Zhitong Financial APP learned that Kaiyuan Securities released a research report saying that the automobile industry has entered a technology transformation cycle, and the value of software in the automotive industry continues to increase. Huawei's Qiankun ADS intelligent driving function has been upgraded, and the technology ecosystem has been deeply empowered, accelerating the evolution of the industry pattern. In 2024, 11 brand models from 8 automakers will be equipped with Huawei's Qiankun Intelligent Driving System, and it is expected that more than 500,000 vehicles will be equipped with Huawei's intelligent driving system by the end of 2024.

The main views of Kaiyuan Securities are as follows:

Huawei empowers the automotive industry to upgrade and aims to build an intelligent and open platform

As the automotive industry enters a technology transformation cycle and the value of software in the automotive industry continues to increase, Huawei leverages its strong capabilities to deeply expand the automotive market and build an intelligent and open platform for the automotive industry. The establishment of the company has opened a new form of equity cooperation, further deepening cooperation with car companies on the basis of the three major models, attracting partners to invest in the company is expected to alleviate the financial pressure of car BU, and car companies are expected to get more technical empowerment and greater dividends in the long term, so as to achieve "two-way running".

In the first half of 2024, thanks to the hot sales of cooperative intelligent models, the net profit attributable to the parent company of Chebu reached 2.231 billion yuan, turning losses into profits, and the total revenue is expected to reach 22.485 billion yuan in 2024. In the future, with the continuous increase in the number of models installed in the product, it is expected to accelerate the transformation of China's automobile industry.

Qiankun ADS intelligent driving function upgrade, technology ecology formation depth empowerment

Qiankun Intelligent Driving includes two major solutions: ADS advanced version and ADS basic version.

In terms of functions, ADS3.0 can realize the intelligent driving pilot function from parking space to parking space, and ADS4.0 will launch high-speed L3 autonomous driving commercial and urban L3 autonomous driving pilots in 2025, showing strong strength with high-end functions.

In terms of algorithms, ADS3.0 uses the GOD network for the perception layer, PDP network for the decision-making and planning layer, and adds an instinctive security network to improve performance, while ADSSE adopts the same architecture as ADS3.0. In terms of data, the cumulative intelligent driving mileage has exceeded 736 million kilometers, and the amount of training data has reached 35 million kilometers per day.

In terms of computing power, as of October, the cloud learning and training computing power of the HUAWEIADS intelligent driving system reached 7.5 EFLOPS. Huawei's full-stack self-development and effective collaboration support the rapid iteration of intelligent driving solutions.

At the chip level, Huawei currently has two intelligent driving chips, Ascend 310 and 610, which can support MDC210/MDC300F/MDC610/MDC810 platform products, and models equipped with Huawei MDC610 can be upgraded to ADS3.0.

At the hardware level, Huawei's self-developed LiDAR, 4D millimeter-wave radar, and other sensors have built full-spectrum sensing capabilities.

At the cloud level, Huawei uses the Ascend AI infrastructure as its computing infrastructure to provide a full-stack autonomous AI computing base.

Empower car companies with intelligence and accelerate the evolution of the industry pattern

In 2024, 11 brand models of 8 car companies will be equipped with Huawei's Qiankun intelligent driving system on the market, including the four major brands of Hongmeng Zhixing, including the four major brands of Hongmeng Zhixing, such as Wenjie, Zhijie, Xiangjie, and Zunjie, and brands such as Dongfeng Lantu, Mengshi Technology, Changan Deep Blue, AVA, and Beiqi Jihu under HI mode, as well as brands such as GAC Trumpchi and BYD Formula Leopard to carry out flexible cooperation models with Huawei. It is expected that by the end of 2024, more than 500,000 vehicles will be equipped with Huawei's intelligent driving system.

Recommended and beneficiary targets:

Recommend Changan Automobile (000625.SZ), BYD (002594.SZ), Huayang Group (002906.SZ), Joyson Electronics (600699.SH), Huguang (605333.SH), Tuopu Group (601689.SH), Rayhoo Mould (002997.SZ), Sulian (301397.SZ), Zhejiang Xiantong (603239.SH);

Beneficiary targets: Cialis (601127.SH), BAIC Blue Valley (600733.SH), JAC (600418.SH), GAC Group (601238.SH), Bethel (603596.SH), Shanghai Yanpu (605128.SH), Huayi Technology (688071.SH), Xingyu (601799.SH), Guangfeng Technology (688007.SH), Wencan (603348.SH), Baolong Technology (603197.SH), Bojun Technology (300926.SZ), Mingxin Xuteng (605068.SH), Asia-Pacific (002284.SZ), Zhongding (000887.SZ), Shangsheng Electronics (688533.SH).

Risk warning: the progress of technology development is less than expected, the market demand is less than expected, and the policy promotion is less than expected.

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