研報掘金|招商證券:DeepSeek賦能汽車智能化 上調吉利、小鵬、比亞迪的目標價
招商證券發表研報指,DeepSeek直接賦能汽車智能座艙體驗提升,對自動駕駛技術有啓發意義。自駕競爭三要素算法、數據、算力並未改變,包括特斯拉、華爲、小鵬及理想在內的龍頭玩家領先優勢並未動搖,DeepSeek引發的創新會強化龍頭公司領先優勢。另外,此前算法技術領先,但算力資本不足的公司如小鵬汽車則獲得更大的發展空間。招商證券維持看好由銷量增長及智駕邊際變化兩因素驅動的吉利、小鵬、比亞迪組合,故上調上述三隻H股股份目標價分別至23.2港元、92港元及460港元。其中,小鵬汽車的預期差較大,市場或低估公司智駕對銷量提升的催化效應,催化劑包括二季度G7上市以及交付Mona 03Max。至於美股方面,該行看好特斯拉智駕領先,但下調該股目標價至452美元,反映市場競爭加劇。智能駕駛滲透率將顯著提升,零配件放量確定性高,故關注比亞迪電子、地平線、黑芝麻智能;激光雷達板塊則關注禾賽、速騰聚創。
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