[Table_Title] 证券研究报告 / 公司动态报告 AI+汽车筑基，端侧智能广泛布局 [Table_Summary] ➢ AI 原生整车操作系统构建技术壁垒，深化生态协同 [Table_Summary] 1）端侧 AI 算力筑基，整车系统智能飞跃。公司以智能操作系统技术为 核心，聚焦端侧人工智能产品和应用领域，为智能产业赋能。2025 年 4 月 24 日，公司发布面向中央计算的 AI 原生整车操作系统滴水 OS 1.0 Evo。公司以此操作系统为核心技术，构建"IP+服务+解决方案"三位一 体的业务模式，深度融合 AI 大模型技术，实现舱驾融合与 ZCU 虚拟化 平台的多域算力调度。同时，与高通、AMD、火山引擎等头部企业建立 战略合作，我们认为公司已经形成"芯片+OS+终端生态"协同体系，在 智能汽车产业的全栈式解决方案能力与市场竞争力明显增强。2）端云一 体混合 AI 正重塑汽车计算架构，AIBox 成为关键桥梁。AIBox 能够在 车辆本地进行数据处理和 AI 计算，减少对云端的依赖。在 AIBOX 领域, 公司推出的 AIBOX，搭载 NVIDIADriveAGX 芯片，可提供高达 200T ...

Core Viewpoint - The company has launched a new AIBOX product equipped with NVIDIA Drive AGX chip, providing significant AI computing power and bandwidth for applications in the automotive sector [1] Group 1: Product Launch and Features - The AIBOX product offers up to 200 TOPS of AI computing power and 205 GB/s of transmission bandwidth [1] - It enables the smooth operation of a 7B large model on the edge [1] - The AIBOX works in conjunction with the Droplet AIOS to create a "soft and hard collaborative" product and technology combination [1] Group 2: Technological Integration - The company has developed a comprehensive solution leveraging its HiAgent and Kouzi platforms, along with its operating system technology [1] - In the smart automotive sector, the company introduced an AI cockpit solution that features real-time interaction between the vehicle and cloud systems, achieving a 500 ms voice feedback response time [1] - The solution includes multimodal recognition and recommendation capabilities, enhancing user interaction experience [1] Group 3: Advanced Features - The GUIAgent, developed in collaboration with Volcano Engine based on the Mass platform, can autonomously plan, infer, and execute UI interaction operations [1] - This significantly improves the interaction experience within the cockpit [1]

Group 1: Investor Relations Activities - The report documents investor relations activities conducted by the company, including specific object research and participation from various investment firms [2][3][4]. - A total of 16 different investment firms and their representatives participated in the activities, showcasing a diverse range of interest from the investment community [2][3]. Group 2: AI and Automotive Developments - The company is focusing on the development of AI Box technology, which integrates AI computing architecture in vehicles, providing up to 200 TOPS of AI computing power and 205 GB/s of bandwidth [4]. - The AI operating system, known as Drip Water OS, is designed to enhance vehicle software development efficiency and supports a wide range of applications in smart cockpits and integrated driving systems [5][6]. Group 3: IoT Business Growth - The IoT business is rapidly expanding, with product categories including handheld devices, smart vision, edge computing, and AI glasses, among others [5][6]. - The company aims to leverage AI capabilities in IoT products, achieving significant performance improvements, such as a 75% increase in boot speed and a 50% faster camera response time for AI glasses [7]. Group 4: Robotics and Automation - The company has successfully implemented robotic solutions in logistics and warehouse operations for several Fortune 500 companies, showcasing its capabilities in automation [7]. - The latest robotic products include outdoor balance forklifts and narrow-body AMRs, designed to meet new standards in outdoor logistics and flexible manufacturing [7]. Group 5: Globalization and Market Expansion - The company is building a global automotive ecosystem to support internationalization and market entry strategies, integrating local and global application ecosystems [8]. - With a presence in 16 countries, the company is positioned to quickly respond to market trends and customer needs, enhancing customer satisfaction and development efficiency [8].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 5.148 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 39.34%. The net profit attributable to shareholders reached 229 million yuan, an increase of 50.72% year-on-year [4] - The third quarter performance exceeded expectations, with a revenue of 1.848 billion yuan, up 42.87% year-on-year, and a net profit of 71 million yuan, reflecting a 48.26% increase year-on-year [9] - The company is focusing on AI applications in automotive technology, launching the AIBOX product in collaboration with Geely, which utilizes NVIDIA's platform for real-time AI operations in vehicles [9] - The IoT business is rapidly expanding, with a revenue of 1.27 billion yuan in the first half of the year, marking a 136.14% increase year-on-year [9] Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are 1.08, 1.30, and 1.61 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 63.92, 53.04, and 42.61 [6] - Revenue projections for 2025-2027 are 75.51 billion, 90.84 billion, and 105.15 billion yuan, with growth rates of 40.23%, 20.30%, and 15.76% respectively [10] - The company’s net profit attributable to shareholders is expected to reach 495.25 million yuan in 2025, with a growth rate of 21.55% [10]

