车路云深度报告：政策频出助力发展提速，车路云产业空间广阔

15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% 000300.SH 885662.TI 投资要点      请阅读最后评级说明和重要声明 一、车路云一体化：“人-车-路-云”数据互联互通的智慧出行中国方案3 1.车路云一体化助力实现“人-车-路-云”的数据互联互通3 2.单车智能存在局限性，车路云一体化是自动驾驶的必经之路4 3.车路云一体化是我国智慧出行的“中国方案”5 二、政策频出助力发展提速，车路云产业空间广阔7 1.顶层政策密集落地，地方试点政策积极响应7 2.车路云一体化产业链已初步形成，产业生态逐渐走向成熟9 3.车路云产业空间广阔，路侧和云端为最快增长极10 三、投资建议12 1.万集科技12 2.千方科技12 3.通行宝13 四、风险提示14 ........................................................................................................................................3 ......................................................................................................................4 ...................................................................................................5 ...........................................................................................................................................6 .............................................................................................................................6 .........................................................................................................................7 .......................................9 .................................................................................................................................................10 ..........................................................................................10 ............................................11 ............................................11 ..................................................................................................12 ...............................................................................................12 ..................................................................................................13 ...............................................................................................13 ......................................................................................................13 ..................................................................................................13 ..................................................................................................................5 .............................................................................................................8 2      22323 599 6451 智能网联汽车基础支撑平台路测基础设施云控平台 218 4174 1167 20268 智能网联汽车基础支撑平台路测基础设施云控平台 40 450% 10.0 14000% 35 400% 8.0 12000% 350% 30 300% 6.0 10000% 25 250% 4.0 8000% 20 200%150% 2.0 6000% 15 100% 0.0 4000% 10 50%0% -2.0 2019 2020 2021 2022 2023 2024Q1 2000% 5 -50% -4.0 0% 0 2019 2020 2021 2022 2023 2024Q1 -100% -6.0 -2000% 营业收入YOY 净利润YOY 120 30% 100 20% 8010% 0% 60 -10% 40 -20% 20 -30% 0-40% 201920202021202220232024Q1 营业收入 YOY 12.0250% 10.0200% 8.0150% 6.0100% 4.050% 2.00% 0.0-50% -2.0201920202021202220232024Q1-100% -4.0-150% -6.0-200% 净利润 YOY 16 350% 4.5 450% 14 300% 4.0 400% 12 250% 3.5 350%300% 10 200% 3.0 250% 150% 2.5 200% 8 100% 2.0 150% 6 50% 1.5 100% 4 0% 1.0 50% 0% 2 -50% 0.5 -50% 0 -100% 0.0 -100% 201920202021202220232024Q1 营业收入YOY 2019 2020 2021 净利 润 2022 2023 YOY 20 24Q1