Yikatong took off his “Geely coat” and revealed his “Huawei appearance”

Because Li Shufu participated in its founding and its initial customers were all Geely brands, Yikatong, a Tier 1 supplier that provides cockpit and vehicle intelligent services for car brands, is often considered a Geely subsidiary.

However, Yikatong obviously does not want to limit itself to the Geely series, but is looking for the greatest possibility in this wave of the new four modernizations of automobiles: "electrification, intelligence, low carbonization, and globalization". This is far from the case. Much more important than being an in-house supplier to a large car company.

The "Second Yikatong Technology Ecological Day", which has as much information density as the number of new product launches, is the best demonstration of this ambition. It has transformed from a supply chain company that cannot do well in car and machine systems to a global company. , a full-stack and versatile automotive technology company.

Globalization: One platform, serving the world

The turnaround for Geely's car system should belong to the Flyme Auto system equipped on Lynk & Co 08. Because of the earth-shaking improvements in design, interaction, dynamic effects, driver interconnection, etc., Flyme Auto quickly changed the reputation of Lynk & Co's car system. , the heroes behind it certainly belong to Xingji Meizu Group and Yikatong. The chairman of these two companies is Shen Ziyu.

Yikatong, which has opened up these resources, has only demonstrated part of its capabilities. At this Technology Ecological Day, we can see more clearly what else this company can do.

▲ Atlas computing platform and Parker computing platform

Based on the fourth-generation Qualcomm Snapdragon Cockpit SoC, ECARX has developed the ECARX Atlas Computing Platform based on Snapdragon SA8255P and the ECARX Pike Computing Platform developed with Snapdragon SA8295P. ECARX Pikes Computing Platform), and on these two computing platforms, Ekatong can deploy the Flyme Auto cockpit system or Google Automotive Services (GAS, a service suite deployed on Android Automotive OS) according to the specific conditions at home and abroad. .

▲Volvo EX30

Models such as Polestar 4 and Volvo EX30 that have been launched or are about to be launched at home and abroad. Overseas, it is the GAS service suite deployed by Ekatong on the Snapdragon 8155 vehicle-computer computing platform.

In China, Polestar 4 uses the PolestarOS cockpit system customized based on Flyme Auto.

▲ PolestarOS cockpit system

According to Yikatong, they are the first Tier 1 company in China with experience in implementing Google Automotive Services (GAS) in the global market. With the help of international car brands such as Volvo, Polestar and smart, as well as Yikatong’s own software, With hardware capabilities, Yikatong also has the basic capabilities to go out of China and move towards the world.

If the Parker computing platform equipped with the Snapdragon SA8295P cockpit chip is currently the ceiling of cockpit performance in public perception, then Ekatong has taken another approach and cooperated with Xingji Meizu Group to make Snapdragon with more advanced process technology and performance. Dragon flagship mobile phone SoC Snapdragon 8 Gen3 is installed on the in-vehicle computing platform.

▲ Qiogori Computing Platform

The ECARX Qogir Computing Platform based on Snapdragon 8 Gen3 brings flagship performance of CPU 330K DMIPS, GPU 4.2T FLOPS and 60 TOPS hybrid end-side AI, supporting up to 8K display. The hardware supports ray tracing technology.

Because mobile phone SoCs are two to three years ahead of car cockpit chips in terms of manufacturing process and performance, in theory, the Kyogory computing platform is the current performance ceiling for automotive computing platforms. HD or even 8K resolution screens can also support in-car games with host screen levels, or local large models with 10 billion parameters for use in cars.

Although there are no specific cars equipped with this Qiogori computing platform, there is no doubt that this platform can provide the best performance support for car intelligence, especially as cars are also entering the AI ​​era.

▲ Volvo EX30 uses GAS service package abroad

Of course, at present, the pace of globalization of Yikatong also depends on the progress of Geely car companies overseas. One is the overseas sales of native overseas car brands such as Polestar, smart, Volvo and LEVC; the other is the overseas sales of Polestar, smart, Volvo and LEVC; The export situation of brands such as JiKrypton and Lynk & Co.

Then, as going overseas has become the best way for Chinese automobiles to solve excess technology and productivity, Yikatong may also become a supplier to car companies other than Geely.

So we saw that Yikatong officially announced that it had reached a strategic upgrade with China FAW. The two parties will jointly build a leading intelligent computing platform and Hongqi OS ecosystem to help central enterprises accelerate their new energy transformation and global development. Prior to this, Ekatong also announced that it had reached cooperation agreements with Shenlong Motors and Changan Mazda to provide smart cockpit products for the models of these two car companies.

At the same time, following the deployment of intelligent manufacturing centers in Dongjun, Wuhan and Fuyang, Hangzhou, Yikatong Technology officially announced the launch of a global intelligent manufacturing center plan, cooperating with R&D and operation centers in 11 cities around the world to meet the needs of different markets around the world for R&D, production and delivery needs.

▲ Lynk & Co 08 cockpit system, jointly created by Yikatong and Xingji Meizu

Full stack and all-rounder: more than just cockpit computing platform

In the past few years, smart cockpit and smart driving were considered to be two relatively independent systems. However, in 2023 and 2024, the concept of "cabin and driving in one" has become an industry consensus. Of course, in addition to this, there is also "parking". The concept of "one body".

▲ Tianqiong Pro intelligent driving computing platform

On the Tianqiong Pro intelligent driving computing platform, Yikatong demonstrated the progress of the implementation of integrated parking and parking capabilities, including high-speed and urban commuting NOA, as well as intelligent parking functions such as APA, RPA, and HPA.

