国盛证券：智驾核心部件壁垒高筑国产芯片替代正当时

智通财经网2025-08-11

智通财经APP获悉，国盛证券发布研报称，SoC是汽车计算芯片主流趋势，由于设计及制造难度大、资金投入高、验证周期长，智驾芯片具有极高的壁垒，是智驾系统中价值量最高的核心部件。从技术趋势来看，舱驾一体化趋势显著，可降低成本，英伟达Thor、高通8775等单芯舱驾一体方案2025年将规模化量产。展望后续，智驾平权趋势下市场下沉，中低阶方案占比将提升，基于装车下沉的成本考量，国产化方案凭借低成本优势和...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025081115254997406108&s=b><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国盛证券发布研报称，SoC是汽车计算芯片主流趋势，由于设计及制造难度大、资金投入高、验证周期长，智驾芯片具有极高的壁垒，是智驾系统中价值量最高的核心部件。从技术趋势来看，舱驾一体化趋势显著，可降低成本，英伟达Thor、高通8775等单芯舱驾一体方案2025年将规模化量产。展望后续，智驾平权趋势下市场下沉，中低阶方案占比将提升，基于装车下沉的成本考量，国产化方案凭借低成本优势和...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025081115254997406108&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NVDS","symbol_name":"1.5倍做空NVDA 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SoC市场规模将达454亿元。英伟达占据市场主导，芯片国产化替代大有可为2024年英伟达以39%的市场份额稳居国内智能驾驶辅助芯片市场首位，搭载于理想L系列Max版、小米Su7 Pro/Max等高端车型。24年地平线市占率11%，出货主力为征程5，出货高度集中于理想Pro版本。展望后续，智驾平权趋势下市场下沉，中低阶方案占比将提升，基于装车下沉的成本考量，国产化方案凭借低成本优势和产品能力的提升有望在细分市场中突围，地平线、黑芝麻智能等国产芯片供应商份额有望进一步提升。从盈利情况来看，当前智驾芯片行业整体处于高投入、高增长、低盈利的阶段，厂商普遍亏损。但规模效应已逐步显现，亏损率逐步缩窄，静待盈利拐点，地平线预计公司最早2027年可实现盈利。投资建议智能驾驶渗透率快速提升，催生巨大市场空间，带动智驾芯片需求高增长。智驾平权趋势下，高性价比的国产芯片有望迎来机遇，国产化替代趋势显著。建议关注1)核心受益国产替代的地平线机器人-W(09660)、黑芝麻智能(02533)；2)率先布局舱驾一体的英伟达(NVDA.US)、高通(QCOM.US)；3)自研高算力芯片的车企小鹏汽车-W(09868)、特斯拉(TSLA.US)。风险提示行业需求不及预期、原材料价格波动的风险、行业竞争激烈的风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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国盛证券：智驾核心部件壁垒高筑 国产芯片替代正当时

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国盛证券：智驾核心部件壁垒高筑国产芯片替代正当时