智驾平权-智驾芯片国产化步入加速轨道

Summary of Conference Call on Intelligent Driving Market Industry Overview - The intelligent driving market is expected to experience explosive growth starting in 2024, driven by competition among companies like BYD and Changan, with a projected increase in urban NOA (No Operator Assistance) penetration from less than 5% to over 15% by the end of 2025 [2][3][4] - The threshold for mid-to-high level intelligent driving technology at Level 3 on highways is anticipated to drop significantly from 150,000 yuan in 2024 to around 100,000 yuan [2][3] Key Insights and Arguments - The intelligent driving chips are categorized based on computing power into three types: - Low computing power (<30 TOPS) for L0-L2 levels - Medium computing power (30-150 TOPS) for Level 3 and limited urban NOA - High computing power (>150 TOPS) for full-scene autonomous driving [3][4] - Domestic replacement rates are high for low computing power chips, with products like Horizon's 9,293 series and TI TDA series leading the market [3][5] - The medium computing power chip market is gradually starting domestic replacements, with Horizon's J6E/J6M receiving orders from over 20 companies including BYD, Chery, and Dongfeng [3][5] - High computing power chips currently rely heavily on NVIDIA's Drive PX, but there is significant potential for domestic alternatives, with Horizon expected to launch new high-performance products in Q4 [3][5] Development Trends - The trend of automakers developing their own intelligent driving chips is gaining momentum, with companies like NIO, Xpeng, and Xiaomi actively engaged in self-research. For instance, NIO's SNS9,031 and Xpeng's 750 TOPS computing platform are set to enter production in August 2024, which is expected to significantly impact the competitive capabilities of OEMs in the next two years [6] - The development of end-to-end algorithms is driving high-performance integrated hardware and software solutions, with Horizon's J6P aiming to achieve integrated algorithm solutions, which could become a highlight in advanced intelligent driving in the coming years [7] Investment Recommendations - Investors are advised to focus on key companies in the domestic replacement wave, such as Horizon and Black Sesame, which have significant advantages in both vehicle and cloud applications [8] - Attention should also be given to the progress of automakers in developing their own chips, as this will determine their competitive performance in intelligent driving systems over the next two years [8] - High-performance integrated hardware and software solutions are also highlighted as an important area for investment [8]