智能驾驶研究系列：智能驾驶政策技术双轮驱动，助推Robotaxi商业化进程

0% -5% -10% -15% -20% -25% -30% -35% 000300.SH 516520.SH 投资要点   2023/08 2023/09 2023/10 2023/11 2023/12 2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/07    请阅读最后评级说明和重要声明 一、政策密集落地，车路协同产业链逐渐成熟4 1.顶层政策密集出台，“车路云一体化”发展提速4 2.地方政策积极响应，加速智能驾驶落地进程6 3.车路协同产业链已初步形成，产业生态逐渐走向成熟7 二、Robotaxi单车有望成本快速下行，远期盈利空间可期8 1.技术进步和规模效应为关键降本路径，单车成本有望快速下行8 2.Robotaxi远期盈利空间可期，单车成本回收期约2.2年9 三、“萝卜快跑”商业化落地，特斯拉Robotaxi即将面世10 1.国内：“萝卜快跑”加速先行，率先实现商业化10 2.国外：特斯拉Robotaxi项目持续推进，或将于2024年落地13 四、投资建议15 1.德赛西威15 2.伯特利15 3.经纬恒润16 五、风险提示17 ...................................................................................................4 ............................................................................................6 .......................................7 ...................................................................................................................................................7 ..........................................................................................................8 .......................................................................................8 .............................................................................................................................................11 ..................................................................................................................................12 .............................................................................................................................................12 .........................................................................................................................12 ..............................................................................................................................13 ..........................................................................................14 ..................................................................................................15 ...............................................................................................15 ......................................................................................................16 ..................................................................................................16 ..................................................................................................16 ...............................................................................................16 ..................................................................................................................4 .............................................................................................................5 ...............................................................................................................................9 .................................................................................................................................10 ...........................................................................................................................11 30% 26% 25% 20% 19% 17% 15% 10% 5% 4% 2% 0% 1% 6% 7% 17% 45% 22% 上下班通勤补充工具上下班通勤主要工具购物娱乐 地铁公交换乘 体验科技�行 其他 18 16 14 12 10 8 6 4 2 0 100% 201920202021 80% 60% 40% 20% 0% -20% -40% 202220232024Q1 净利润 YOY 250 200 60% 50% 150 40% 30% 100 20% 10% 50 0% 0-10% 201920202021202220232024Q1 营业收入 YOY 10 9 8 7 6 5 4 3 2 1 0 80% 70% 60% 50% 40% 30% 20% 10% 0% 201920202021202220232024Q1 净利润 YOY 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.52019 -1.0 -1.5 -2.0 -2.5 300% 200% 100% 0% -100% 20202021202220232024Q1-200% -300% -400% -500% 净利润 YOY 80 70 60 50 40 30 20 10 0 70% 60% 50% 40% 30% 20% 10% 0% -10% 201920202021202220232024Q1 营业收入 YOY 50 45 40 35 30 25 20 15 10 5 0 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% 201920202021202220232024Q1 营业收入 YOY