Financial Performance - The company achieved a revenue of 1.848 billion CNY in the recent quarter, representing a growth of 42.87% year-on-year [4] - Net profit attributable to shareholders reached 70.568 million CNY, an increase of 48.26% compared to the previous year [4] - For the first three quarters, total revenue was 5.148 billion CNY, up 39.34% year-on-year, with net profit of 229 million CNY, reflecting a growth of 50.72% [4] Product and Technology Development - The company is focusing on AI integration across various sectors, including smartphones, smart vehicles, and smart hardware, with a goal to transition from traditional operating systems to AI-based operating systems (AIOS) [4] - AIOS is designed to revolutionize the OS landscape by integrating traditional interfaces with AI capabilities, enabling new forms of interaction such as generative UI and multi-modal experiences [4] - The company is actively developing AIOS for automotive applications, exemplified by the launch of the Drip OS platform in collaboration with Geely at the IAA Mobility 2025 [4][6] AIOS Strategy and Implementation - AIOS is structured into four levels: M1 (prototype), M2 (small-scale), M3 (expandable), and M4 (mass production), with a focus on effective AI strategy execution [5] - The Drip AIOS leverages Qualcomm's Snapdragon Ride platform, achieving real-time operation of 7B large models in vehicles, enhancing the AI cockpit experience [5][6] - The company is expanding its AIOS applications to include AI glasses and other IoT devices, aiming for a comprehensive AI ecosystem [5] Market Expansion and Collaboration - The company is enhancing its overseas automotive ecosystem, facilitating the entry of foreign brands into China and integrating with local middleware and software ecosystems [5][7] - Strategic partnerships with chip manufacturers like Qualcomm and NVIDIA are pivotal for the development of AIOS and related technologies [6][9] - The company is also collaborating with major AI model firms to optimize applications in smart automotive environments, enhancing user experience through advanced AI interactions [8][9] Future Outlook - The company anticipates continued growth in its smart software and AI sectors, driven by advancements in AI mobile technology and heterogeneous computing [8] - The focus will remain on building a robust AI ecosystem that supports smart homes and AI hardware, ultimately aiming for a fully interconnected AI environment [8][10] - The company is committed to maintaining a strong global presence with R&D teams across 16 countries, ensuring responsiveness to local market needs [10]

Group 1: Company Overview and Strategy - The company has been focusing on the smart automotive sector since 2013, acquiring Rightware in 2017 to enhance its UI development tools for smart cockpits [3] - In 2025, AI is expected to redefine the automotive industry, transitioning from hardware-driven to AI-driven ecosystems [3] - The company aims to provide an integrated solution with "AIOS + AIBOX," creating a closed loop from software architecture to hardware support [3] Group 2: Product Innovations - The "滴水 AIOS" redefines the smart cockpit operating system, utilizing an AI-native architecture for dynamic resource management and seamless cloud integration [3] - The AIBOX, equipped with NVIDIA Drive AGX chips, offers up to 200 TOPS of AI computing power and 205 GB/s bandwidth, enabling smooth operation of large models [3][6] - The AI cockpit, built on Snapdragon Ride platform, features a 14B parameter model with a response time under 500ms, enhancing human-machine interaction [4] Group 3: Global Expansion and Market Strategy - The company has established a global R&D team across 16 countries, enhancing its ability to respond to local market needs [4] - The AIOS supports both domestic and international application ecosystems, aiding Chinese automotive manufacturers in their global strategies [4] Group 4: IoT and AI Applications - The IoT business has rapidly expanded, covering handheld devices, smart vision, edge computing, and AI glasses, among others [4][5] - The TurboXAI glasses utilize Qualcomm's Wear5100+MCU, providing millisecond-level response times and various functionalities [5] Group 5: Collaborations and Partnerships - The company has partnered with Volcano Engine since 2024, developing a comprehensive solution for the smart automotive sector [5] - The collaboration has led to the creation of an AI cockpit solution that integrates real-time cloud and vehicle communication, achieving a 500ms voice feedback response [5] Group 6: Robotics and Future Trends - The company is advancing its mobile robotics products, focusing on logistics and manufacturing sectors, with successful implementations in major global enterprises [6] - By mid-2025, the robotics products have been deployed in various industries, including automotive parts and logistics, with a growing presence in international markets [6]

