港股消费电子跟踪汇报：地平线机器人、黑芝麻智能、佑 驾创新、京东方精电 20250709 摘要 地平线机器人公司预计 2025 年营收 33 亿元人民币，2026 年 55 亿元， 2027 年 85 亿元，维持高速增长，目前市值约 900 亿港币，对应 2025 年 25 倍 PS，中阶智驾芯片出货量与新能源车企挂钩，但市场份额预期 未下降，高增长逻辑未变。 地平线高阶智驾芯片预计 2027 年贡献 30 亿营收，2028 年实现 100 亿元营收并扭亏为盈。长期来看，2030 年保守估计营收 260 亿，乐观 超过 300 亿，对应利润 80-100 亿，市值可达 2,600-3,200 亿港币。 黑芝麻智能 2025 年预计收入 8 亿元，对应 110 亿元市值约 13 倍 PS， 主要产品为 A1,000 系列智驾芯片，预计出货量大几十万片。公司正努 力切入比亚迪 TNGIC 平台，下一代智驾芯片 A2000 预计下半年定点， 明年量产。 黑芝麻智能预计 2025 年营收增速超 70%，达 8 亿元，2026-2027 年 收入预测分别为 15 亿和 22 亿，预计 2027 年盈亏平衡，实现 20 ...

行业研究丨深度报告丨汽车与汽车零部件 [Table_Title] 优质赛道穿越周期，机器人转型星辰大海——汽 车零部件行业 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 国内智能化升级叠加国产替代下优质赛道穿越周期，全球化和机器人转型打开新空间，坚定看 好汽车零部件板块：1）国内：智能化等升级赛道和国产替代；2）海外：全球化布局进入收获 期；3）人形机器人：汽车零部件企业机器人行业转型，有望开辟第二增长曲线。 分析师及联系人 [Table_Author] 高伊楠 张永乾 王子豪 SAC：S0490517060001 SAC：S0490524030002 SAC：S0490524070004 SFC：BUW101 张扬 SAC：S0490524030004 请阅读最后评级说明和重要声明 2 / 35 %% %% %% %% research.95579.com 2 汽车与汽车零部件 cjzqdt11111 [Table_Title 优质赛道穿越周期，机器人转型星辰大海 2] —— 汽车零部件行业 2025 ...

7月3日-5日，2025第九届集微半导体大会在上海张江科学会堂举行。 在半导体装备领域，刻蚀设备，清洗设备，离子技术设备，量检测设备都已进入产线大规模的应用，尤 其是上海在投资领域设立了规模达1000亿元的先导产业基金，重点投资集成电路等三大先导产业。 "我们也先后成立了上海集成电路的三期基金，并且在同步组建装备、材料、EDA等一系列行业并购基 金，推动行业并购整合、补链强链战略发展。"汤文侃说。 并且，产业生态持续加强和完善。上海组建了EDA、IP产业创新中心，加速全流程EDA和全栈IP研发； 成立了RISC-V产业创新中心，推动RISC-V在HPC、AI算力、智能终端和汽车电子等领域的发展，以及 建立了面向各行业的专利池和硬件开发平台；组建了汽车芯片工程中心，支持汽车芯片自主研发；持续 加强国家集成电路产业创新中心、国家智能传感器产业创新中心的能力建设，以及联合中国电子技术标 准化研究院在上海成立了芯片检测认证中心等。 在7月5日的大会主论坛上，上海市经信委副主任汤文侃在致辞中表示："近年来，上海积极落实国家的 战略部署，将集成电路作为重点发展的三大先导产业，已形成技术先进、产业链完整、配套齐全的产业 体 ...

