Autonomous driving in motion
■ As autonomous driving is gaining traction, we provide an overview of the
global autonomous driving value chain in this report.
■ Autonomous driving is more than Advanced Driver Assistance Systems
(ADAS). We expect a further rise in L1–L3 ADAS and intelligent cockpit
penetration in the next 2-3 years, led by 1) toughening government regulation
on vehicle active safety features and 2) intensifying NEV competition.
■ We think autonomous driving above L4 will completely transform the global
auto market supply and demand dynamics. We think it will still take time for
the technology to mature and new tier-1 companies to emerge. We suggest
investors to follow key technology development in areas of chip and
centralized computing platform to find the potential beneficiaries.
■ For L1–L3 ADAS, chips, sensors, ADAS and intelligent cockpit companies
are the key beneficiaries. For autonomous driving above L4, we suggest
investors follow OEMs like Tesla, Geely and high-tech companies like Apple,
Google, Huawei, etc.