汽车行业周报：宇树、FIGURE迎新进展比亚迪天神之眼开创全民智驾时代

华鑫证券2025-02-17

宇树展现极强学习能力， Figure 将发布重大更新需要重视国内优秀机器人厂商飞快进步速度。Unitree G1 于2024 年5 月13 日发布，定价9.9 万元起。在2024 年11月，宇树发布G1 利用AI 模型，仅花费两天时间就学会直立行走。宇树两个月时间就实现了人形机器人从学会走路到灵活奔跑。2025 年2 月，宇树机器人发布G1 跳舞视频，进行了算法升级，所有舞蹈随便学，展现强大学习...

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将发布重大更新需要重视国内优秀机器人厂商飞快进步速度。Unitree G1 于2024 年5 月13 日发布，定价9.9 万元起。在2024 年11月，宇树发布G1 利用AI 模型，仅花费两天时间就学会直立行走。宇树两个月时间就实现了人形机器人从学会走路到灵活奔跑。2025 年2 月，宇树机器人发布G1 跳舞视频，进行了算法升级，所有舞蹈随便学，展现强大学习能力。Figure 第二个客户已发货，月内将发布神经网络重大更新。2025 年2 月14 日，第一台Figure 02 发往第二家客户，使用单神经网络完成任务，并表示30 天之内将更新机器人进展。Figure 在商业市场重点是拓展少数客户，在少数客户中垂直发展比在许多客户中扩展会更加有效率。 Figure 第一个客户是宝马，此前已经在宝马工厂中深度实训。Figure 表示这两个客户将在4 年内出货量可能会达到10 万台机器人。投资建议：1）宇树链：长盛轴承、中大力德；2）Figure链：兆威机电、领益智造、长盈精密；3）丝杠是优质赛道，重点推荐双林股份，推荐贝斯特、震裕科技、北特科技；4）量产阶段，丝杠内螺纹磨床产是关键环节，关注华辰装备、日发精机、秦川机床； 5）其他：浙江荣泰、骏创科技。比亚迪发布天神之眼C 智驾，有望智驾快速普及比亚迪举行智能化战略发布会，并发布21 款智驾版车型。比亚迪于2 月10 日在比亚迪深圳全球总部举行比亚迪智能化战略发布会，发布了天神之眼C 智驾系统，并推出21 款智驾车型，覆盖7-20 万元级。比亚迪全系车型搭载智驾有望推动智驾快速普及。比亚迪新发布天神之眼C 智驾。比亚迪智驾方案包括天神之眼A 高阶智驾三激光版、天神之眼B 高阶智驾激光版及天神之眼C 高阶智驾三目版。其中天神之眼C 采用纯视觉方案，全球独创前视三目5R12V12U 硬件，基于BAS3.0+行泊车算法架构，2024 年新增训练里程7200 万公里/天，预计2025年底新增训练里程1.5 亿公里/天。天神之眼C 拥有高快领航HNOA、记忆领航MNOA 及智能泊车3 大功能。车企估值体系有望迎来重构。目前高阶智能驾驶方案主要采用订阅制及买断制两种方案。随着高阶智能驾驶方案逐步成熟，搭载高阶智能驾驶方案车型逐步上市，消费者接受程度及付费意愿逐步提高，高阶智能方案收入有望快速提升。车企将由销售车辆的硬件一次性收入转变为销售车辆硬件一次性收入+智驾功能订阅付费软件持续收入，车企估值体系有望迎来重构。华为于2 月20 日举行尊界技术发布会余承东宣布华为将于2 月20 日举行尊界技术发布会，揭晓尊界S800 核心黑科技。尊界S800 搭载途灵龙行底盘，支持双后轮转向、全球最大16 度蟹行角度，及全路况舒适智能控制技术。此外尊界S800 将首发支持融合感知充电机器人。投资建议：比亚迪发布天神之眼C 智驾系统级21 款智驾版车型，有望带动高阶智能驾驶系统渗透率快速提升。随着自主品牌智能化推进及车型布局逐步完善、高端车型的逐步推出，未来自主车企有望借助品牌塑造及智能化优势扩大高端市场份额。建议关注赛力斯、江淮汽车、北汽蓝谷等华为系主机厂。推荐标的我们持续看好汽车行业，维持“推荐”评级：（1）整车：国内40 万元以上市场进入壁垒较高，与华为有深度合作的鸿蒙智行车企有望逐步占据一定份额，建议关注赛力斯、江淮汽车、北汽蓝谷等；（2）汽车零部件：下游格局重塑、技术变迁叠加零部件出海，国产零部件迎来发展黄金期，关注成长性赛道：①内外饰：新泉股份、岱美股份、模塑科技；②轻量化：关注文灿股份、爱柯迪、旭升集团、嵘泰股份；③智能化：城区NOA 集中落地，Robotaxi 加速推进，关注中国汽研、中汽股份、华阳集团、伯特利、保隆科技；④人形机器人：特斯拉Optimus 量产在即，T 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汽车行业周报：宇树、FIGURE迎新进展 比亚迪天神之眼开创全民智驾时代

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汽车行业周报：宇树、FIGURE迎新进展比亚迪天神之眼开创全民智驾时代