汽车智能化7月报：小鹏量产落地端到端战略看好L3智能化

东吴证券股份有...07-31 15:31

L3智能化整车环节跟踪L3级别渗透率跟踪：6月高阶智驾渗透进一步加速，产业趋势明确。L3级渗透率为6.0%，环比+1.1pct，主要系新M7起量所致；准L3级智能驾驶汽车销量渗透率为6.7%，环比+0.6pct。重点车企来看，6月L3高阶智驾渗透率问界>理想>小鹏；问界智驾max版本渗透率提升至95%以上，小鹏、理想max销量比例维持40%左右。L3级别功能落地跟踪：理想/小鹏智驾能力再升级。1）...

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Robotaxi爆发式增长，技术+政策+产业三方发力有望加速规模化运营：2026年有望成为Robotaxi规模化量产元年。我们预计Robotaxi年均利润依然有望超越出租/网约车模式，相应对于企业盈利和用户出行成本均能带来正向改善。我们判断Robotaxi有望率先替代B端市场，2026/2030年国内Robotaxi市场保有量分别有望达到10/300万辆，年新增销量分别6/150万辆。L3智能化零部件环节跟踪：高端智能化配置加速上车，高阶智能化车型放量（问界M9等）带动智能化渗透率提升。1）智能化增量零部件：6月HUD渗透率为18.6%，环比+0.4pct，激光雷达渗透率为6.8%，环比+0.1pct。2）底盘零部件：6月线控制动渗透率为40.2%，环比-0.7pct，空悬渗透率为3.3%，环比-0.4pct。3）原材料价格跟踪：本月(2024.6.1-2024.6.28)铝价格-5.3%，钢价格-4.6%。 。投资建议：汽车行业智能化转型产业趋势明确，有望加速行业迭代和落后产能出清，并打开国内汽车产业全球化天花板。看好智驾头部车企以及智能化增量零部件：1）华为系玩家【长安汽车+赛力斯+北汽蓝谷+江淮汽车】；2）头部新势力【小鹏汽车+理想汽车】；3）加速转型【吉利汽车+上汽集团+长城汽车+广汽集团】；4）智能化核心增量零部件：域控制器（德赛西威+经纬恒润+华阳集团+均胜电子等）+线控底盘（伯特利+耐世特+拓普集团等） 。风险提示：智能驾驶相关技术迭代/产业政策出台低于预期；华为/小鹏等车企新车销量低于预期。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Product Release","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.26.0","shortVersion":"4.26.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2455725879"}

汽车智能化7月报：小鹏量产落地端到端 战略看好L3智能化

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汽车智能化7月报：小鹏量产落地端到端战略看好L3智能化