20240722_光大证券_Robotaxi行业深度报告系列之二:基于武汉萝卜快跑对Robotaxi的再思考_25页.pdf

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Robotaxi Robotaxi 2024 7 22 CFA S0930515090002 +1/2 1/+Robotaxi+/Robotaxi 1 2/Robotaxi 3 Robotaxi+4/1 L2+/L3 2 1ZFUwPqNnOmNrPoNrMsNoP7NcMbRtRqQnPnRjMqQqPfQoMsRbRpPyQwMrMsQNZpMtN 2 3 1/+2/1 APP MnXIc5uVuRrJEM6SdQ10YEnPyPSCGvG90wyKf2tEx5vmkWM9TIVcqW6xh50klbI4 4 25km/h U 20s 40km/h 40km/h 30s 40cm 90 10-15km/h 50km/h 30-40km/h 25km/h U 6s 20km/h 30s 45-60cm 80cm 90 10-15km/h 55km/h 30-40km/h 2 3/1 30-40km/h 2/vs.NOA 5 6s 10s 20km/h 25km/h 5s 10s 5s U 10km/h/4 5 10s 10s 20km/h 25km/h 5s U 10km/h/6 1 6 1 2 3 4/5 6 7 1 2 3 4 1 2/3 7 2 1 10 2 Robotaxi/APP 8 9 Apollo Apollo 3 2013 2022 2024/5 600 Apollo RT6 Apollo 1 2020 Apollo 6.0 vs.2 2024/4 70%10 4+/+11 12 Robotaxi/Apollo 2022 1 Robotaxi 90%2 50%Robotaxi vs.32.9%/Robotaxi 5 7 Robotaxi 6 Robotaxi 0%5%10%15%20%25%0%10%20%30%40%50%60%70%80%90%100%8.50%2.10%6.40%50%13.80%19.10%50%30%70%50%13 Robotaxi/Robotaxi 1 2012 2012 60%+/2 24/8 2017-2021 9 30.10%36.30%36.50%33.90%31.90%69.90%63.70%63.50%66.10%68.10%0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021 14 Robotaxi 10 Robotaxi Robotaxi 1 Waymo Apollo 2 3+/4+AI B2B/B2CS2B2C/B2C/C2C/+Robotaxi/Robotaxi+50%15 Robotaxi 2024/7/19 8 80.3%90%9.9%0.1%Momenta-IDG GGV 19.89%15.31%18.41%5.68%100%NA NA 50.1%49.9%90.7%NA NA 100%NA NA 50%NA NA NA-Mobileye 56.5%5.0%84.2%NA NA 100%NA NA 2024/6/4 9 Robotaxi 1 2 L3 16 Robotaxi 9 2024/7 4 1 Auto X+2 Auto X/80.3%90%9.9%0.1%MARVEL R 100%50%RT5 RT6 AutoX Auto X 99.9%FCA 100%100%RX Autono-Maas S-AM 50%RT5 RT6 100%RX Autono-Maas S-AM Auto X NA FCA()100%100%L4 Robotaxi NA Robobus 17 Robotaxi 9 NA RX Autono-Maas S-AM J7 WeRide HongKong Limited 100%MKZ AION S Robovan Auto X NA FCA Auto X 100%Auto X 99.9%FCA 100%()100%()50%RT5 NA RT5 RT6 70%30%Sharing-BUS NA RT5 RT6 18 Robotaxi Robotaxi Robotaxi 1 L2+/L3 2 Robotaxi+EPS PE X 23A 24E 25E 23A 24E 25E TSLA.O 239.20 3.12 2.91 3.25 77 82 74 XPEV.N 8.45-5.42-2.07 1.13 NA NA 53 600104.SH 14.87 1.21 1.29 1.40 12 12 11 601238.SH 7.96 0.43 0.59 0.65 19 13 12 2238.HK 2.88 0.43 0.59 0.65 6 4 4 603596.SH 44.57 2.06 2.58 3.43 22 17 13 1316.HK 3.53 0.01 0.05 0.06 31 9 7 Wind 2024-07-19 1HKD=0.9131CNY 1USD=7.1315CNY 10 19 36 2022/4 B 11 Auto X Auto X 2016.10.1 900 2017.10.1 A 3400 2019.4 A3 Plug and Play HKSTP 1 2019.12 Pre-B 2020.4.13 Forest Partners 8000 2017.03.04 IDG 2018.1.15 A IDG DCM Ventures Comcast Ventures 1.12 2018.7.11 A1 ClearVue Partners Fidelity International Eight Roads DCM 1.02 2019.4.11 A+5000 2020.2.26 B 4 4.62 2020.11 NA 2020.11.6 C Ontario Teachers Pension Plan OTPP Platform,TIP Fidelity China Special Situations PLC 2.67 2021.2.8 C+Brunei Investment Agency CPE 1 2022.3.7 D-Ontario Teachers Raumier Limited Evodia Investment ASSETKEY LIMITED 2023.10.7 D+NEOM NIF NEOM Investment Fund 1 20 36 12 2017.9.26 Pre-A GPU Ventures 5200 2018.10.31 A 2019.1.4 A SenseTime ABC International 2020.12.23 B1 2 2021.1.14 B2 B3 CMC 1.1 2021.5.13 C IDG Cypress Star K3 Ventures CMC-Alliance Ventures 3.1 2021.12.14 2022.3.23 D 4 2022.5.25 2024.6.14 2000 21 22 1 2 1 Robotaxi 2 3 4 5 Robotaxi 6 1 Robotaxi 2 CFA S0930515090002 021-52523876 021-52523828 6-12 15%6-12 5%15%6-12-5%5%6-12 5%15%6-12 15%A 300 500 1996 500 创金合信
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