北京市自动驾驶网 约车征求意见，百度武汉自动驾驶业务目标2025 年实现盈利。(1)7 月3 日，工信部、公安部、自然资源部、住建部、交通运输部发布《关于公布智能网联汽车“车路云一体化”应用试点城市名单的通知》，确定了20 个城市(联合体)为智能网联汽车“车路云一体化”应用试点城市。(2)6 月30 日，北京市经济和信息化局对《北京市自动驾驶汽车条例（征求意见稿）》公开征集意见，拟支持自动驾驶汽车用于城市公共电汽车客运、网约车、汽车租赁等。(3)据新华网报道，百度自动驾驶业务部总经理陈卓表示百度自动驾驶平台萝卜快跑在武汉运营面积已达3000 平方公里，目标到2024 年底在武汉实现收支平衡，在2025 年实现盈利。Introduction to this report:
In terms of vehicle-road collaboration, four core technologies are being developed: intelligent vehicle technology, intelligent roadside technology, communication technology, and cloud technology. Vehicle-road collaboration related products have been launched in a number of vehicle-road collaboration demonstration projects.
Key points of investment:
Beijing's autonomous driving online car-hailing solicited comments, and Baidu's Wuhan autonomous driving business aims to be profitable by 2025. (1) On July 3, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Natural Resources, the Ministry of Housing and Construction, and the Ministry of Transport issued the “Notice on Announcing the List of Pilot Cities for the “Vehicle Road Cloud Integration” Application of Intelligent Connected Vehicles, which identified 20 cities (consortiums) as pilot cities for the “Vehicle Road Cloud Integration” application of intelligent connected vehicles. (2) On June 30, the Beijing Municipal Bureau of Economy and Information Technology publicly solicited comments on the “Beijing Autonomous Vehicle Regulations (Draft for Comments)” to support the use of autonomous vehicles for urban bus passenger transport, online car-hailing, car rental, etc. (3) According to a report from Xinhuanet, Chen Zhuo, general manager of Baidu's autonomous driving business department, said that Baidu's autonomous driving platform Radish Express has an operating area of 3,000 square kilometers in Wuhan. The goal is to achieve balance of income and expenditure in Wuhan by the end of 2024 and achieve profit in 2025.
Huahe Group Auto Road collaborated to develop four core technologies, including in-vehicle and roadside, and Che Road Cloud has been implemented in many places.
(1) Huashi Group develops a complete set of digital technology solutions and products around “smart highways, smart ports and shipping, smart transportation, smart parks, and smart cities”. (2) According to investor interaction on July 8, the company's digital and smart business revenue in 2023 was 0.39 billion yuan, of which the car road cloud related business accounted for more than 50% of the revenue. In addition to Jiangsu Province, the car road cloud business has also been launched in Chongqing, Shandong, Guangdong and other provinces and cities.
(3) In terms of vehicle-road collaboration, the company develops four core technologies: intelligent vehicle technology, intelligent roadside technology, communication technology and cloud technology, completed the development of intelligent roadside terminals RSU, intelligent vehicle terminals OBU and intelligent networked cloud control platforms, and provided assisted driving and analytical decision-making services. Related products have been implemented in the Jiangsu Wufengshan Smart Expressway Project, the Taizhou G328 Digital Highway Demonstration Project, the Jiangsu Changtai Future Smart Bridge Vehicle Road Collaborative Demonstration Project, and the Hebei Luancheng Auto Road Collaborative Project.
Actively lay out the entire low-altitude economy business chain and develop our own software for low-altitude airspace management, etc. (1) According to investor interaction on May 21, the company's revenue from civil aviation and low-altitude economy business in 2023 was about 0.12 billion yuan, of which the low-altitude economy business accounted for about 30%. Judging from the 2024 low-altitude economy industrial policy and market trends, the business will continue to grow rapidly. (2) The company will establish relevant teams or set up subsidiaries from the perspective of the entire low-altitude economy business chain to actively engage in low-altitude business outside Jiangsu Province. (3) The company actively integrates relevant resources and actively expands low-altitude flight infrastructure, digital airspace management, flight supervision services, safety inspection, operation and maintenance, etc. (4) In the field of low-altitude economy, the company focuses on developing products such as low-altitude airspace route planning and design software, low-altitude airspace management and flight monitoring platforms. At the same time, it combines cooperative ecosystems such as meteorological services, safety monitoring, and communication to provide overall platform construction and operation management capabilities related to air traffic control operations.
Active AI digital users are growing by more than 50% per year, and the current dividend rate valuation of 3.5% is at the bottom of history.
(1) Maintain an increase in holdings. Maintain the 2024-2026 EPS1.16/1.25/1.35 yuan increase of 13%/8%/7%, and maintain the target price of 15.14 yuan, corresponding to 13 times PE in 2024. (2) The EiCAD+AIRoad interactive digital design platform developed by the subsidiary Dinoni adds AI genie-assisted design functions, which can automatically and quickly complete 3D forward design modeling and SaaS deployment of routes, interchanges, roadbeds, and bridges, increasing design efficiency by more than 10 times. About 80% of the country's transportation and municipal grade A design institutes are used by nearly 0.02 million designers. In the past two years, more than 900 interchanges have been designed, the total road mileage is about 43,000 kilometers, and the number of active users has increased by more than 50% every year. (3) HuaShi Group's 2024 PE 7.6 times the quadrant for the past 10 years is 13%, the PB1.25 times the fraction for the past 10 years is 6%, and the current dividend rate is 3.5%.
Risk warning: Vehicle road cloud policy is lower than expected, infrastructure investment is lower than expected, etc.
