Ping An Securities: The "core" power of the automotive sector is gathering strength, with domestic and foreign car companies achieving fruitful results in intelligent driving.

Ping An Securities released a research report stating that autonomous driving technology was one of the most discussed areas at this year's CES, attracting over 250 automotive technology-related companies to exhibit. NVIDIA leads the automotive "chip" force, with many tech giants launching major new products in the smart car field. Both domestic and foreign car companies gathered, showcasing new achievements in intelligent driving. The smart car field related technological achievements and major products at CES 2025 were splendid, demonstrating the promising development prospects of the global smart car field, and showing the investment opportunities in smart car themes. In terms of recommendations: Strongly recommend Thunder Software Technology (300496.SZ), recommend Huizhou Desay SV Automotive (002920.SZ), suggest focusing on China TransInfo Technology (002373.SZ), Jiangsu Tongxingbao Intelligent Transportation Technology (301339.SZ), VanJee Technology (300552.SZ). Ping An Securities' main points are as follows: NVIDIA leads the automotive "chip" force, with tech giants launching efforts NVIDIA founder Huang Renxun announced the next-generation automotive processor DRIVE Thor at the GTC conference, with a computing power of 2000TFLOPS, which is 20 times that of the previous generation, reducing costs and increasing efficiency, with diverse configuration modes and support for multi-domain computing. Many car companies have partnered with Thor, and NVIDIA is also accelerating AI model development through the Omniverse platform, expecting automotive business revenue to reach $5 billion in the fiscal year 2026. Intel launched two new car products at CES 2025, the Adaptive Control Unit ACU U310 and the Sharp B series on-board independent graphics card. The former can integrate multiple functions, reducing battery energy requirements; the latter provides high-performance computing. Intel also launched a car virtual design environment in partnership with AWS to reduce development costs and shorten time to market. Intel's Mobileye showcased three smart driving platforms at CES 2025, with the end-to-end autonomous driving system Mobileye Drive targeting unmanned taxi and logistics delivery fields. Its 4D imaging radar and EyeQ chip received attention. Domestic company BLACK SESAME debuted the Huashan A2000 series chip sample at CES 2025 for the first time, using a 7nm process, embedded with a self-developed NPU core for complete vehicle data processing, aiming to integrate ubiquitous intelligent driving in all scenarios. Multiple LiDAR products debuted at CES empowering unmanned driving solutions VanJee Technology has a wide layout in the LiDAR field, with products covering areas such as autonomous driving, Siasun Robot & Automation, and intelligent traffic, sold to over 30 countries with nearly 100,000 units accumulated. It showcased the super-thin 760 on-board LiDAR for the first time on the international stage, designed for advanced driver assistance, with high-precision detection and an ultra-thin body; the 750 full solid-state blind spot Supplementary LiDAR for low-speed unmanned driving has been implemented in China. In addition, the company also showcased multiple LiDAR products suitable for Siasun Robot & Automation and intelligent traffic, with the 3D safety LiDAR 719E being the smallest in size globally, currently in the pre-sale phase. Other manufacturers also showcased major products. ROBOSENSE presented the "thousand-line" long-range digital LiDAR RoboSense EM4, detecting distances up to 600m. Hesai Technology unveiled the 1440-line LiDAR AT1440 and the vehicle-grade pure solid-state LiDAR FTX, also releasing the mini ultra-hemispherical 3D LiDAR JT series for Siasun Robot & Automation fields and already in the mass production phase. Tudatong showcased long-range LiDAR Falcon K, wide-angle LiDAR Lingque W, and released the long-range LiDAR Lingque E1X. Domestic and foreign car companies gathered, showcasing new achievements in intelligent driving CES 2025 attracted over 250 automotive technology-related companies to exhibit, with many well-known car companies and suppliers participating. Under the drive of AI technology, achievements in the areas of intelligent cockpit, operating systems, and intelligent driving were fruitful. BMW debuted the new generation ultra-sense intelligent cockpit - the BMW groundbreaking panoramic iDrive, including four new technologies, to be launched with the first new generation SAV model in 2025. They also released the new generation operating system X as the underlying software architecture, meeting Chinese consumers in 2026. JiKe announced four major overseas strategies at CES 2025. In terms of intelligent driving, they launched a high-computing intelligent driving control platform that can adapt to the NVIDIA DRIVE Thor chip; for the intelligent cabin, they partnered with Qualcomm, with models already equipped with the KAI big model system; for the ultra-fast charging ecosystem, they introduced the overseas 800V ultra-fast charge replenishment plan; for intelligent architecture, the KAI RT jointly developed with Waymo will deliver large models. Great Wall brought the new Wei series Blue Mountain to CES, showcasing excellence in intelligent driving and cockpit, while the co-exhibited Soul S2000 motorcycle features the Qualcomm Snapdragon 8155 chip for intelligent interaction experience. Risk warning: 1) Intelligent car-related policy advances are lower than expected, 2) Intelligent car technology development is lower than expected, 3) Intelligent car business model exploration is lower than expected.