证券研究报告 | 2025年11月26日 汽车智能化月报系列（三十） 优于大市 9 月城区 NOA 渗透率达 16%，小鹏发布第二代 VLA、Robotaxi、全新一代 IRON 行业新闻：1）小鹏发布第二代 VLA、Robotaxi、全新一代 IRON、汇天飞 行体系；2）小马智行第四代自动驾驶卡车家族将于明年量产；3）文远 知行 Robotaxi 拿下瑞士纯无人牌照；4）地平线与大众汽车集团深化战 略合作；5）黑芝麻智能发布 SesameX 平台，开启机器人"全脑智能" 新纪元；6）禾赛斩获理想汽车全新一代辅助驾驶平台全系车型激光雷 达独家定点；7）佑驾创新小竹无人车规模化落地持续提速。 高频核心数据更新：1）800 万像素摄像头占比持续提升。2025 年 9 月， 乘用车前视摄像头渗透率为 67.8%，同比+8pct，环比+0pct，其中 800 万像素摄像头占比为 46.7%，同比+28pct，环比+2.3pct；2）英伟达芯 片占比提升。2025 年 9 月，乘用车驾驶域渗透率 34%，同比+17pct，环 比+1pct，其中 mobileye、TI、地平线、英伟达、特斯拉 FSD、华为芯 片占比 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence sector [4][6]. Core Insights - The automotive intelligence industry is experiencing significant advancements, with companies like Xiaopeng Motors and Leap Motor being recommended for investment. For L4 level autonomous driving, Pony.ai and WeRide are highlighted as key players. In the component sector, Hesai Technology is recommended for data acquisition, while Horizon Robotics and other companies are suggested for data processing and application [4][5]. Industry News - Tesla's Robotaxi service is set to expand to 8 to 10 regions by the end of the year [1]. - Xiaopeng Motors and WeRide have initiated their IPO process, aiming for a Hong Kong listing on November 6 [1]. - Stellantis is collaborating with Nvidia, Uber, and Foxconn to accelerate its Robotaxi deployment [1]. - Hesai Technology has secured a 5 billion yuan global order in automotive intelligence [1]. - Yujia Innovation's unmanned vehicle has begun operations in Huaqiangbei, marking a new phase in smart logistics [1]. - Jiusi Intelligent has completed a $100 million Series B4 financing led by Ant Group [1]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles reached 43.8% in August 2025, up 27 percentage points year-on-year [2]. - Nvidia's chip penetration in passenger vehicle driving domains increased to 57.2%, a year-on-year increase of 27 percentage points [2]. - The penetration rate of lidar in passenger vehicles reached 10.4%, with Huawei holding a 40% market share among lidar suppliers [2]. Smart Driving Insights - The penetration rate of passenger vehicles with L2 and above functions reached 33.3% in August 2025, an increase of 18 percentage points year-on-year [3]. - The penetration rates for front-view cameras, forward millimeter-wave radar, and lidar were 67.8%, 57.5%, and 10.4%, respectively [3]. - The penetration rate of driving domain controllers reached 33.2%, up 17.5 percentage points year-on-year [3]. Investment Recommendations - Recommended companies include Xiaopeng Motors, Leap Motor, and Geely for complete vehicles. For L4 autonomous driving, Pony.ai and WeRide are suggested. In the components sector, Hesai Technology is recommended for data acquisition, while Horizon Robotics, Black Sesame Technologies, and others are recommended for data processing [4][5].

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence sector [6]. Core Insights - The automotive intelligence industry is experiencing significant advancements, with companies like Xiaoma Zhixing and Wenyuan Zhixing preparing for their IPOs in Hong Kong, and Junsheng Electronics securing a global order worth 5 billion yuan [1]. - The penetration rates of advanced driver-assistance systems (ADAS) and related technologies are on the rise, indicating a robust growth trajectory for the sector [3][4]. Summary by Sections Industry News - Tesla's Robotaxi service is set to expand to 8 to 10 regions by the end of the year [1]. - Xiaoma Zhixing and Wenyuan Zhixing are initiating their IPO process, targeting a listing on November 6 [1]. - Stellantis collaborates with Nvidia, Uber, and Foxconn to accelerate its Robotaxi strategy [1]. - Hesai Technology continues its strategic partnership with Xiaomi Automotive through 2026-2027 [1]. - Junsheng Electronics has received a new global order worth 5 billion yuan in automotive intelligence [1]. - Youjia Innovation's unmanned vehicle has begun operations in Huaqiangbei, marking a new phase in smart logistics [1]. - Jiushi Intelligent has completed a $100 million Series B4 financing led by Ant Group [1]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles is projected to reach 67.8% by August 2025, up 10 percentage points year-on-year [2]. - Nvidia's chip penetration in passenger vehicle driving domains has increased to 33.2%, a year-on-year rise of 18 percentage points [2]. - The market share of LiDAR in passenger vehicles is expected to reach 10.4% by August 2025, reflecting a year-on-year increase of 4.3 percentage points [2]. Smart Driving - The penetration rate of passenger vehicles equipped with L2 or higher functions reached 33.3% in August, an increase of 18 percentage points year-on-year [3]. - The penetration rates for front-view cameras, forward millimeter-wave radars, and LiDAR are 67.8%, 57.5%, and 10.4%, respectively, showing significant growth [3]. - The driving domain controller penetration rate is 33.2%, up 17.5 percentage points year-on-year [3]. Investment Recommendations - Recommended companies include XPeng Motors, Leap Motor, and Geely for complete vehicles, while Xiaoma Zhixing and Wenyuan Zhixing are recommended for L4 technologies [4]. - For components, Hesai Technology is recommended for data acquisition, while companies like Horizon Robotics and Junsheng Electronics are suggested for data processing [4]. Key Company Earnings Forecast and Investment Ratings - XPeng Motors: Outperform, with a projected EPS of -3.03 yuan for 2024 [5]. - Xingyu Co., Ltd.: Outperform, with a projected EPS of 4.93 yuan for 2024 [5]. - Horizon Robotics: Outperform, with a projected EPS of 0.18 yuan for 2024 [5].

