研報掘金丨中金:明年智駕有望由量到質的發展 車企亦望向Robotaxi演進
中金公司發報吿指,今年乘用車智能駕駛快速發展,預計2025年智能駕駛有望成為從量到質的發展大年,NOA(導航輔助駕駛)滲透率有望提升至11.6%。主因L2+功能已基本完備,及Tesla FSD進入中國和Robotaxi帶來的雙重正向催化。中金認為,頭部車企為展示科技領先性,或將競爭的矛頭指向以L3、L4為代表的自動駕駛,或以AI及具身智能等相關領域。在智能駕駛的硬件上,因車企對智能駕駛硬件高成本的加價選配,使其選裝的硬件毛利率遠大於原車毛利率。該行認為,智能駕駛的軟件仍處於萌芽期,但頭部車企通過提高智能駕駛選裝率,仍獲得了增量回報。同時,該行認為,車企有望制定向Robotaxi演進路標,且內地智能駕駛方案商受益於技術更迭發展,具有明顯的全球競爭優勢,亦利好後續海外拓展銷售。
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