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1 / 24 2021 04 13 - -2021.1.14 - -2020.11.12 -VR 4K VR 8K -2020.9.30 S0790519100001 S0790519110002 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 ADAS2 / 24 1 . 4 1.1 . 4 1.2 Huawei Inside S HBT . 4 1.3 CC . 6 1.3.1 CC + . 6 1.3.2 MDC+CDC+VDC . 7 2 Tier1 . 8 2.1 . 8 2.1.1 MDC ADAS L4 . 9 2.1.2 “ ” . 10 2.2 “1+8+N” . 13 2.2.1 SoC . 13 2.2.2 . 15 2.3 . 17 2.4 . 18 3 . 19 3.1 . 19 3.2 . 19 3.3 HI . 20 3.4 “ ” . 21 3.5 . 21 4 . 22 1 2019 . 4 2 . 5 3 . 5 4 S HBT HI . 5 5 CC + . 7 6 CC . 8 7 . 8 8 ADAS L4 . 9 9 . 11 10 2024 . 11 11 MEMS . 12 12 Tier2 . 13 13 OS 1+8+N . 13 14 2025 1030 . 13 15 . 15 16 HiCar . 16 17 HiCar . 163 / 24 18 OS 1+8+N . 17 19 . 17 20 . 18 21 . 19 1 EE . 6 2 MDC L2-L4 . 9 3 MDC600 . 10 4 . 11 5 820A . 14 6 820A CPU GPU 710A . 14 7 . 224 / 24 1 1.1 2019 5 15 ICT 2013-2015 2016-2019 2019- 2013 ME909T 2014 5G 2015 2016 5G 2019 MDC HiCar Octopus 1 2019 1.2 Huawei Inside S HBT Intel Huawei Inside HI 2020 10 30 HI HI 1+4+N 1 CC 4 AR-HUD5 / 24 Tier1 Intel Huawei Inside HI BU 1/3 1% 33 1 HI HI Logo 2 AOS HOS VOS 3 Tier1 AR-HUD 5G 18 ARCFOX S HBT 2021 4 2 3 4 S HBT HI6 / 24 1.3 CC 1.3.1 CC + EE EE + ECU OTA Tier1 EE OTA EE 2021-2025 1 EE (Model 3) OTA EEA - - - - - SVA - - E/E - - CC + CC Computing/Communication AOS HOS VOS - - CC7 / 24 5 CC + CC Tier1 L4 CC CC 1.3.2 MDC+CDC+VDC CC + MDC 昇 +AOS Adaptive AUTOSAR MDC L2+L4 CDC + OS IVI OS 1+8 Hicar API VDC +MCU+ VOS mPower8 / 24 6 CC 2 Tier1 2.1 + + + ICT / 79 / 24 2.1.1 MDC ADAS L4 ADAS L4 1 L2 L4 2 L4 L4 Waymo 3 ADAS L4 ADAS L4 L4 ICT ADAS L4 8 ADAS L4 A VL MDC L2-L4 SAE International L0L5 6 L2 100TOPS L5 ADAS L4 MDC300 MDC600 MDC 210 MDC610 MDC300 MDC600 2018 L2 L4 64TOPS 352TOPS MDC210 MDC610 48TOPS 160TOPS MDC 2 MDC L2-L4 MDC 210 MDC 300 MDC 600 MDC 610 48 TOPS 64 TOPS 352 TOPS 160 TOPS ADAS ADAS L4 L3-L4 2020/9 2018/10 2018/10 2020/910 / 24 1 Snapdragon Ride 700TOPS 5.4TOPS/W 2 Mobileye + + 3 AEC-Q ISO/TS16949 ISO26262 ISO26262 MDC600 2018 ASIL-D 2019 3 MDC600 1 Snapdragon Ride 700TOPS 130W 400TOPS 5.4TOPS/W 2 MDC600 352TOPS 300W 72TOPS 1.2TOPS/W 3 Drive AGX Pegasus 320TOPS 500W 30TOPS 0.6TOPS/W 4 FSD 144TOPS 72W 16TOPS 2TOPS/W 5 Mobileye EyeQ5 24TOPS 10W 12TOPS 2.4TOPS/W 6 Matrix 16TOPS 22W 4TOPS 0.7TOPS/W 2.1.2 ” + + Waymo + + 3D , Frost Sullivan 2025 135.4 43.1 2019-2025 CAGR 63.1% ADAS Robotaxi/Robotruck11 / 24 9 10 2024 Frost Sullivan MEMS 5000 MEMS OPA Flash 16 32 64 128 SAE 2018 Velodyne 16 4,000 HDL-64 70,000 MEMS Lunimar Innoviz Aeva 500 OPA 4 Velodyne 64 8 32 2 16 4000 Luminar MEMS 500 Innoviz MEMS 400-500 Aeva MEMS 500 Innovusion MEMS 800 MEMS 200 Quanergy OPA 500 2021 4 2016 2020 7 MEMS MEMS 0 20 40 60 80 100 120 140 16012 / 24 MEMS MEMS 100a 100b 100c MEMS 96 MEMS FOV 10% 10% MEMS MEMS FOV FOV 12025 200 Pilot 10 ARCFOX HBT 11 MEMS Tier1 Tier2 MEMS Tier1 Tier2 23.91% III-V VCSEL Luminar 1550nm