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ADS 2.0 2023 8 4 20%30 2019 2022 8%ADS 2.0 90%NOA 15 4 45 10 AITO M5 11 S HI ADS 2.0 M7 S7 2024 SUV MPV 55 NOA+MDC+Table_Research-10%-5%0%5%10%15%20%300 Table_ReportTypeIndex.5 ADS 2.0.10 3.0.11.15.20.ZXBYyRmRmPqRtNtQsPrOqR7N8Q9PmOpPpNsRiNpOpPiNpPxObRmNmNNZsOoPvPtQrO Table_ReportTypeIndex.图 4：.Table_ReportTypeIndex.Table_ReportTypeIndex 2023 8 4 4 20%30 2019 2022 8%ADS 2.0 90%NOA 15 4 45 10 AITO M5 11 S HI ADS 2.0 3.0 Harmony OS 4 2023 8 4 4 Harmony OS 4 20%30 Table_ReportTypeIndex 4.0 1 2 3 4 5 4.0 Table_ReportTypeIndex 2019 4 4.0 Table_ReportTypeIndex 2023 8 4 2023 HDC.Together 2019 7 220 Counterpoint 2022 8%图4：2022 GPS 83%85%85%78%81%83%81%76%17%15%15%21%18%16%17%22%0%0%0%1%1%1%2%2%0%20%40%60%80%100%2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 Android iOS Harmony OS PC VR AI Table_ReportTypeIndex+2021 2035 9 19 100 5G Windows Android Table_ReportTypeIndex Harmony OS 4.0 ADS 2.0 Advanced Driving System ADS 2.0 90%1 ADS2.0 GOD 2 NOA Navigate on Autopilo 15 4 45 10 AITO M5 11 S HI 3 ADS 2.0 6 30 11 18,000 6,400/640/ADS ACC 360 AVM ADS HIGHWAY LCC HIGHWAY NCA CITY LCC APA RPA ADS CITY NCA CITY LCC+AVP ADS2.0 ICT ADS2.0 Table_ReportTypeIndex 4.0 ADS 2.0 ADS 2.0 APA AVP 160 NCA 300 LCC OTA ADS 2.0 Transformer 2.6 1.4 Chat GPT Transformer Chat GPT Table_ReportTypeIndex Harmony OS 4 AI Table_ReportTypeIndex 4 Table_ReportTypeIndex 60 0.2 0.1+5G+V2X Table_ReportTypeIndex 2021 BU 7000 100 M7 S7 2024 SUV MPV 55 NOA 23 7 NOA 5 2.8%Table_ReportTypeIndex-40%-30%-20%-10%0%10%20%30%40%50%02000400060008000100002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022%28402145133250845321050010001500200025003000 2022 Table_ReportTypeIndex 2021 BU BU HI Huawei Inside BU AITO 2024 M7 20232025 AITO M7 9 12 9 3 S7 12 M9 S7 20-30 M9 SUV 2 38.98 Table_ReportTypeIndex 2024 SUV MPV BU 30 206 7000 2023 100 BU 5101502468101214162020 2021 2022 10521210867.8521801860501001502002502022 Table_ReportTypeIndex 2023 2024 AITO 2023 8 206 903 5000 2652512964026461109020040060080010001200 Table_ReportTypeIndex NOA 9 4 FSD 1.5 1.2 FSD BEV+transformer+FSD 25%FSD 14%FSD Table_ReportTypeIndex 2023 1-5 L2 ADAS 309.6 40.6%42.2%11 5 43.9%2023 1 5 40%L2 L3 2023 NOA 23 7 NOA 5 2.8%NOA 0501001502002503003502021.32021.4212.52021.62021.72021.82021.92021.102021.112021.122022.12022.22022.32022.42022.52022.62022.72022.82022.92022.102022.112022.122023.12023.22023.32023.42023.52023.634.9%31.5%42.2%39.5%40.5%42.8%43.3%43.9%51.8%55.1%45.8%47.3%47.4%45.2%44.9%45.0%0%10%20%30%40%50%60%70%80%90%100%2022 2022 15 2023 15 2023.1 2023.2 2023.3 2023.4 2023.5L2 L1 L0 Table_ReportTypeIndex NOA NOA A B 510 1 NOA 2 Tier1 3 apollo 52.80%0.0%0.5%1.0%1.5%2.0%2.5%3.0%0123456NOA(NOA Table_ReportTypeIndex Table_ReportTypeIndex 昇 Momenta Table_ReportTypeIndex“”2022 100 2013 2017 Apollo Apollo 2023 9 330+2023 30 3000 3000 220 100,000 75 18 5G 2023 5 PonyPilot+150 8:30 22:30 2023 9 2500 25 600,26,Momenta 2021 12 Momenta Robotaxi L4 2022 100 T3 Robotaxi 500 33 2024 Table_ReportTypeIndex 2022 11 40 Table_ReportTypeIndex+MDC+Table_ReportTypeIndex Table_ReportTypeIndex EPS(/)PE X 2022A 2023E 2024E 2022A 2023E 2024E 601127.SH-2.56-0.81 0.13 443 55.72 000625.SZ 0.80 0.89 1.05 16 15 13 13.44 600418.SH-0.72 0.08 0.19 155 68 13.11 600699.SH 0.29 0.51 0.76 49 34 23 17.41 601689.SH 1.54 2.11 2.71 38 35 27 74.13 601799.SH 3.30 3.66 4.03 39 42 38 152.00 603197.SH 1.03 1.92 2.60 46 33 24 62.81 603179.SH 0.97 1.63 2.23 40 30 22 49.64 603596.SH 1.71 2.22 2.84 47 33 26 73.50 600741.SH 2.28 2.29 2.55 8 8 7 18.77 Wind 2023 Table_ReportTypeIndex 8 2016-2019 II 2022 1 6-12 300 20%6-12 300 20%嫚
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