搭载量100万辆、激光雷达发货量100万台、车位到车位领航辅助（NCA）累计使用次数1000万次、累计辅助驾驶里程40亿公里、28款合作车型 上市……这些突破性的数字背后，华为乾崑智驾（ADS）正快速发力。 8月22日，华为智能汽车解决方案BU CEO靳玉志接受《中国汽车报》等媒体采访，深度解读了华为乾崑智驾实现跨越式发展的核心逻辑，以及面向未 来的战略布局。 ADS 4 落地，加速推进L3/L4进程 据了解，华为乾崑智驾ADS已历经三代商用发展。其中，2022年发布的ADS 1，率先实现城区NCA商用；2023年发布的ADS 2，不依赖高精地图， 让"全国都能开"变为现实，并推出全向主动安全系统，极大拓展了辅助驾驶的可用边界；2024年发布的ADS 3，提供了端到端以及车位到车位功能。 靳玉志透露，截至目前，华为乾崑智驾已有28款合作车型上市，包括"五界"以及阿维塔、深蓝、岚图、猛士、传褀、方程豹、奥迪等品牌，覆盖轿车、 SUV、MPV、越野等多类别车型，价格区间从15万到逾百万元，同时涵盖纯电、增程、燃油车、混动等动力形式。 之所以能取得这么多成果，靳玉志认为，这得益于华为一直以来的核心价值观，即始终坚持 ...

据靳玉志介绍，截至2025年7月，搭载华为乾崑智能辅助驾驶系统的车辆已突破100万辆，激光雷达发货 量同样超过100万颗。该系统自启用以来，累计辅助驾驶里程已达40亿公里，成功避免潜在碰撞事件254 万次。 此外，车位到车位领航辅助功能累计使用次数超过1000万次。仅在7月单月，用户人均使用辅助驾驶里 程近700公里，人均辅助泊车达37次。语音助手"小艺"调用量累计实现24亿次，无缝流转功能使用次数 也累计达1.4亿次。 在落地方面，自今年4月华为ADS 4发布以来，已率先搭载于尊界S800车型。预计自9月起，更多合作车 型将陆续启动升级推送，具体时间依车企官方公告为准。 靳玉志还提出，希望2027年实现无人干线物流试点和城区L4规模商用，到2028年进一步推进无人干线 物流的商业化运营，以推动L3、L4自动驾驶技术产业链的快速发展。 凤凰网科技讯 8月25日，据易车网消息，华为智能汽车解决方案BU CEO靳玉志披露华为乾崑智能辅助 驾驶系统多项关键数据。靳玉志透露，ADS 4预计在今年实现高速L3级试点商用能力及城区L4级测试能 力，希望在法规允许的情况下，明年具备高速L3能力以及城区 L4试点能力。 ...

Investment Rating - The report initiates a "Buy" rating for the company with a target price of RMB 180.5, indicating a potential upside of 38.4% from the current price of RMB 130.40 [4][17]. Core Insights - The company is experiencing a significant transformation towards high-end electric vehicles, with its brand "Wenjie" establishing a strong presence in the luxury market, particularly against traditional luxury brands [5][10]. - The collaboration with Huawei is enhancing the company's technological capabilities and brand perception, driving profitability and market competitiveness [10][15]. - The expected launch of the updated M7 model is anticipated to strengthen the company's position in the competitive 250,000 to 350,000 RMB SUV market [5][14]. Financial Overview - Revenue projections show substantial growth, with expected revenues of RMB 35,842 million in 2023, increasing to RMB 175,174 million by 2025, reflecting a year-on-year growth of 305% [9]. - Net profit is projected to turn positive in 2024, reaching RMB 5,946 million, with earnings per share expected to rise to RMB 3.94 [9]. - The company’s gross margin is expected to reach 27.1% by 2025, significantly higher than industry peers, driven by the high-end product mix [10][17]. Market Positioning - The high-end electric vehicle market in China is projected to grow, with sales expected to reach 2.6 million units by 2024, capturing over 23% of the total electric vehicle market [10][19]. - The company's Wenjie M9 model is leading sales in the 450,000 to 600,000 RMB segment, indicating a successful penetration into the luxury SUV market [10][33]. - The Wenjie brand is expected to capture over 50% of the company's total sales by 2025, with the M8 and M9 models driving this growth [17][39]. Competitive Landscape - The report highlights the competitive dynamics in the high-end SUV market, where the Wenjie M9 is positioned against traditional luxury brands like BMW and Mercedes-Benz, offering superior technology and value [10][34]. - The company is leveraging its partnership with Huawei to enhance its product offerings, particularly in smart driving and intelligent cockpit features, setting it apart from competitors [15][32]. - The report notes a shift in consumer preferences towards high-tech and electric vehicles, benefiting domestic brands like Wenjie, which are rapidly gaining market share [19][25].

Group 1: Capital Expenditure Cycle and Industry Comparison - The capital expenditure cycle is a key driver of industry cycles in China, with capital expenditure and PB, ROE changes being interrelated. The cycle is divided into three stages: oversupply leading to performance decline, capital expenditure downtrend improving free cash flow, and supply-side clearing leading to performance recovery [7][8]. - The PB-ROE model indicates significant investment value in the second stage, where PB is low and ROE is expected to improve, and in the third stage, where PB is reasonable and ROE can steadily rise [7][8]. - Recent trends show a contraction in capital expenditure across secondary industries excluding finance and real estate, with an increase in the proportion of industries with positive free cash flow [8][9]. Group 2: Industry Opportunities and Recommendations - The report identifies 26 industries with potential investment opportunities based on supply-side improvements, focusing on consumption, cyclical, advanced manufacturing, technology, and healthcare sectors [8][9]. - A quantitative industry rotation strategy based on free cash flow has been constructed, yielding annualized returns of 11.1% and 13% for the consumption and advanced manufacturing sectors, respectively, outperforming benchmarks by 5.1 and 3.1 percentage points [9]. - Recommended companies include DeYee Co., which has a strong position in emerging markets, and AiRuo Energy, which is expected to benefit from overseas industrial storage [10][13]. Group 3: Energy Equipment and New Energy Sector - The first quarter saw a recovery in the performance of household storage inverter companies, particularly in emerging markets like India and Southeast Asia, where demand is growing [10][12]. - The report highlights the potential for rapid growth in the commercial storage market in Europe, despite a weaker overall demand in the region [10][12]. - Key players such as DeYee Co. and JinLang Technology are recommended for their strong market positions and growth potential in emerging markets [10][13]. Group 4: Automotive Industry Insights - The automotive industry's high-end strategy is categorized into two types: companies focusing on their strengths and expanding their lead, and those adopting benchmarking strategies [14][15]. - Recommended companies include Li Auto, Great Wall Motors, and Xiaomi for their distinctive brand advantages and ongoing development [15][16]. - The report notes that stricter regulations on intelligent driving are leading to increased focus on safety and compliance among automotive companies [15][16].