ToF eefocus 500-1000 / VCSEL 20kk-40kk/ Tier213 / 24 12 Tier2 2.2 1+8+N 1+8+N 1+8+N 8 5 OTA ICVTank 2019 364 2022 461 2019 441.1 2025 1030 2019-2025 CAGR 15% + CDC AR-HUD 13 OS 1+8+N 14 2025 1030 ICVTank 2.2.1 SoC SoC SoC System-On-Chip 0 200 400 600 800 1000 1200 2017 2018 2019 2020E2021E2022E2023E2024E2025E14 / 24 CPU GPU ISP DSP BBU ROM/RAM NPU SoC SoC 2016 820A SA8155P 2019 CES 820A 25 18 55 2020 SA8155P 7nm SoC CPU GPU 820A 5 820A 2 17.98-25.98 2018 5 G3 SUV 3 14.68-19,98 2018 12 One SUV 4 32.8 2019 4 ME7 SUV 3 36.68 2019 4 SUV 1 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 710A 710A 2018 710 820A 820A 12nm 14nm CPU GPU Kryo Adreno 530 ARM CPU A73+A53 Mali-G51 GPU 820A CarPlay Android Auto GPS 2021 2 710A 6 820A CPU GPU 710A 820A 710A 12nm 14nm CPU 4 Kryo 4 CortexA73+4 CortexA53 CPU 2.1GHz 2.0GHz15 / 24 820A 710A GPU Adreno530 Mali-G51 45.2k DMIPS+588GFLOPS CarPlay Android Auto GPS Hicar 2.2.2 ROM 1 QNX Linux OS 2 Ali OS Linux Kernel Duer OS VW.OS QNX VW.OS 3 ROM ROM ROM 4 Hicar CarPlay Android Auto 15 HiCar USB HiCar AI CarPlay HiCar HiCar APP16 / 24 29 2021 2 HiCar HiCarKit HiCar SDK HiCar USB CarPlay HiCar CarPlay HiCar 2020 10 30 2021 500 HiCar 16 HiCar 17 HiCar OS 1+8+N OS HMS-A 7 12 500 HOS-C API OS OS OS OS Linux Lite OS IDE OS OS 1+8+N17 / 24 18 OS 1+8+N 2.3 VDC OS (MCU) (OBC) (DC/DC) (PDU) (BCU) Hi Charge 30kW 20kW 30kW 96.4% 20kW 96.55% 300-1000V AI 1918 / 24 2.4 V2X HUAWEI Octopus V2X / V2X V2X AI 20 HUAWEI Octopus 2D/3D 100 + 160+19 / 24 21 3 3.1 ADAS 360 360 2013 360 200 3D 360 IHS 2025 A VM Around View Monito 261 A VM ” ADAS E300 HUD W-HUD F7 WEY W-HUD W-HUD TFT DLP AR-HUD DLP AR-HUD TFT- AR-HUD AR-HUD AR-HUD 2021 OPPO W-HUD H6 3.220 / 24 NRE+Royalty Linux 2013 Tier1 NRE Rightware MM Solution IP Royalty One GS4 GS8 ICVTank 2018 396.9 2022 739 CAGR 16.8% SoM + + SoM VR 5G+AI SoM 5G 2019 6 5G 5G IDC 2020 5G 1.235 5G 5G 5G 3.3 HI 2019 1873 ICT 2021 4 HBT HI IMC IMC IMC 42 127 5G ARCFOX 2021 2 55 ARCFOX 5G ARCFOX ARCFOX A+ SUV A+ A SUV 4 4 2022 75 7521 / 24 3.4 Mobileye 2020 11 32 IDC 2019 21.7% 2021 2024 L3 B V2X 12 2021 2 40 12.40 AC8025 AC8267 AC6815 Low cost DA IDC 2019 5110 2018 45.4% 2023 7,630 9.3% 3.5 2017 1 905nmEEL flash AL01 VCSEL 300W 2 2017 LIMO IATF16949 VDA6.3 3 202022 / 24 4 Velodyne LiDAR Luminar Argo AI L3 VCSEL DMS dToF VCSEL + diffuser Flash 300W AX01 VCSEL DMS 2023 Tier 1 Tier1 2020 9 5000 200 IPO 10.1 1.6 7 EPS PE 2020A/E 2021E 2022E 2020A/E 2021E 2022E 002906.SZ 0.38 0.58 0.87 93.80 61.00 41.10 131.05 27.70 300496.SZ 1.05 1.44 1.93 108.90 79.10 59.10 518.99 122.65 600733.SH -0.63 -0.37 -0.41 -15.95 -27.04 -24.75 352.51 10.09 002405.SZ 0.02 0.16 0.20 662.39 92.62 73.64 329.40 14.44 Wind EPS PE Wind 2021 4 13 423 / 24 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50024 / 24 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
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