Core Viewpoint - Lihexing (301013) is focused on the research, production, and sales of automation and intelligent equipment, aiming to become a leading provider of smart manufacturing solutions [1] Company Overview - The company is recognized as a national high-tech enterprise [1] - It emphasizes the deep integration of high-end equipment manufacturing with new-generation advanced technologies [1] Product Offerings - The main products include testing and process products for mobile intelligent terminals, such as: - Base station power testing platforms in the digital energy sector - Photovoltaic inverters and aging equipment [1] - In the new energy vehicle sector, the company provides testing equipment and related fixtures for: - On-board MCUs - OBCs - On-board T-BOX modules [1] - Additionally, the company offers aging equipment and FT testing fixtures for the server sector [1] Financial Disclosure - For specific operational details, stakeholders are encouraged to refer to the company's periodic reports [1]

Core Viewpoint - Chery Automobile is initiating a self-research chip program to develop its own vehicle MCU and intelligent driving SoC, aiming to enhance its competitiveness in the smart vehicle sector [2][4]. Group 1: Self-Research Chip Initiative - Chery's self-research chip plan is in its early stages, with recruitment for NPU design architects and senior chip design engineers underway [3][4]. - The company aims to transition from a traditional automaker to a modern intelligent industry cluster, with a focus on AI and smart technologies as a key growth area for the next 20 years [4][5]. - Chery's goal is to enter the top tier of intelligent driving capabilities by 2025, which necessitates the development of high-level intelligent driving chips [8][9]. Group 2: Cost Reduction Strategy - The shift towards self-research chips is driven by the need to reduce costs associated with purchasing high-end intelligent driving chips from suppliers [11][12]. - For instance, the cost of high-end driving hardware based on a 100 Tops computing platform for BYD is reported to be 4,000 RMB per unit, leading to a total cost of 16 billion RMB for 4 million vehicles [11]. - Chery's projected sales of over 2.6 million vehicles in 2024 indicate that its investment in intelligent driving will also reach a significant scale, potentially exceeding 10 billion RMB [11]. Group 3: Current Market Position and Challenges - Despite the self-research initiative, Chery currently relies heavily on external suppliers for its intelligent driving capabilities, which poses a challenge in achieving its 2025 goals [13][18]. - The company has established partnerships with leading suppliers like Huawei, NVIDIA, and Horizon Robotics to enhance its smart driving solutions [13][18]. - Chery's internal R&D team consists of over 5,500 personnel, indicating a strong foundation for developing autonomous driving technologies [18]. Group 4: Future Outlook - The ideal outcome of Chery's self-research efforts is to achieve technological independence and develop advanced features, while the worst-case scenario could result in merely evaluating supplier capabilities without significant technological advancement [19]. - The company is adjusting its strategy by integrating some self-research teams into its main R&D institute to ensure timely delivery of competitive products [17].