智能汽车系列专题报告（一）：智能网联汽车全栈布局静待华为后来居上.pdf
S0790519100001 2021 10 17 ICT 2020 10 HI Intel Huawei Inside HI 1 CC +4 +N AR-HUD CC Tier1 ADAS L4 ADAS L4 ADAS L2-L4 MDC MEMS Pilot 10 ARCFOX HBT 1 +8 +N ” HiCar OS V2X V2X ADAS 1 Tier1 23 CONTENTS 3 1.1 + 1 1.2 Huawei Inside Intel Huawei Inside Hi CC +4 + Hi Logo + ARCFOX S HBT 2021 4 2 3 1.3 CC E/E (Model 3) OTA EEA - - - - - SVA - - E/E - - 4 EE 1.3 CC CC + CDC+ VDC+ MDC 5 1 Tier123 CONTENTS 3 2.1 6 2.1 AVL 1 Snapdragon Ride700TOPS 130W 400TOPS 5.4TOPS/W2 MDC600 352TOPS 300W 72TOPS 1.2TOPS/W3 Drive AGX Pegasus320TOPS 500W 30TOPS 0.6TOPS/W4 FSD 144TOPS 72W 16TOPS 2TOPS/W5 Mobileye EyeQ5 24TOPS 10W 12TOPS 2.4TOPS/W6 Matrix 16TOPS 22W 4TOPS 0.7TOPS/W ADAS L4 ADAS L4 ADAS MDC 1 L2-L4 2 3 ISO26262 ASIL-D 7 ADAS L4 1 MDC600 2.1 1 + 2 Waymo + + Frost Sullivan 2025 135.4 43.1 2019-2025 CAGR 63.1% 8 9 2024 0204060801001201401602017 2018 2019 2020E 2021E 2022E 2023E 2024E 2025E Frost Sullivan Frost Sullivan 2.1 MEMS 2016 Pilot 10 MEMES FOV 200 2 10 MEMS Velodyne64 832 216 4000 Luminar MEMS 500Innoviz MEMS 400-500 Aeva MEMS 500Innovusion MEMS 800 MEMS 200 Quanergy OPA 500 2021 42.2 ICVTank 1+ 8+ N” 11 OS 1+8+N 12 2025 1030 OS 1+8+N 0200400600800100012002017 2018 2019 2020E 2021E 2022E 2023E 2024E 2025E 1+8+N 8 5 ICVTank 2025 1030 2019-2025 CAGR 15% ICVTank 2.2 1+ 8+ N” SoC SoC 710A 820A 3 820A 4 820A CPU GPU 710A 2 17.98-25.98 2018 5 G3 SUV3 14.68-19,98 2018 12 One SUV 4 32.8 2019 4 ME7 SUV3 36.68 2019 4 SUV1 35.68-45.58 2020 2 2020 A4 L 2 30.58-39.68 2020 4 P7 2 22.99-34.99 2020 4 05 SUV 2 17.58-23.58 2020 5 820A 710A 12nm 14nm CPU 4 Kryo 4 CortexA73+4 CortexA53CPU 2.1GHz 2.0GHzGPU Adreno530 Mali-G51 45.2k DMIPS+588GFLOPS CarPlay Android Auto GPS Hicar 2.2 1+ 8+ N” 1 QNX Linux OS 2 Ali OS Duer OS 3 ROM 4 Hicar CarPlay Android Auto HiCar + OS HiCar OS 1+ 8+ N” 13 14 OS 1+8+N 2.3 15 Hi Charge 96% AI 2.4 16 17 HUAWEI Octopus V2X 1 Tier1 23 CONTENTS 3 3.1 ADAS ADAS W-HUD 19 W-HUD 18 3.2 NRE+Royalty Tier1 NRE Royalty SoM + + SoM VR 20 21 TurboX Edge 3.3 HI 1 2021 4 HBT HI 2 IMC 55 ARCFOX 22 S HBT HI 5 ARCFOX 420,324.44 262,825.84 5G 36,757.00 35,613.21 ARCFOX 117,424.60 86,560.95 5.00 1 16.27% 165,000.00 165,000.00 739,506.04 550,000.00 3.4 AC8025 AC8267 AC6815 23 2019 24 2020 29.30%21.70%17.90%14.70%16.40% IDC IDC 0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%01000200030004000500060007000800090002019 2020 2021E 2022E 2023E 3.5 VCSEL DMS 1.6 2020 9 5000 200 IPO 10.1 1.6 25 Tier2 6 26,507.43 24,353.74 16,702.81 16,702.81 19.33% 7.54 14,964.90 14,964.90 45,000.00 45,000.00 103,175.15 101,021.45 3.6 2021/10/15 EPS( / ) PE 2021E 2022E 2023E 2021E 2022E 2023E002906.SZ 41.72 197.90 0.63 0.88 1.14 66.22 47.41 36.60300496.SZ 129.34 549.76 1.44 1.92 2.57 89.82 67.36 50.33600733.SH 12.90 553.06 002405.SZ 11.83 268.39 0.07 0.15 0.23 169.00 78.87 51.43A21012.SH Wind EPS Wind 2021 10 15 12 HI 1 Tier1 23 CONTENTS 3 4.1 612 A 300 500 buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 2017 7 1 R3 C3 C4 C5 C3 C4 C5 1788 1 10 18 C2 16 2030 1 45 1 B 5
