转自：新华财经 新华财经上海8月26日电（记者 王鹤）"只有具备强大制造能力，对人工智能未来科技全面布局，具有强大科技属性的汽车公司才能生存，走向未来。"在近 日举办的吉利汽车控股有限公司（0175.HK）上半年业绩会上，管理层释放出公司发展方向的重要信号。 吉利汽车集团CEO淦家阅在业绩说明会上指出，基于"感知-规控-决策"链式逻辑的传统辅助驾驶系统，在面对复杂道路场景时存在响应机制不够灵活的问 题。特别是在高速公路匝道、多车道变道等场景下，系统的决策能力与人类驾驶员仍存在差距。 针对这些痛点，吉利选择与千里科技深度协同的技术路线。双方合作开发的"One Model"，即一个大模型解决方案，采用端到端的深度学习架构，通过先进 的AI算法模型取代传统的算法和人工编写规则，实现技术路径的根本性变革。这种架构变革使得辅助驾驶系统能够更好地处理长尾场景，提升系统的泛化 能力。 在技术方面，吉利汽车7月发布了最新技术架构，包括云端WM世界模型、基座大模型、车端多模态VLA大模型，以及端到端安全对抗大模型，通过这些大 模型，吉利将构建出云端和车端协同的闭环系统——在云端训练AI、车端校验AI，使得整个系统具备持续进化能 ...

Core Viewpoint - Geely has established a comprehensive strategy focusing on safety in the development of intelligent driving technologies, aiming to make advanced driving features accessible across various vehicle price segments while ensuring robust safety measures [3][4][8]. Group 1: Intelligent Driving Technology - Geely has launched the "Qianli Haohan" intelligent driving system, which includes five levels of driving solutions (H1, H3, H5, H7, H9) catering to different price ranges [4][5]. - The company emphasizes the importance of safety in its intelligent driving solutions, leveraging extensive driving data and advanced technologies to ensure a secure driving experience [5][6][12]. - Geely's intelligent driving technology is designed to be inclusive, with features like highway navigation and automatic parking being made available in vehicles priced around 100,000 yuan [2][5]. Group 2: Safety Measures - The foundation of Geely's safety strategy involves comprehensive risk scenario identification and targeted product design [10][11]. - Geely has implemented a 720° intelligent safety protection system, which includes advanced features like AEB (Automatic Emergency Braking) and AES (Active Emergency Steering) to enhance active safety [14][15]. - The company has also developed safety features for low-speed scenarios, such as door opening warnings and obstacle detection, to prevent accidents [16]. Group 3: Technological Infrastructure - Geely has formed the "Intelligent Automotive Computing Alliance," achieving a computing power of 23.5 EFLOPS, significantly surpassing competitors [28][29]. - The integration of AI technologies, such as the AI-Drive model and world model, allows Geely to generate complex driving scenarios for training, enhancing the efficiency of intelligent driving systems [32][33]. - Geely's focus on advanced algorithms, including the release of the Xingrui model and collaboration with AI firms, positions the company for future advancements in autonomous driving [35][36]. Group 4: Long-term Strategy - Geely's commitment to safety and technology is rooted in its acquisition of Volvo, which has instilled a safety-first culture within the company [48][49]. - The company has been proactive in participating in regulatory pilot programs for advanced driving features, ensuring the safety and reliability of its products [50][51]. - Geely's extensive data collection, with over 750,000 vehicles equipped with L2 driving capabilities and a cumulative driving distance of over 10 billion kilometers, supports its ongoing technological advancements [51].

Event Overview - The company held an AI technology launch event, announcing collaborations with Jiyue Xingchen and Qianli Technology to enhance AI capabilities from intelligent driving and cabin systems to foundational large models [2] - Key developments include the introduction of the next-generation cockpit operating system Agent OS, the comprehensive rollout of the Qianli Haohan intelligent driving system, and the upgraded Starry Smart Computing Center 2.0 with a computing power of 23.5 EFLOPS [2] Analysis and Judgment - The launch of the Qianli Haohan intelligent driving system strengthens the company's position, with plans for future Geely Galaxy models to feature various levels of the Qianli Haohan system [2] - The Qianli Haohan system includes multiple tiers: H1 supports highway NOA and automatic parking, H3 adds urban commuting NOA, H5 offers full-scene D2D capabilities, H7 includes advanced features like parking valet, and H9 features a top-level L3 architecture [2] - The high-level intelligent driving solutions are expected to be priced below 150,000 yuan by 2025, accelerating market equality and boosting product sales [3] Product Launches - The company introduced the new C-class flagship electric sedan E8, priced between 149,800 and 198,800 yuan, featuring a 45-inch long screen and fully equipped seats [4] - The Galaxy series has been upgraded to the Geely Galaxy brand, integrating the LEVC Geely Yizhen brand into the Galaxy high-end MPV series, with the first model L380 starting at 339,900 yuan [5] - Current models are seeing price reductions of 3,000 to 6,000 yuan, which is expected to stimulate short-term demand [4] Investment Recommendations - The company's new energy brand is gaining momentum, with projected net profits for 2024-2026 at 16.42 billion, 14.1 billion, and 17.45 billion yuan, respectively, and corresponding EPS of 1.63, 1.40, and 1.73 yuan [6] - The PE ratios are estimated at 10, 12, and 10 times for the respective years, maintaining a "recommended" rating [6]