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [4][5][6]. Core Insights - The automotive industry is experiencing significant advancements in smart driving technologies, with a notable increase in the penetration rates of L2 and above functionalities in passenger vehicles, reaching 30.4% as of July 2025, up 15 percentage points year-on-year [3]. - The report highlights the strategic partnerships and market entries of key players, such as Horizon's collaboration with Hello to accelerate Robotaxi commercialization and Hesai Technology's listing on the Hong Kong Stock Exchange [1][4]. - The report emphasizes the growing importance of high-resolution cameras and advanced driving chips, with 800 million pixel cameras expected to reach a penetration rate of 66.7% by July 2025, and NVIDIA's driving chip market share increasing to 57.5% [2][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology plans to introduce mandatory national standards to set safety thresholds for autonomous driving technologies [1]. - Key developments include Xiaopeng Motors entering five European markets with new models and the successful road testing of Robotaxis in Dubai and Singapore [1][15][16]. High-Frequency Core Data Updates - By July 2025, the penetration rate of 800 million pixel front-view cameras in passenger vehicles is projected to be 66.7%, with a year-on-year increase of 6 percentage points [2]. - The market share of LiDAR in passenger vehicles is expected to rise to 10.7%, reflecting a year-on-year increase of 3.3 percentage points [2]. Smart Driving - The penetration rate of L2 and above smart driving functionalities in passenger vehicles has increased by 15 percentage points year-on-year, reaching 30.4% as of July 2025 [3]. - The report notes that the penetration rates for various sensors, including front-view cameras and LiDAR, have shown consistent growth [3]. Investment Recommendations - The report recommends investing in companies such as Xiaopeng Motors, Leap Motor, and Geely for complete vehicles, and companies like Hesai Technology and Horizon Robotics for components [4][5].

Core Insights - The penetration rate of passenger car driving domain controllers is projected to reach 31% by June 2025, with Nvidia's chip share increasing to 53.5%, marking a year-on-year growth of 25.4% [1][3] - The overall market for L2 and above autonomous driving features in passenger vehicles has increased by 13 percentage points year-on-year, reaching a penetration rate of 29.7% by June 2025 [4] Industry News - Waymo has received the first autonomous vehicle testing license in New York City [2] - The Shangjie H5 has launched with the HUAWEI ADS4 driver assistance system [2] - Horizon Robotics has upgraded its HSD, with the first model being the Chery Xingtu E05 [2] - Pony.ai has officially launched autonomous driving services in Shanghai's Pudong district [2] - WeRide has released an end-to-end driver assistance solution expected to be mass-produced by 2025 [2] - Hesai Technology has secured a contract for laser radar with a brand under Toyota, with mass production starting in 2026 [2] - The new generation of the IM LS6 will feature the Supcon Juchuang 520-line laser radar [2] High-Frequency Data Updates - The penetration rate of 8-megapixel cameras in passenger vehicles has reached 39.7%, a year-on-year increase of 22 percentage points [3] - The market share of laser radar in passenger vehicles has risen to 10%, with Huawei leading at 47% market share [3] Sensor and Control Unit Penetration - By June 2025, the penetration rates for front-view cameras, millimeter-wave radars, and laser radars are 67.6%, 57.4%, and 9.7% respectively, with year-on-year increases of 4, 5, and 2 percentage points [4] - The penetration rate of autonomous driving domain controllers in passenger vehicles is 30.9%, reflecting a year-on-year increase of 13.1 percentage points [4] Smart Cabin and Connectivity - The penetration rates for 10-inch and above central screens, 10-inch and above LCD instrument panels, HUDs, and smart cabin domain controllers are 85.2%, 50%, 19.4%, and 40.8% respectively, with varying year-on-year changes [4] - The penetration rates for OTA and T-BOX technologies are 76.8% and 69.0%, with year-on-year changes of +2 and -7 percentage points [4] Investment Recommendations - Recommended companies for complete vehicles include XPeng Motors, Leap Motor, and Geely [5] - For L4 autonomous driving, recommended companies are Pony.ai and WeRide [5] - Component recommendations include Supcon Juchuang and Hesai Technology for data acquisition, Hu Guang Co. for data transmission, and Horizon Robotics, Black Sesame, Kobot, Huayang Group, and Junsheng Electronics for data processing [5]

