Hong Kong stock concept tracking | Tesla driving "catfish effect" catalyzes the development of domestic intelligent driving (with concept stocks)

Yesterday, after the Tesla FSD entered China, there were rumors that SAIC has been authorized to operate Robotaxi. Currently, it is understood that Tesla has communicated with SAIC twice, and there have been discussions with Geely as well, but there is still no clear news on the final decision and details. From the following points, we can see the feasibility: 1) Feasibility of SAIC: Since April of this year, there have been rumors about SAIC, BYD Company Limited, and Geely. Whether it is the urgency of SAIC's intelligence, or the establishment of Tesla's factory and localization storage center in Shanghai, once they cooperate, SAIC is more likely, and can also contribute revenue to the government. 2) Feasibility of Robotaxi: First, having the operational qualifications, SAIC's subsidiary, Saike Intelligence, operates Robotaxi, has the operational qualifications, and a ready-made FSD carrier; second, through cooperation with Robotaxi, it does not conflict with its own intelligent passenger car models, but instead can quickly establish Robotaxi and stabilize its position in the field of intelligent commercial vehicles. 3) Industrial trends: Today (11/12), two ministries issued the "Action Plan for Reducing Costs, Improving Quality, and Increasing Efficiency in Transportation and Logistics", which also mentioned accelerating the implementation of intelligent networked (autonomous driving) vehicle access and passage pilot projects, orderly promoting the demonstration application of autonomous driving and unmanned vehicles in key areas such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area. With the continuous catalysis of policies, the industrial logic is relatively smooth. If the cooperation becomes a reality, on the one hand, for Tesla, if the cooperation model with SAIC Robotaxi is successful, it may have a certain replicability and can cooperate with other independent brands to further increase the penetration rate of FSD; on the other hand, for SAIC, through the empowerment of FSD, it can also achieve overtaking in the intelligent competition. However, there are still certain uncertainties: on one hand, the core of FSD is algorithm software and data capabilities. Compared to domestic car companies, Tesla lacks local training data and the establishment of data centers is currently unclear. How to solve the data issues related to the FSD authorized Robotaxi model in future cooperation; on the other hand, the acceptance of car companies for the FSD authorized black box model. Tesla's accelerated entry into China and the "catfish effect" have catalyzed the development of intelligent driving in China: The V13 release is not only limited to the Americas, but will also be updated simultaneously in markets such as China and Europe. V13.3 is the first version of Tesla FSD's complete version entering China, or the core moment of accelerating intelligent driving, which is also a core factor in accelerating the beta of intelligent driving. Companies related to autonomous driving concepts: Baidu Group (09888): Baidu Apollo is Baidu's autonomous driving open platform, with leading autonomous driving technology and rich testing experience, making it a leading company in the L4 level autonomous driving field. IMOTIONAUTOTECH (01274): IMOTIONAUTOTECH is a Chinese provider of autonomous driving solutions, focusing on autonomous driving controllers. The company has commercialized L2 to L2+ level autonomous driving solutions (L2+ level is not an official classification under SAE (1) standards) and is developing L2 to L4 level autonomous driving solutions for OEMs. NEXTEER (01316): The company, together with its subsidiaries (referred to as Group), is mainly engaged in designing and manufacturing steering and power transmission systems, advanced driver assistance systems (ADAS) and autonomous driving (AD) for automobile manufacturers and other automobile-related companies. Components business. CHENQI TECH (09680): The company is a leading domestic smart transportation service platform, as well as a pioneer in the commercialization of Robotaxi (autonomous driving taxi) services, which has been launched in Guangzhou and Shenzhen, two first-tier cities. HORIZONROBOT-W (09660): According to data from the High-Tech Intelligent Automobile Research Institute, in the first half of this year, Horizon Robot-W ranked first in the market share of intelligent driving solutions installed in domestic passenger cars, with a market share of 28.65%; in the market for forward-looking integrated machine computing solutions (L2ADAS), Horizon Robot-W ranked first with a market share of 33.73%. Caitong pointed out that Horizon Robot-W's revenue mainly comes from automotive solutions, with the cumulative number of vehicle models exceeding 270 by the first half of this year. BLACK SESAME (02533): In the first half of 2024, thanks to the gradual increase in mass-produced models, the production of Navigation on Autopilot (NoA) has begun in some models and cities, chips, algorithms, software, and tool chains are becoming more mature, and the Group has made significant progress in the field of autonomous driving and intelligent automotive solutions. In the first half of 2024, the overall revenue scale increased by 69.2% compared to the same period last year, and there has been a significant breakthrough in the amount of orders in hand, accelerating the commercialization process, and the core advantages in the field of autonomous driving chips are becoming more prominent. ROBOSENSE (02498): In the first half of this year, ROBOSENSE sold approximately 243,400 units of LiDAR, an increase of 415.7% year-on-year, with approximately 234,500 units of LiDAR in vehicles, an increase of 487.7%. In the second quarter of 2024, ROBOSENSE sold approximately 123,000 units of LiDAR, with vehicle-mounted LiDAR sales of approximately 118,300 units. As of June 30, 2024, the total cumulative sales of LiDAR is approximately 583,500 units, with cumulative sales of vehicle-mounted LiDAR at approximately 518,300 units. Guangzhou Automobile Group (02238): In May 2021, Guangzhou Automobile Group made a strategic investment of more than 300 million US dollars in Didi's autonomous driving, with the latter valued at over 4 billion US dollars; in October 2023, Guangzhou Automobile Group Capital and Guangzhou Development Zone Investment Group increased their investment and completed a 149 million US dollars financing. Guangzhou Automobile Group once again bet 298 million US dollars. As of 2024, Guangzhou Automotive Capital has cumulatively invested nearly 800 million US dollars in Didi's autonomous driving.