请阅读最后评级说明和重要声明1/30行业深度报告|汽车证券研究报告行业评级è荐ÿ维持Ā报告日期20250106相s研究VLM-2024.12.30NIODay-2024.12.24202411Cybertruck-2024.12.16分析师：董晓彬S0190520080001dongxiaobin@xyzq.com.cn分析师：刘馨遥S0190524070005liuxinyao@xyzq.com.cn供需两端改善明显，智驾爆发拐点将至投资要点：⚫202420249L2+13.8%NOAADASBOM3-5%NOA30+NOA20+⚫1202520-30NOA10-20NOA2//⚫NOA/NOA20236.9%/2.2%202524.8%/14.9%20251314////SoC/141/82/45/185/252/7822025/203019.5/46.6⚫SoC//,100Tops⚫1NOA2J6E/J6M3⚫请阅读最后评级说明和重要声明2/30行业深度报告|汽车目录:..............42024..........................42024...........................................................52025...............6..8OneModel..........................8..................................11...........13.......................................................13..........................................................14SoC.....................16//,....................................................................................................16SoC...20..................23....25...............................................................................................28...............................................................................................29图目录1NOANOA..................................42MT/G6/L7/L8/SU7MAX.................................................................................................................43OrinX()..........................5420-30NOA................................................65Momenta..............................................................................66.............................................................6710-20NOA................................................78.........................................................79..................................................710...........................................................811.....................................912................................................................10132022-2023..1214.......................................1215..........................................1216.....................................................1217...........................................................................1218...........................................................................1219............................1320SUV......................................................................1321.........................................................1322ADAS......................................14请阅读最后评级说明和重要声明3/30行业深度报告|汽车23........................................................................................................1524.........................................................1625..................................................1726.............................................................1727............................1728................................................................1829/SoC.............................20302023.................................20312023.....................................20322023....................................................2033..................................................2134J6...........................................................2135J6E/J6M.......................................