Core Viewpoint - Ambarella is in discussions with bankers regarding a potential sale, leading to a significant stock price increase of 20.6%, marking its best performance since September 2021 [1][2]. Company Overview - Ambarella, based in Santa Clara, California, is known for its system-on-chip semiconductors and software for edge artificial intelligence, particularly in the automotive sector for electronic rearview mirrors and advanced driver-assistance systems [2]. - The company's stock has declined approximately 18% year-to-date, with a current market capitalization of nearly $2.6 billion [3]. Product Applications - Ambarella's products are widely used in human and computer vision applications, including video security, advanced driver-assistance systems (ADAS), electronic rearview mirrors, dash cameras, driver and cabin monitoring, autonomous driving, and robotics [3]. - The company has developed low-power processors for smart camera designs, supporting ultra-high-definition image processing, video compression, and deep neural network acceleration [3]. Strategic Developments - Ambarella began with action cameras and later shifted focus to automotive chips, acquiring VisLab, which has over 20 years of experience in autonomous driving [3]. - In 2021, Ambarella acquired a leading 4D millimeter-wave radar algorithm company, aiming to enhance its perception systems by integrating radar with camera-based systems [3]. - The company launched a 5nm low-power AI domain control chip, CV3, in 2022, and in 2023, it introduced the CV72AQ, a single-chip solution for all-time parking and driving applications [3]. Technological Advancements - Ambarella offers a comprehensive AI SoC with superior image processing capabilities, featuring its proprietary AI engine, CVflow, which provides high AI performance with lower power consumption and memory bandwidth [4]. - The CV72AQ chip supports real-time parking and driving solutions, while the CV3-AD655 domain control chip can process data from multiple sensors, including 11 cameras and 5 radar units, in real-time [4]. - The CV-AD685 chip has enhanced processing power, capable of handling 24 camera feeds and multiple radar and lidar inputs, facilitating rapid deployment of end-to-end solutions for manufacturers [5].

中信证券认为，监管层对于智能驾驶的安全性关注度提升，L2级辅助驾驶从宣传到具体操作层面都有 更严格的监管要求。在这种大背景下，预计L3将成为25Q4到2026年智驾的主要升级方向。L3商用解决 方案对于系统安全性冗余要求较高，预计将使得智驾芯片、域控制器、激光雷达和毫米波传感器、车载 Serdes、低压电源单车价值量显著提升，从而带来新一波投资机会。 智通财经APP获悉，中信证券发布研报称，建议沿"安全冗余驱动单车价值量提升"主线，重点布局双 SOC/MCU冗余计算平台、激光雷达分辨率提升叠加数量增加、TSN-SerDes高速车载网络、双12 V低压 电源/双 DCDC 冗余等几大领域。以6-12个月维度来看，预计法规放宽与高速L3商用落地节奏将触发零 部件订单加速兑现，估值与业绩双击可期。维持行业 "强于大市" 评级。 安全层面： L3对用户最大的价值是安全。长期来看智驾需要以"事故率需优于人工驾驶10倍"为目标，系统须从Fail- Safe 升级至 Fail-Degraded / Fail- Operational，推动智驾系统性能提升和进行安全冗余配置。 性能配置及安全冗余层面： 该行判断，计算平台采用 ...

每经记者｜杨建 每经编辑｜肖芮冬 （一）重磅消息 （二）券商最新研判 浦银国际证券：新趋势带来新机遇，于变局中开新局 展望下半年，预计中美证券市场走势将继续分化，且呈区间波动的态势。中国股市方面，优化杠铃策略 +关注企业出海+把握区间波动机会；美股市场方面，估值扩张空间或有限，杠铃策略同样有效，AI仍 是投资主线。 对于互联网行业，下半年投资机会主要来自AI行情下的估值修复；外部地缘环境仍是市场情绪的主要 扰动因素。"口红效应"带动情绪经济，泛娱乐或跑赢大电商。 对于科技行业，展望2025年下半年，"国补"带来的增量效应或在下半年逐步缓和，AI大模型行业将保持 快速增长，智能辅助驾驶渗透率加速上升。而海外关税不确定性影响或将减弱。 对于新能源汽车行业，中国新能源乘用车全年销量将同比增长24%，对应渗透率53.3%，增长强劲。今 年智能辅助驾驶快速向大众市场渗透，带动激光雷达、智驾芯片、智驾Tier1等环节受益。 对于消费行业，基于持续弱复苏的消费趋势判断，"新消费"企业有望在今年下半年继续跑赢整体消费板 块。而基本面较强的传统消费企业在较低的估值水平以及短期数据的催化下，有望表现出较大的股价弹 性。 对于医药 ...

Group 1 - The core viewpoint of the report is that the Chinese new energy passenger vehicle industry is expected to maintain rapid growth in the second half of this year, with annual sales projected to reach 15.25 million units, representing a year-on-year increase of 24% and a penetration rate of 53.3% [1][2] - The penetration rate of new energy passenger vehicles in China has rapidly increased from 6.1% in 2020 to an expected 53.3% in 2023, with significant growth in the supply of quality models across various segments [3] - The report highlights that the intelligent assisted driving technology is penetrating the market for vehicles priced between 100,000 to 200,000 yuan, with the NOA (Navigation on Autopilot) adoption rate reaching 18.9% in March 2025, indicating a significant increase [4] Group 2 - Several new energy vehicle manufacturers have improved their gross margins due to the growth in sales volume, enhancing the visibility of breakeven points for these companies [2][3] - The report anticipates that the demand for new energy vehicles will grow, benefiting various segments of the intelligent assisted driving supply chain, including lidar, driving chips, and Tier 1 suppliers [2][4] - The current valuation metrics for companies in the sector indicate potential for long-term improvement, with specific companies like Li Auto and NIO showing varying price-to-sales ratios [4]

