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昔日報告:
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政策+資本風頻起,智能駕駛汽車將迎來快速發展期

近期智能駕駛汽車領域的政策頻發:1)2024年6月4日,根據《關于開展智能網聯汽車准入和上路通行試點工作的通知》,工業和信息化部、公安部、住房城鄉建設部、交通運輸部等四部門組織對首次集中申報的方案進行了初審和擇優評審,研究確定了9個進入試點的聯合體,包括長安汽車、比亞迪、廣汽乘用車、上汽、北汽藍穀、一汽集團以及蔚來汽車等乘用車企業,和上汽紅岩、宇通客車等商用車企業。2)6月18日,國內首個《車路雲一體化實踐應用白皮書(徵求意見稿)》正式發布,有望助力解智能駕駛“長尾問題”,此前北京市公布近100億元車路雲一體化新基建項目規劃,武漢市170億元車路雲一體化重大示範項目獲有關部門批准備案,福州、鄂爾多斯、瀋陽、杭州等多個城市相關項目動招標。3)上海臨港新片區南匯新城正推動10輛特斯拉車輛開展全自動駕駛(FSD)落地試點,雖然具體日程仍不確切,但FSD帶動的端到端技術趨勢有望重塑中國智能駕駛行業格局。

我們認爲,智能駕駛是未來新能源汽車能否繼續擴大市場份額的“勝負手”,特別是自動駕駛能大大提升社會物流效率,符合國家發展戰略,後續支持政策將繼續出臺。

然而,由于仍處于行業萌芽期,智能駕駛堪稱“碎鈔機”,需要大量的資金研發投入和市場推廣,相關的企業目前都普遍面臨盈利挑戰,沒有後續資金投入將成爲無本之木無水之源。值得注意的是,今年以來,自動駕駛領域多家公司積極推進IPO。在一級市場投資謹慎的情況下,上市則成爲當下極爲迫切的選擇。這其中,既有軟件供應商,也有芯片玩家,也有激光雷達等硬件製造商。比如,知行汽車科技(1274.HK),速騰聚創(2498.HK)在港交所上市,禾賽科技(HSAI.O),Momenta赴美上市,縱目科技、地平綫、黑芝麻智能、佑駕創新、如祺出行等多家企業正式遞交招股書。

一方面,國內搭載高階智能駕駛的車型價格區間已下探至20-30萬元價格帶,另一方面,國內主流車企都將城區領航“全國都能開”作爲2024年的目標,汽車智能化産業鏈望深度受益于行業滲透率提升。

個股上,我們建議關注具備L3級別功能試點資格的整車廠,以及上游組裝、光學和電子元件相關産業鏈的供應商公司,比如比亞迪(1211.HK),蔚來汽車(9866.HK),宇通客車(600066.CH),舜宇光學科技(2382.HK),速騰聚創(2498.HK)。

撰稿: 章晶 研究分析員
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+86 21 51699400-103

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