全球第一个展示 VLA 辅助驾驶范式的车企，理想应用基于视觉-语言-行为大模型、新一代英伟达 Thor-U 芯片和禾赛 ATL 激光雷达的 VLA 司机大模型，让新 车型的辅助驾驶能力实现大幅提升。 在理想 i8 发布之前，工程师向我们分享了他们基于最新 VLA 模型的辅助驾驶技术以及研发历程。 全球范围内，辅助驾驶系统刚刚经历了从无图智驾到端到端范式的革新，不过理想在大规模实践后认为，面向 ...

Investment Rating - The report assigns an "Buy" rating for the company, marking its first coverage [5][11]. Core Insights - The automotive industry is undergoing a transformative phase driven by artificial intelligence, and the company is positioned to become a leading player in this space. The strategic decisions made by the company's leadership are crucial for navigating the evolving market landscape [6][19]. - The company is expected to maintain steady growth in sales and profitability due to its strong brand power and systematic capabilities, particularly in the high-end family extended-range SUV segment [7][13]. - The introduction of the VLA model is anticipated to enhance the company's sales and alter the competitive landscape, with a focus on delivering innovative driving experiences [8][13]. Summary by Sections Investment Rating and Valuation - The company is projected to achieve non-GAAP net profits of 9.2 billion, 15.6 billion, and 19 billion RMB for 2025-2027, with year-on-year growth rates of -14%, +70%, and +22% respectively. The current stock price corresponds to P/E ratios of 25, 15, and 12 times for the same years [9][11]. Key Assumptions - The company is expected to sell 509,000, 660,000, and 739,000 vehicles from 2025 to 2027, with total revenue projections of 144.9 billion, 194.7 billion, and 223.4 billion RMB for the same period [12]. Investment Logic - The current penetration rate of new energy vehicles is facing a bottleneck, leading to a competitive environment where brand strength and intelligent features are critical for success. The VLA model is expected to provide a new paradigm for the industry, with the company well-positioned to leverage its technological capabilities and organizational efficiency [13][19]. - The company’s L series has built a strong brand presence, which is expected to help maintain sales and profitability amidst increasing competition. The upcoming i series is anticipated to further enhance the company's market position [26].