The Zhitong Finance App learned that Minsheng Securities released a research report saying that the commercialization of Robotaxi has begun, and the singularity of intelligent driving has arrived. Overseas Tesla led the industrialization process, and the domestic policy side, supply side, and demand side ushered in a triple inflection point. It is recommended to focus on intelligent driving Bethel (603596.SH), Desai Xiwei (002920.SZ), Jingwei Hengrun-W (688326.SH), etc. + smart cockpit sound electronics (688533.SH), etc.

The main views of Minsheng Securities are as follows:

Overview: Robotaxi's commercialization inflection point has reached the first tier of the industry in China and the US.

Robotaxi provides L4-L5 autonomous driving services to achieve a combination of autonomous driving+shared travel, which can achieve high safety, a clear path to cost reduction, and is expected to open up long-term market space. Overseas Tesla is leading the industrialization process. Tesla continues to break through in advanced smart driving technology. The FSD V12 has achieved “end-to-end autonomous driving”, and Robotaxi will be released in October, becoming a potential catalyst for the sector. Currently, the Robotaxi industry has ushered in a triple inflection point: 1) continuous breakthroughs on the technology side, providing the necessary conditions for the implementation of Robotaxi. Currently, intelligent connectivity is accelerating, and the penetration rate of L2 intelligent driving continues to increase; 2) On the demand side, Robotaxi can have the dual advantages of price and safety, and the path of cost reduction is clear. Future safe driving capabilities are expected to surpass human drivers and open up long-term market space; 3) On the progress side, China and the United States are the first tier of the global Robotaxi industry, which are currently in the first tier of unmanned testing and small-scale commercial application. .

Domestic: “Radish Run+Wuhan” has become a model for success. Local policies tend to be facilitated.

The domestic Robotaxi industry is maturing at an accelerated pace, leading manufacturers are progressing rapidly, model cities are being implemented rapidly, and local policies are becoming more convenient: 1) The manufacturer, Radish Express is stable as the world's largest autonomous travel service provider, and is expected to achieve balance of payments in Wuhan by the end of 2024. Baidu is expected to enter a profit period in 2025, becoming the world's first autonomous driving travel service platform to achieve commercialized profits. In addition to Radish Run, domestic companies such as My Little Pony Zhixing, Wenyuan Zhixing, and AutoX are progressing rapidly; 2) The city, Wuhan has become the world's largest driverless operation service area. In addition to Wuhan, Beijing, Chongqing, Shenzhen, and Guangzhou have also begun pilot fully unmanned commercial operation of Robotaxi, and Shanghai is still in the fully unmanned testing stage; 3) policies, driverless vehicle policies vary greatly from place to place. Wuhan and Beijing's driverless vehicle application policies are quite convenient.

Overseas: Waymo and Cruise join forces to establish a complete commercial deployment framework for autonomous driving in California

The US Robotaxi industry started early. The two major industry leaders have established a first-mover advantage. California has become a bridgehead for autonomous driving: 1) The manufacturer, Waymo and Cruise are the two leaders of Robotaxi in the US. They have gone through more than ten years of development and have taken the lead in the commercialization stage of all-weather, fully unmanned commercialization; 2) Cities, California is rapidly advancing fully unmanned commercialization, and most other cities are still in the testing stage; 3) Policy, California has established a commercial deployment framework for autonomous driving, providing four types of autonomous vehicle passenger service plans. The commercialization of Robotaxi provides a policy foundation. Currently, the pilot program and commercial deployment plan are progressing simultaneously.

Investment advice:

The commercialization of Robotaxi has begun, and the singularity of intelligent driving has arrived. Overseas Tesla led the industrialization process, and the domestic policy side, supply side, and demand side ushered in a triple inflection point. It is recommended to focus on intelligent driving - [Bethel, Desai Xiwei, Jingwei Hengrun-W, Keboda] + smart cockpit - [Shangsheng Electronics (intelligent acoustics), Jifeng Co., Ltd. (smart seat), Guangfeng Technology (in-vehicle optics)].

Risk warning:

The increase in intelligent penetration falls short of expectations, customer expansion falls short of expectations, and market competition intensifies.