Haitong Securities believes that the commercial operation of autonomous vehicles has become a reality. Shanghai has issued the first batch of driverless passenger-carrying licenses, marking the imminent realization of commercial operation of autonomous driving in Shanghai. Car-road-cloud is a good solution to solve complex road conditions and vehicle interactions, and the necessity of developing car-road-cloud is gradually becoming prominent. Shanghai is accelerating the development of autonomous driving, and the scope of roads open for autonomous driving testing will expand. The above-mentioned driverless intelligent connected vehicles will be commercialized after completing demonstration applications
According to the financial news app Zhitong Finance, Haitong Securities released a research report stating that based on the operation of Luobo Kuai Pao in Wuhan, the order volume has been very large and growing rapidly, and the commercial operation of unmanned vehicles has become a reality. However, due to the complex road conditions in China, single vehicle intelligence cannot interact well with other vehicles, especially in scenarios involving lane changes, ramps, and other road rights allocation scenes. V2X technology is a good solution, and the necessity of developing V2X technology is gradually becoming more prominent. The issuance of the first batch of driverless passenger license permits in Shanghai also marks the imminent commercial operation of driverless vehicles in Shanghai, and the simultaneous development of intelligent driving and V2X technology is timely.
Shanghai issues the first batch of driverless passenger license permits. According to China Quality News Network on July 8th, during the 2024 World Artificial Intelligence Conference, Shanghai issued the first batch of driverless intelligent connected vehicle demonstration application permits. The certified companies are Saic Smart Technology (Shanghai) Co., Ltd., Baidu Intelligent Driving Technology (Shanghai) Co., Ltd., Shanghai Guodong Technology Co., Ltd. (AutoX), and Xiaomayixing Technology (Shanghai) Co., Ltd. Citizens can book rides in these driverless vehicles through corresponding software, and all passenger-carrying vehicles in the demonstration application phase are free of charge. After completing at least 5000 kilometers of demonstration application with a single vehicle and verifying the safety and reliability of the vehicle operation system and passenger operation, the relevant departments will evaluate these companies and vehicles. If the evaluation is passed, commercial operation can be conducted in designated areas. According to Sina Urban Finance, the driverless passenger license permit is valid from July 4, 2024, to January 4, 2025, and is issued by the Shanghai Economic and Information Commission, Shanghai Municipal Transportation Commission, and Shanghai Public Security Bureau.
Shanghai accelerates the development of autonomous driving. In January 2024, Shanghai issued the "Several Policy Measures to Promote the Healthy Development of the Online New Economy in Shanghai," which mentioned expanding the coverage of open test roads for autonomous driving and gradually opening expressways. This will further promote the development of autonomous driving technology and lay the foundation for the true "urbanization" of autonomous driving. In March 2024, Pudong New Area in Shanghai opened the second batch of autonomous driving test roads, covering the entire Jinqiao Economic and Technological Development Zone and the "North-South Science and Technology Innovation Corridor" roads such as Shenjiang Road, Hunan Road, and Liangang Road in Pudong. So far, Shanghai has opened a total of 1003 test roads, with a total mileage exceeding 2000 kilometers. In terms of routes, the demonstration application of driverless intelligent connected vehicles in Shanghai has further achieved interconnection between the test roads of Pudong and Lingang New Area, covering the entire Jinqiao Economic and Technological Development Zone, as well as Shenjiang Road, Hunan Road, Liangang Road, and other roads in the "North-South Science and Technology Innovation Corridor," passing through multiple subway stations, business districts, and industrial parks.
Luobo Kuai Pao "breaks out" in Wuhan. According to the Wuhan Economic and Technological Development Zone, before unmanned vehicles hit the road, they must be "certified for the job." On September 22, 2019, the Wuhan National Intelligent Connected Vehicle Testing Demonstration Zone was officially unveiled On that day, Baidu, along with Hailiang Technology and Shenlan Technology, became the first three companies in the world to obtain commercial licenses for autonomous driving. In September 2022, Wuhan and Chongqing took the lead in issuing policies for fully unmanned commercial pilot projects, granting Baidu the first national demonstration operation qualification for unmanned operations, and releasing unprecedented "three permissions" - allowing no safety personnel in the vehicle, driving on public roads, and conducting commercial services. By the end of September 2023, Baidu's autonomous driving brand "Luobo Kuai Pao" had completed 340,000 trips in Wuhan. According to Da Gong Bao news, in the first quarter of this year, the autonomous driving travel service platform "Luobo Kuai Pao" provided approximately 826,000 ride services, a 25% increase year-on-year. As of April 19, Luobo Kuai Pao has provided over 6 million service trips. Currently, Baidu's Luobo Kuai Pao has successfully overcome the complex road scenarios in Wuhan, achieving full coverage of urban areas and all-time-space scenarios.
Investment Advice: Haitong Securities believes that based on the operation of Luobo Kuai Pao in Wuhan, the order volume is already very large, growing rapidly, and the commercial operation of autonomous vehicles has become a reality. However, due to the complexity of domestic road conditions, single vehicle intelligence cannot interact well with other vehicles, especially in scenarios involving lane changes, ramps, and other road rights allocation scenes. V2X is a good solution, and the necessity of developing V2X is gradually becoming more prominent. The issuance of the first batch of driverless passenger license permits in Shanghai also signifies that the commercial operation of driverless vehicles will soon become a reality in Shanghai, and the coordinated development of intelligent driving and V2X is timely.
Recommended Focus: V2X: Wanji Technology, Tongxingbao, Laisi Information, Jinyi Technology, Gaoxinxing, Huaming Intelligence, Siwei Tuxin, Hanxin Technology, Yunxingyu; Autonomous Driving: Zhongke Chuangda, Desay SV, Jingweihengrun, Guangting Information.
Risk Warning: Risks include industry applications falling short of expectations and technological development falling short of expectations