Domestic News - Six departments in China have launched a three-month special action to rectify online chaos in the automotive industry, focusing on illegal profit-making, exaggerated and false advertising, and malicious attacks [3] - Shanghai has revised its vehicle replacement subsidy policy, requiring new cars purchased from September 11, 2025, to be registered in Shanghai [4] - NIO plans to issue 181.8 million Class A ordinary shares, with proceeds aimed at investing in core technologies for smart electric vehicles and expanding battery swap and charging networks [5] - Changan Automobile expects its available production capacity to reach 460,000 units, with a global market presence in over 100 countries [6] - BYD's first batch of megawatt fast-charging stations is set to be operational in Europe by the second quarter of 2026 [8] - Zhongke Chuangda, Geely, and NVIDIA have jointly developed the AIBOX, marking a significant advancement in AI applications in vehicles [9] - Dongfeng Hongtai has established a new power battery system company in Hubei with a registered capital of 200 million RMB [10] - Huawei has launched its ultra-fast charging stations in Thailand, enhancing the charging infrastructure for electric vehicles in urban areas [11] International News - South Korea plans to establish a 150 trillion KRW (approximately 108 billion USD) fund to invest in high-tech industries such as AI, chips, and future vehicles [12] - Toyota will begin producing two new electric SUV models at its Kentucky plant in the USA to improve production efficiency [13] - Lyft has launched an autonomous vehicle deployment plan in Atlanta, Georgia, as a pilot project for local passengers [14] - Mercedes-Benz plans to introduce over 40 new models in the next three years, investing over 2.3 billion USD in European factories to support this initiative [15] Commercial Vehicles - Qingling Motors and Guangdong Yuntao Hydrogen Energy have signed a strategic cooperation agreement to promote hydrogen fuel cell refrigerated trucks [17] - The first NESTA-certified power battery system in China has successfully passed rigorous safety tests, ahead of the new national standards [18] - SAIC Maxus's Starship X has received a five-star safety rating from Australia's ANCAP, becoming the first Chinese pickup to achieve dual five-star ratings in both Euro NCAP and ANCAP [19] - DeepWay has been recognized in the "2025 Soft Power Rankings - Future Industry TOP 50" for its innovation and industry impact in the field of smart heavy trucks [20]

Group 1: Automotive Market Overview - In August 2025, the comprehensive inventory coefficient of automotive dealers in China was 1.31, a year-on-year increase of 12.9%, but a month-on-month decrease of 3.0%, indicating inventory levels are below the warning line but above the reasonable range [1] - The retail sales of passenger cars in China reached 2 million units in August, a year-on-year increase of 4.6% and a month-on-month increase of 8.2%, with cumulative retail sales for the year at 14.74 million units, up 9.5% year-on-year [1] Group 2: Company Developments - BYD's senior management and core personnel increased their holdings by a total of 488,200 shares, amounting to approximately 52.33 million yuan [2] - NIO announced a $1 billion stock issuance, pricing American Depositary Shares at $5.57 each and A-class ordinary shares at HK$43.36, with plans to use the proceeds for R&D and network expansion [3] - Zhijie Automotive reported over 21,000 pre-orders for its new model within 15 days of launch, with prices starting at 249,800 yuan [4] - XPeng Motors officially opened its first R&D center in Munich, Germany, marking its ninth global R&D site [5] - BYD applied for trademarks related to "全民智驾" (Universal Smart Driving), focusing on enhancing vehicle intelligence through smart driving technology [6] - The Tengshi brand aims for a monthly sales target of 20,000 units, with aspirations to reach 30,000 units, driven by the launch of the Titanium 7 model [7] - FAW-Volkswagen launched the new generation of the Sagitar L, with prices starting at 114,900 yuan [8] - Zhongke Chuangda, in collaboration with Geely and NVIDIA, launched the AIBOX product at the IAA Mobility 2025 event [9] - SAIC established a new automotive sales service company with a registered capital of 30 million yuan [10] - Faraday Future announced the successful completion of its compliance monitoring period with NASDAQ, restoring its normal listing status [11]

Core Viewpoint - The report from Pacific Securities highlights that Zhiwei Intelligent achieved a net profit attributable to shareholders of 102 million yuan in the first half of 2025, representing a year-on-year growth of 80.08%, indicating sustained high growth driven by AI advancements [1] Group 1: Financial Performance - Zhiwei Intelligent's net profit for the first half of 2025 reached 102 million yuan, marking an 80.08% increase compared to the previous year [1] - The company is expected to maintain strong performance with projected EPS of 0.85 yuan, 1.23 yuan, and 1.58 yuan for the years 2025, 2026, and 2027 respectively [1] Group 2: Industry Trends - The growth in computing power demand and the positive development of industry leaders like NVIDIA are anticipated to continue driving the company's performance [1] - The company is launching multiple new AI products targeting various platforms, including Intel, NVIDIA, AMD, and domestic brands such as Rockchip, Haiguang, Longxin, and Feiteng [1] Group 3: Product Offerings - Zhiwei Intelligent has introduced various AI terminal products, including AIPC, AIBOX, and AIOPS, catering to different market needs [1] - The company provides AI servers, AI workstations, and AI integrated computing machines for ICT infrastructure [1] - For intelligent computing services, Zhiwei has launched the Tengyun HAT cloud platform, offering flexible leasing services [1] Group 4: Business Growth - The intelligent computing business and industrial IoT sectors of the company are experiencing rapid growth [1]