1 2024 北 京 车 展 前 瞻：黑 科 技 亮 相，高 阶 智 驾 加 速 落 地 计算机 证券研究报告/行 业 点 评 报 告 2024 年 04 月 14 日 Table_Main S0740524030002 13430277882 Email Table_Profit 332()31807.8()17409.3 Table_QuotePic-Table_Report Table_Summary 2024 4 25-5 4 1 PHUD 2-MB.OS 3 SUV Q6 e-tron Q6 e-tron AR-HUD 4 SUV EX30 1 5 DM-i L 07EV 20 NOA 2 L6 momenta+3 V9 MPV NOA HUD 2024 SUV MPV/1 Orin-X L6 Max+NOA MIX su7Pro Max NOA C10 C16 su7 L6 Pro 2:8295 HUD 1 HUAWEIADS 2.0 3 M1,Occupancy 2 4.0 S7 RF8 M8 4.0 AR-HUD M8 RF8 Mobileye Know-how+-2-.-3-1.1 PHUD.-3-1.2-MB.OS.-6-1.3 Q6 e-tron.-7-1.4 SUV EX30.-8-.-8-2.1 5 DM-i 20.-9-2.2 L6 momenta+.-11-2.3 V9 MPV NOA.-11-HUD.-12-3.1 2024.-12-3.2 Orin-X.-15-3.3 8295 HUD.-15-.-16-4.1.-16-4.2 HUAWEI ADS 2.0.-18-4.3 4.0 AR-HUD.-19-.-20-.-21-XVFUwPrMnOnMsMsRsPqPoP8OdNaQoMrRpNqMfQpPtPkPnMrP7NmMwOwMsRsMwMnQtR-3-1.1 PHUD 2024 BMW BMW MINI 1 BMW i4 2 BMW 4 BMW 4 M4 3 MINI MINI MINI Aceman MINI COOPER MINI Aceman SUV MINI COOPER 1/BMW SUV 30%eDrive 30%-i4 SUV L LED 560 42.99-54.99 M4-3.0T 6 530 89.39-101.39 MINI Aceman SUV-MINI COOPER MINI 300-400km 160 18.26+-4-+来源：中泰证券研究所 BMW 2025 2026 BMW 2023 2025 SUV 2026 6 BMW BMW BMW+30%BMW X eDrive 30%30%25%2 BMW 3 BMW X/QiVje2c8/rTwnqqy6e0g8iCYydMK33bsDsO0TSEcfYfN2rAJBQDs6ZsL3DANwxJ-5-PHUD BMW 3D PHUD HUD“”3D AR 3D“”“”4 BMW BMW 5 3D HUD -6-BMW 4 2 1 10 1 4 1.2-MB.OS-21 1 7 8 1 G EQG 2 CLA-AMG GT 63 S E PERFORMANCE 3-EQS SUV-AMG GT 63 S E PERFORMANCE 4.0T V8 831 1400 9 AMG Performance 4Matic+0-100km/h 2.9 320km/h 6/G EQG-AMG GT 63 S E PERFORMANCE-AMG Performance 4Matic+-CLA 800-EQS SUV SUV D Logo 22 275/40 R22-来源：中泰证券研究所 -7-MB.OS MB.OS 7 MB.OS 来源：梅赛德斯官网，中泰证券研究所 1.3 Q6 e-tron SUV Q6 e-tron Q6L e-tron 2024 PPE Q6 e-tron 4 2025 Q6 e-tron AR-HUD 1 E3 1.2 Q6 e-tron AI OTA 2 20 Bang&Olsen 3 SQ6 e-tron AR-HUD -8-8/Q6 e-tron SUV LED SQ6 e-tron 625km 800V Q6 e-tron 270kW 10 255km 285kW 100kWh 0-100km/h 5.9 380kW 4.3-来源：汽车之家，懂车帝，中泰证券研究所 1.4 SUV EX30 EX30 EX30 SUV 2024 2 14%1.1 22%EX30 12.3 5G CarPlay 9/EX30 SUV 66kWh 49kWh 590/540/410 200kW 115k 200kW 315kW-来源：汽车之家，中泰证券研究所 -9-2.1 5 DM-i 20 2024 1 L 06 07 2 Z9 gt N9 3 8 2024 10 20+30w+5 DM-i L PLUS L PLUS 10 15 A+DM-i AI 07EV 20 NOA 1 L2+NOA 2 07EV NVIDIA DRIVE Orin 254TOPS 13 5 12 1 DRIVE Thor ai AI 2 2023 6 6 2024 4 2024 6 3 36 10/L plus dmi 12.98 -10-60km 90km L 2000 74kW 160kW 3.8L 06 L B 60km 90km DM-i 120kW 160kW 07 SUV Ocean X 71.84 80.6 550 610 e 3.0 170 400 20-26 Z9 gt/dms N9 6 SUV 40 8 SUV DM-o -11-来源：易车，车主指南，中泰证券研究所 2.2 L6 momenta+4 8 L6 Max Max 23-33 momenta+1 Orin-X 254 TOPS 1 3 11 NOA NOA NOA 2 Transformer 8295 26.3 11/L6 133kWh 900V 216kW 579kW 2.74s 268km/h