Core Viewpoint - The article discusses the rapid advancements in the automotive intelligence sector, highlighting the commercialization of autonomous driving technologies and the issuance of operational licenses for smart connected vehicles in Shanghai, which marks a significant step towards the integration of autonomous vehicles into everyday life [2][19][21]. Group 1: Key Developments in Autonomous Driving - Tesla's intelligent driving plan is set to further localize in China within the year, with the launch of Robotaxi services in various regions [17][18]. - Shanghai has issued a new batch of operational licenses for smart connected vehicles, allowing companies like Pony.ai and Baidu to commence autonomous driving services [19][21]. - Pony.ai's Robotaxi has received approval for demonstration operations in central Shanghai, expanding its autonomous driving network across major cities [21][22]. Group 2: Industry Data and Trends - As of May 2025, the penetration rate of L2 and above functions in passenger vehicles reached 28.1%, showing a year-on-year increase of 13 percentage points [6][7]. - The penetration rate of 800 million pixel cameras in passenger vehicles increased to 66.7%, with an annual growth of 23 percentage points [4][5]. - The market share of lidar in passenger vehicles reached 10%, reflecting a year-on-year increase of 4 percentage points [5]. Group 3: Technological Innovations - Pony.ai's seventh-generation Robotaxi has completed over 2 million kilometers of road testing, marking a significant milestone in the mass production of L4 autonomous driving technology [23]. - WeRide has launched a high-performance computing platform based on NVIDIA's latest DRIVE Thor X chip, enhancing the capabilities of its Robotaxi [25]. - 行深智能 has introduced an L4 autonomous driving solution based on Horizon's computing platform, expanding its application to urban logistics [26]. Group 4: Collaborations and Partnerships - Uber has partnered with Lucid and Nuro to launch an autonomous taxi fleet by 2026, integrating Nuro's technology into Lucid vehicles [30]. - Baidu and Uber have announced a strategic partnership to deploy autonomous taxi services in various markets outside the US and mainland China [32]. - GAC Group plans to deepen its strategic cooperation with Huawei to promote high-quality development in the automotive industry [36].

Core Viewpoint - The evolution of automotive intelligence is centered around data flow, which encompasses acquisition, storage, transmission, computation, and application to achieve smart driving and human interaction through sensory modalities [3]. Industry News - Tesla plans to launch autonomous taxi services in Austin, Texas, in June, starting with about 10 Model Y vehicles, monitored remotely for safety [14][15]. - Xiaomi officially launched the YU7 SUV, featuring standard laser radar, Thor computing platform, and panoramic display, set to hit the market in July [16]. - A new mandatory national standard for light vehicle automatic emergency braking systems is in the public consultation phase, expanding its applicability [15]. - RoboSense and Mammotion announced a strategic partnership to develop high-end robotic lawnmowers equipped with solid-state laser radar, aiming for 1.2 million units over three years [25]. - The 2026 Leap C10 model was launched, featuring Hesai ATX laser radar and a price range starting at 132,800 yuan [26]. High-Frequency Core Data Updates - As of March 2025, the penetration rate of 8MP cameras in passenger vehicles reached 23.8%, up 11 percentage points year-on-year [7]. - The penetration rate of L2 and above autonomous driving functions in passenger vehicles was 18.4% in March 2025, an increase of 4.3 percentage points year-on-year [9]. - The penetration rate of laser radar in passenger vehicles was 6.1% in March 2025, reflecting a year-on-year increase of 1 percentage point [8]. - The penetration rates for various sensors in March 2025 were 59.8% for front-view cameras, 47.2% for forward millimeter-wave radar, and 6.1% for laser radar [9]. - The penetration rate of OTA (Over-The-Air) updates in passenger vehicles was 74.5% in March 2025, showing a year-on-year increase of 3 percentage points [10]. Investment Suggestions - The automotive intelligence sector is witnessing significant advancements, with companies like Tesla, Xiaomi, and others leading the charge in smart driving technologies and features [2][4].