According to a research report by Guosen Securities, as the penetration rate of L2/L2+ autonomous vehicles continues to rise, the cost of smart driving-related components is decreasing. Given the shared components between L4 and L2/L2+ systems, the hardware cost for L4 autonomous driving is expected to further decline, with Robo-X anticipated to reach a pivotal moment in 2026.

In terms of market potential, by 2030, the global L4 market is projected to exceed trillions, with China's taxi and ride-hailing sector alone accounting for an annualized market size of RMB 236 billion. By 2025, Robotaxi is expected to capture 0.6% of the shared mobility market.

Regarding competitive dynamics, key players in Robotaxi include WERIDE-W (00800) and PONY-W (02026), while Robovan features companies like Jiushi Intelligence and White Rhino. Robotruck is dominated by firms such as Xidi Zhijia and Yikong Zhijia, whereas Robobus and Robosweeper are led by WERIDE-W and Xiantu Intelligence, respectively.

Guosen Securities highlights investment opportunities in Robo-X vehicle sales/operations, recommending PONY-W (02026), WERIDE-W (00800), and XPENG-SW (09868). For components, recommendations span data acquisition (HESAI-W (02525), ROBOSENSE (02498)), data transmission (Huguang Co.), data processing (JOYSON ELEC (00699), Horizon Robotics-W (09660)), and data application (Baolong Tech, Bethel).

Risks include slower-than-expected advancements in autonomous driving and insufficient policy support.