浦银国际发表报告指，随着新能源汽车行业发展进入下半场，智能辅助驾驶成为汽车智能化的一项核心功能。智驾芯片作为智能辅助驾驶功能实现的核心部件，逐渐成为产业链价值高地。进入2025年，一方面中国自主车企大力推进智驾平权，推动高速NOA搭载车型价格段的下探；另一方面龙头新能源车企在端到端架构基础上推进算法的继续演进，两端发力促进智驾芯片实现量价齐升。 报告指，在此背景下，本土智驾芯片供应商进一步崭露头角，凭借性价比芯片产品和自身量产经验积极拓展客户，同时受益于国产替代趋势，有望实现份额加速扩张。该行首次覆盖智驾芯片行业，给予“超配”评级；首次覆盖地平线机器人和黑芝麻智能，均予“买入”评级，目标价分别为12港元和21.4港元。
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