According to citic sec, the commercialization of L4 autonomous driving is gradually approaching a turning point. Recently, high-level autonomous driving has encountered intensive catalysts.
In terms of policies, the state and local governments are orderly promoting legislation and pilot work, among which the Beijing Economic and Information Bureau's "Beijing Autonomous Driving Automobile Regulations (Draft for Solicitation of Comments)" provides a relatively complete, clear, and predictable institutional norm for the operation of L3/L4 autonomous driving, which is expected to play a demonstration effect in the capital.
In terms of industries, Baidu Luobo Kuaipao is expanding on a large scale in Wuhan, planning to complete the deployment of one thousand units within the year, and is expected to achieve overall profitability in 2025; with the cost reduction, efficiency improvement, and scale effect, the business model of Robotaxi in specific areas is expected to be preliminarily verified. At the same time, unmanned delivery vehicles have also begun to be delivered on a large scale. Head companies have orders of thousands of units this year, and many large express logistics companies such as Shunfeng and JD.com have positive attitudes towards procurement cooperation.
In terms of social influence, the expansion of unmanned vehicle fleets has brought widespread social attention, and Tesla's entry in August is expected to further "break the circle" of autonomous driving.
Bullish for the industry chain, including: 1) provider of autonomous driving technology: Baidu Group (09888); 2) leading suppliers of autonomous driving components: Huizhou Desay SV Automotive (002920 CH), Nexteer (01316), STJ Electronic Technology (02498), etc.; 3) supplier of roadside equipment and cloud control platform: China Transinfo Technology (002373 CH), etc.; 4) provider of vehicle OEM services: Anhui Jianghuai Automobile Group Corp., Ltd. (600418 CH), etc.