Research Reports Gold Mining丨Aijian Securities: Bullish on the acceleration of breakthrough in autonomous vehicle intelligence (high-level intelligent driving + smart cockpit), recommends paying attention to Xiaopeng and Xiaomi.

According to a Research Report from Aijian Securities, many car manufacturers have publicly announced a shortening of supply chain payment terms. This move theoretically could alleviate the financial pressure on suppliers, but unclear implementation details may lead to market concerns about the uncertainty in the cash flow and stability of the supply chain for these manufacturers. Therefore, the relief of cash flow pressure and the improvement in profitability within the automotive parts supply chain may have a certain level of certainty, and the pace and extent of improvement will depend on how the payment term shortening is implemented. Tesla's self-driving hardware and software capabilities continue to iterate and improve, closely followed by leading domestic intelligent driving companies. Reliable and trustworthy autonomous driving capabilities will endow the vehicles with significant differentiated characteristics, which may become key for automobile manufacturers to improve profitability. Related sectors, such as intelligent driving and smart cabins, may benefit from the commercialization process of Robotaxi, leading to accelerated development.
Investment recommendations: 1) Passenger vehicles: Bullish on the accelerated breakthroughs in intelligent integration by domestic complete vehicle manufacturers (high-level intelligent driving + smart cabins), suggest paying attention to [Xpeng Motors, Xiaomi Group]; 2) Parts: a. Bullish on the rise of self-sufficient supply chains for electric intelligent core technologies, suggest paying attention to [Keboda Technology, Shanghai Baolong Automotive Corporation, Hexing Holdings]; b. Bullish on the accelerated growth of the automotive parts supply chain focusing on embodied intelligence (humanoid Robotics), suggest paying attention to [Ling Yun Industrial Corporation, Anhui Zhongding Sealing Parts, Chengdu Haoneng Technology]; 3) Automotive services: Bullish on the accelerated development of electric intelligent self-brands expanding automotive testing, suggest paying attention to [China Automotive Engineering Research Institute]; 4) Robotaxi: Bullish on the commercialization of self-driving taxis benefiting from the accelerated development of end-to-end technologies, suggest paying attention to [Pony.ai, WeRide].