中新社北京5月27日电 (记者 刘文文)今年以来，中国汽车产业创新成果呈现井喷之势，多家新能源车企 核心技术领域取得重大突破。从动力电池技术迭代到智能驾驶系统升级，从充电技术突破到跨界生态融 合，一系列创新成果彰显出中国汽车产业的蓬勃活力与发展潜力。 中国汽车工业协会副秘书长陈士华称，今年以来，中国经济呈现向好态势，社会信心持续提振。汽车市 场在政策驱动、技术升级等多重因素推动下，市场活力持续释放。今年前4个月，中国汽车产销量首次 双双突破千万大关。其中，新能源汽车产销量分别为442.9万辆和430万辆，同比分别增长48.3%和 46.2%。 亮眼数据的背后，是关键技术的持续突破。动力电池技术方面，全固态电池研发取得突破性进展。近 期，宁德时代宣布其全固态电池研发进入预量产阶段，能量密度较传统液态锂电池提升超30%，循环寿 命突破2000次。国轩高科首条全固态电池中试线正式贯通，100%线体自主开发，设计产能达0.2吉瓦 时。 充电技术领域创新成果令人瞩目。目前行业主流大功率充电技术功率已达350千瓦-480千瓦，液冷超充 技术更是取得重大突破。华为推出的业内首个全液冷兆瓦级超充解决方案，可实现每分钟补充20 ...

Core Viewpoint - The founder and chairman of Leap Motor, Zhu Jiangming, addressed rumors about his death, emphasizing the importance of a healthy online discourse for entrepreneurs to work effectively [2] Group 1: Company Performance - Leap Motor delivered 87,552 vehicles in Q1, representing a year-on-year increase of 162.1% [3] - The company achieved revenue of 10.02 billion yuan in Q1, a year-on-year growth of 187.1% [4] - Leap Motor's gross margin reached a historical high of 14.9%, attributed to increased sales, cost management, and product mix optimization [4] Group 2: Strategic Partnerships - Leap Motor has formed strategic partnerships with major companies like FAW Group and Stellantis, enhancing its capabilities in electric vehicle development and global expansion [4] - The joint venture "Leap International" has established over 500 sales and after-sales service outlets in 23 international markets, with more than 90% located in Europe [5] Group 3: Financial Health - The company reported a loss attributable to equity holders of 130 million yuan, a significant year-on-year reduction, although a slight increase was noted compared to the previous quarter [5] - Leap Motor's cash and cash equivalents totaled 25.7 billion yuan as of March 31, 2025, indicating a strong financial position [6] Group 4: Research and Development - Leap Motor has maintained a full-stack self-research approach, achieving significant efficiency in R&D and capital utilization [6] - The company plans to invest 800 million yuan in intelligent driving technology by 2025, with upcoming features set to launch in late 2025 and early 2026 [6]

关注 「电动车公社」 和我们一起重新思考汽车 就在昨天，蔚来新ES6/EC6上市了，起售价33.8/35.8万元。 表面上看，蔚来这次的升级策略，选择了"加量不加价"。切换到NT2.5平台之后，有不少用户呼声很高的功能，都换成了ET9同款。 就比如1000TOPS算力的 神玑NX9031智驾芯片，配合激光雷达等感知硬件，能实现城市辅助驾驶、紧急自主靠边停车（行业首发）、停车场自动寻路等功 能； 中控换挡变成了怀挡，屏幕也换成了 15.6英寸的2K横屏，抬头显示面积变大、还能提供转向补盲影像，NOMI升级成了3.0，前排座椅通风按摩、方向盘加热 也成了标配。 但在实际体验过后，郝人却发现蔚来这次的升级更像是"肉埋在饭里"： 很多提升都是配置表上看不出来，但却能在用车过程中，实打实地提升用户满意度的。 那么，作为蔚来走量的主力车型，ES6/EC6的产品力究竟如何 ？又能否助力蔚来月销维持在2万+台的水平？ 关注电动车公社 视频号 更多精彩视频不错过 戳开看视频 最后，再插播一下公社「视频 号」的广告 。除了今天的新车体验之外，平时文字说起来有些枯燥，但又值得「细说」的内容，我们都会放在这里。 比如这期，我们就揭秘 ...