Max 23 29.99 Max 33 来源：懂车帝，汽车之家，中泰证券研究所 2.3 V9 MPV NOA V9 6 7 20-30 1 V9 L2+2 NOA -12-3 12 1 12.3 16.2 12.3 41 2 TAI 4.0 3 12/V9 MPV DH-i 1300KM 1.5T 140kW 45.18%5.9L 23.99 来源：懂车帝，车主指南，汽车之家，易车，中泰证券研究所 HUD 3.1 2024 2024/SUV MPV/SU7 3 28 Taycan L6 L7 30 5 SUV 1.5T 210KM L6 L6 C10/C16 C16 5 SOP-13-6 C16 C10 C10 6 M7 24.98 L8 32.18 LEAP3.0 9285 NAC CTC2.0 AR-HUD L SUV 15.6 MIX/ZEEKRMIX MPV MIX MPV ZEEKRMIX 13/SU7 C 9 700km Pro 830km Max 80km Max 800V 299 73.6kWh 673 838 101kWh 2.78 21.59-29.99 L6 SUV LED 35.8kWh WLTC 172km 1.5T154 L4 114kW 180km/h 25-30 C10 SUV/CLTC 410km/530km 170km/h 7.68s,12.88-16.88 -14-CLTC 210km 1190km 5.2L/70kW 13.58-16.58 C16 SUV/C16 C16 2/-/-L SUV/-650 6.6L 2.0 4.85L/100km 3.26kW h/L L 40 170kW 180km/h-MIX MPV-310kW 180km/h-CX1E SUV 800V 007 CX1E 310kW 210km/h-15-来源：易车网，汽车之家，深圳电池技术展公众号，新车简评公众号，齐鲁国际车展公众号，公开信息，中泰证券研究所 3.2 Orin-X L6 Max+NOA MIX su7Pro Max NOA C10 C16 su7 L6 Pro L6 Pro AD Pro Max AD Max 1 AD Pro Pro 5 AD Pro NOA 1 1 800 5 200 4 300 360 12 2 AD Max AD Pro 1 128 6 800 5 200 508TOPS Orin X NOA C10 PILOT L3 1 C10 1 Orin-X 254TOPS 1 128 5 12 12 2 BSV LCA NAC HWA NAP 25 C16 SU7 1 Pro Max Orin-X Pro 1 12 11 1 Orin-X 84TOPS Max 1 3 2 Orin-X 508TOPS 2 BEV 3 NOA MIX OrinX 512Tops 3.3 8295 HUD L6 1 8295 Max AI 60 -16-TOPS Pro AI 30 TOPS 2 15.6 12.8 4.7 HUD C10 1 8295P OS 2 14.6 10.25 DSP 3 12 256 AI C16 1 8295 2 2.5K SU7 1 8295 OS pin 1000 5000 2 5 16.1 56 HUD 3 23+2 7.14 L 1 8155 2 15.6 3 AI+MIX 1 8295 2 AR-HUD 90 STARGATE LED CX1E 1 8295 2 4.1 S7 2023 11 16 4 ADS 2.0 iCAR V23 iCAR V23 iCAR 2024 iCAR S9 S9 S9 4 6 30-50 RF8 MPV 3DHT -17-MPV 15/16 Hi SUV 16 B 14/S7 10 800V 150kW 215kW 210km/h 24.98-34.98 iCAR V23 SUV 400km 500km-S9 C S9+227kW 158kW+227kW 30-50 M5 SUV/800V 200kW 365kW 24.98 M7 SUV/M7 800V 1.5T152 L4,112kW 190km/h 22.98 -18-M8 SUV/1400km 630km 4.0 800V 35 RF8 MPV LED WLTC 116km CLTC 150km CLCT 1150km 2.0T 253 L4 1.5T 163 L4 186kW 200km/h 9.8s 16.99-18.99 20.99 E15 SUV/-/20 E16/logo-/来源：易车网，中关村在线，汽车之家，公开信息，中泰证券研究所 4.2 HUAWEI ADS 2.0 HUAWEI ADS 2.0)ADS 1.0,3 M1,Occupancy S7 Pro HUAWEI ADS S7 ADS 2.0 -19-1 ADS NCA 2 Pro HUAWEI ADS 3 10 12 S9 ADS2.0 E15 E16 12 ADS2.0 M5 M7 M8 ADS2.0 M8 ADS2.0 1 192 3 4 12 11 M8 BEV 15 HUAWEI ADS 16 HUAWEI ADS NCA 4.3 4.0 AR-HUD 4.0 23 S7 RF8 M8 4.0 HUAWEI xHUD AR-HUD -20-1920 x730 2K LCoS LED HUAWEI xHUD AR-HUD AR M8 RF8 S7 1 4.0 S7 HarmonyOS4.0 5 2 15.6 12.3 iCAR V23 8155 RF8 1 4.0 9610A OS 4.0 2 12.3 15.6 AR-HUD 3 RF8 12 M5 990B M7 990A M8 1 4.0 2 M8 AR-HUD 17 4.0 18 4.0 Mobileye Know-how+-21-22-612 15%612 5%15%612-10%+5%612 10%612 10%612-10%+10%612 10%612 A 300 500