Event: From May 30 to 31, Beijing time, the 2024 Qualcomm Automotive Technology and Cooperation Summit was successfully held in Wuxi. Changxing Smart Driving, a joint venture of Qualcomm, Zhongke Chuangda, and Lixun, unveiled a variety of innovative smart car domain control products and solutions, fully showcasing its leading technology and excellent product quality in the field of smart vehicle domain control. An actual vehicle test drive and test drive session was also arranged at the summit site. Currently, Smart Driving is the first company in the industry to complete the real vehicle verification test with integrated cabin driving and domain control.
Domain control products and solutions are superior and are in line with the development trend of smart vehicle domain control architectures. At this Qualcomm Technology and Cooperation Summit, Changxing Smart Driving, a subsidiary of China Science and Technology, successfully launched new products represented by Changxing Smart Driving RazorDCXPantanal (SA8650P) in the field of smart driving, smart cockpit, and central computing, respectively, to promote cooperation and recognition with algorithm partners and OEMs. At the same time, Changxing Smart Driving focused on the single-SOC cabin drive-integrated domain-controlled RazorDCX Tarkine.
The domain control was developed based on the Snapdragon Ride Flex system-level chip platform. It has functions such as a full-scene, immersive, and full-3D interface, and is a technology-leading integrated cabin driving domain control solution in the current market.
The “Dishui OS” vehicle operating system deeply empowers cross-domain integration and promotes the development of domain control products. Currently, with the continuous influx of new car companies on the smart car circuit, industry competition is heating up, and the prospects for cross-domain integration to reduce costs are very broad. Based on the Qualcomm cabin driving fusion chip platform, China Science and Technology Chuangda deeply integrates the self-developed vehicle operating system “Dishui OS”. On the basis of integration, it has developed and launched new domain control solutions and products. Drip OS is not just an operating system, but a comprehensive vehicle solution. It integrates large AI models and advanced computing architectures to support highly complex driving and in-vehicle interaction tasks. Through a new domain control solution under “Dishui OS”, China Science and Technology Chuangda has helped improve the efficiency of vehicle software development iteration in the automotive industry and reduce the repetitive investment costs of the industry.
Software-defined domain control, China Science and Technology Chuangda may become the core target in the field of smart vehicle domain control. China Science and Technology Chuangda has been deeply involved in the field of operating systems and software for many years, developed its own “Drip OS”, built full-stack OS+ domain control+ ecosystem capabilities, and successfully developed a variety of smart vehicle domain control products and solutions. It became the first company in the industry to complete real vehicle verification tests with cabin driving integrated domain control. In the future, Changxing Smart Driving will rely on China Science and Technology Chuangda's technical accumulation in the field of smart car operating system software and continue to increase R&D investment in the field of smart car domain control. At the same time, we hope to work with more ecological partners to bring practical smart car domain control products and solutions to car companies to accelerate the integrated development of automobile domain control.
Investment advice: Look positively at the continuous integration of “Dishui OS” and cross-domain integration. The company is in a competitive period in the smart car industry. Demand for products in the domain control field continues to grow. With an excellent R&D team and technical capabilities, it is expected to show core competitiveness. As the company continues to accumulate innovative development technology, close cooperation with chip manufacturers, and continuous innovation and optimization of vehicle operating systems, the barriers to the company's smart car-related products will gradually rise, and the value will be highlighted. We expect the net profit of China Science and Technology Chuangda to return to the mother in 2024-2026 will be 4.82, 6.31, and 884 million yuan, respectively, corresponding to price-earnings ratios of 54X, 41X, and 30X, maintaining the “recommended” rating.
Risk warning: Relevant technology falls short of expectations; policy implementation falls short of expectations; industry competition intensifies.