SCS(SH:601555)2024-06-23 11:47Financial Data and Key Metrics Changes - The overall sales penetration rate of new energy vehicles reached 45.2% in April 2024, with L3-level intelligent driving vehicle sales penetration at 4.5% [36][39] - Tesla's cumulative mileage for FSD (Full Self-Driving) surpassed 1.2 billion miles, showing a significant acceleration in growth since the release of FSD v11 [34][72] Business Line Data and Key Metrics Changes - The penetration rate of L3 intelligent driving in first-tier cities reached 8.8%, while second-tier cities stood at 5.6% [36][39] - The sales ratio of intelligent driving vehicles for the AITO brand (Huawei) was 91.6% in April 2024, indicating a strong market position [56] Market Data and Key Metrics Changes - The overall L3 intelligent driving penetration rate in China is on an upward trend, with first-tier cities leading the way [36][39] - The sales of intelligent driving vehicles in the AITO brand showed a slight decline, but overall performance remains strong compared to previous months [56] Company Strategy and Development Direction - The automotive industry is expected to see a shift where intelligent driving becomes a core variable for vehicle and component performance, with L3 and above penetration rates reaching a critical point [11][67] - Companies like Tesla, Huawei, and XPeng are positioned to benefit significantly from advancements in L3 intelligent driving technology [31][33] Management Comments on Operating Environment and Future Outlook - Management anticipates that the introduction of FSD v12 in H2 2024 will stimulate sales growth, particularly in the Chinese market [72] - The competitive landscape is expected to evolve with the introduction of new models and technologies, particularly from Huawei and its partnerships [78][83] Other Important Information - The upcoming release of new models from various manufacturers, including the Huawei-backed models, is expected to drive sales and market share [78][83] - The automotive sector is increasingly viewed as a key application terminal for AI, with significant implications for future investment strategies [9][10] Q&A Session Summary Question: What are the expectations for Tesla's FSD in the Chinese market? - Tesla's FSD v12 is expected to be introduced in H2 2024, which could significantly boost sales in China [72] Question: How is the competition shaping up in the intelligent driving space? - Companies like Huawei and XPeng are rapidly advancing their intelligent driving technologies, with new models expected to enhance their market positions [67][78]