汽车行业点评报告：比亚迪发布“天神之眼” 智驾平权大势已成

五矿证券有限公司02-17

事件描述作为全球销量最大的新能源汽车企业，2024 年初比亚迪提出“油电平价”，并于5 月推出DM 5.0 混动系统，快速抢夺传统燃油车市场。2025 年2 月10日，比亚迪再次提出“智驾平权”，推出“天神之眼”智能驾驶技术，将高快（高速和城市快速路）NoA 技术最低下放至7 万元级车型，促进智能驾驶技术的普及和认知。事件点评“天神之眼”C 的纯视觉方案高快NoA 硬件成本将降至4000 元以内。...

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万元以上的新能源车占总体国内新能源终端销量87%左右，若快速渗透增长空间巨大。“天神之眼”的高快NoA 功能在低价车型震撼的快速下探预计将提升用户对于比亚迪智驾能力的信任，有效促进比亚迪汽车销量提升。智驾平权带来传感器和智驾芯片量价齐升，摄像头和智驾芯片长期确定性最高。此前比亚迪内部智驾研发类似“赛马机制”，“天神之眼”统一了传感器方案，提升不同车型数据的可复用性。12 摄像头+5 毫米波雷达+12 超声波雷达的平台化方案带来传感器需求量的提升，天神之眼C（DPilot 100）百Tops级别的算力需求也带来平价方案芯片平均价格的提升。长期看，视觉传感器无可替代，天神之眼C 方案的平价芯片增量最大，两者确定性最强。纯视觉的“二郎神”方案有效保障智驾能力下限，但上限仍待进一步开发。目前天神之眼C 的应用仍局限于高速NoA，小鹏Mona 03 Max 版本预计于2025 年2 季度交付，搭载纯视觉城区NoA 功能（小鹏称为NGP）， 刺激纯视觉智能驾驶功能的进一步竞争。而随着行业发展以及特朗普的上台后美国政治环境趋于稳定，FSD 入华的谈判预计也将逐渐明朗，待FSD 入华参与到竞争，纯视觉方案的上限也将愈加清晰。风险提示： 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