Core Viewpoint - The report from浦银国际 highlights the growing importance of intelligent driving chips in the automotive industry, particularly as the sector transitions into the second half of the new energy vehicle (NEV) development phase [1] Industry Summary - The intelligent driving chip industry is receiving an "overweight" rating, indicating strong growth potential as it becomes a core component of intelligent driving functions in vehicles [1] - The global automotive-grade SoC market is projected to grow from 57.9 billion RMB in 2023 to 205.3 billion RMB by 2028, with a compound annual growth rate (CAGR) of 29% [1] - China's automotive-grade SoC market is expected to increase from 26.7 billion RMB in 2023 to 102 billion RMB by 2028, capturing 50% of the global market share [1] Company Summary - The report initiates coverage on Horizon Robotics (09660) and Black Sesame Technologies (02533), both receiving "buy" ratings with target prices set at 12 HKD and 21.4 HKD respectively [1] - Domestic intelligent driving chip suppliers are anticipated to expand their market share rapidly, benefiting from competitive pricing and production experience, alongside the trend of domestic substitution [1] - The report emphasizes that both independent Chinese automakers and leading NEV companies are driving advancements in intelligent driving technology, which will enhance the demand for intelligent driving chips [1]