▲ Antola 1000 Pro computing platform

For the integrated cabin and parking scenario, Ekatong also launched the Antola 1000 computing platform and Antola based on the "Dragon Eagle 1" cockpit chip produced by Xinqing Technology (Shen Ziyu is also the chairman of Xinqing Technology) last year. 1000 Pro computing platform, this technology ecology day, Yikatong also said that thanks to the exploration of the performance of "Dragon Eagle One", the Antola 1000 computing platform and the Antola 1000 Pro computing platform can also cover more There are many smart driving scenarios. The former is mainly to reduce the cost of smart driving solutions. The mainstream cabin, parking and integrated functions and AI scenarios can significantly reduce vehicle development investment.

For example, Lynk & Co 08 is already testing high-speed/urban NOA capabilities. If there are models such as Lynk & Co 08 that currently sell an average of 10,000 units per month as an endorsement, Yikatong will have a better position in providing lower-cost smart driving solutions. prospect.

In response to the demand for lidar in high-end smart driving, Ekatong has also launched a long-range semi-solid main lidar with a detection range of 200 meters, and a short-range all-solid-state lidar for sensing the 3D environment around the car body. This long-range semi-solid-state lidar can provide 192 lines of capability, supports TCSPS detection technology, and integrates optoelectronics and SPAD chips. The short-range all-solid-state lidar uses Flash detection technology and uses a large area array integrated SPAD with a resolution of up to 360X150 pixels. , as well as self-developed light source driver IC customized VCSEL.

In addition, Yikatong and Xinqing Technology also released the Longying Smart Driving AD1000 chip using a 7nm process technology, which is a domestic chip that benchmarks Nvidia's Orin-X smart driving chip.

The CPU computing power of Longying Zhijia AD1000 can reach 250 KDMIPS, and the NPU computing power is 256 TOPS. Through multi-core collaboration, it can achieve a maximum computing power of 1024 TOPS. It integrates high-performance VPA and ISP, has a built-in safe island, has rich interfaces, and fully meets L2++ (one chip), L3 (two chips) to L4 (four chips) intelligent driving needs.

It extends from smart cockpit to smart driving, and then covers the "cabin, travel and parking" scenario, and launches lidar and high-computing power smart driving chip Longying Smart Driving for future full-scenario autonomous driving scenarios from L2+ high-end assisted driving to L4 level. With AD1000, we can see Yikatong's desire for full-stack and all-round capabilities, as well as the underlying strategy of digging up and down the hardware and moving up the smart driving software capabilities.

Although in terms of electrification and intelligence, as well as battery supply chain and resource control, China's automobile industry is progressing so fast that overseas peers feel that they are already in a state of catching up. However, when it comes to semiconductors, China's domestic capabilities are still far behind. to the leading level. Whether it is Qualcomm's cockpit chip or Nvidia's smart driving chip, they are more deeply rooted in the hearts of the people.

However, electrification and intelligence are still a long march. Whether it is replacing fuel vehicles domestically or going global, including the development of smart driving technology in the future, there is still huge growth in the market. This growth is Yikatong’s Opportunity is also the reason why this company must break through the cockpit and move into the field of smart driving, lidar and high-end smart driving chips.

Not Geely’s exclusive supplier, but a competitor of Huawei Auto BU

Shen Ziyu, chairman of Yikatong, is also the chairman of Xingji Meizu and Xinqing Technology. He made an easy-to-understand metaphor for these three companies:

Yikatong's role is equivalent to Huawei's automotive BU, Xingji Times and Meizu Technology are equivalent to Huawei's consumer BG, and Xinqing Technology is equivalent to HiSilicon.

Huawei does not make cars, but its influence in the automotive field is growing. Cyrus, which has the deepest cooperation with Huawei, is already the company with the highest market value among local listed companies in Chongqing. The world-class brand has been competing for the title of new car manufacturer for several weeks in a row. It tops the sales list, and the main delivered model is the Wenjie M9 with an average price of 500,000 yuan.

Huawei’s influence on Wenjie brands is profound. From product definition, to Hongmeng smart cockpit, to the software and hardware foundation of intelligent driving capabilities, everything comes from Huawei.

At the same time, Huawei also has the Zhijie brand that cooperates with Chery, the Xiangjie brand that cooperates with BAIC, and the Aojie brand that cooperates with JAC Automobile. In addition, in Huawei Hi mode, there are also Avita and other brands to obtain Hongmeng cockpit and Huawei Smart Driving ability.

▲ Antola 1000 computing platform

If you understand this layer, you can understand the layout and development template of Yikatong.

After two consecutive years of losses, Yikatong delivered a good financial report in 2023: revenue in 2023 was 4.67 billion yuan, a year-on-year increase of 31%, of which fourth-quarter revenue was 1.87 billion yuan, a year-on-year increase of 22%. %. In terms of gross profit, Yikatong Technology's full-year gross profit was 1.27 billion yuan, a year-on-year increase of 28%, of which the fourth quarter gross profit was 430 million yuan, a year-on-year increase of 1%. Net loss was 1.02 billion yuan, narrowing 37% year-on-year.

At the same time, Shen Ziyu also said that it will turn losses into profits in 2024.

As of December 31, 2023, Yikatong's technology and products have been installed on 16 OEMs, 25 automobile brands, and more than 6 million vehicles worldwide.

Regarding the issue of revenue sources and proportions that have attracted much attention, Shen Ziyu previously said that in the revenue structure of Yikatong, the revenue of Geely and non-Geely systems accounted for about 7:3, and it will soon achieve a 50-50 split in the future.

A problem that cannot be ignored is that compared with the share price of US$10 when Yikatong was listed on the US stock market, the current share price of Yikatong remains at around US$2, and the market value has dropped by 80%, and is currently only over US$600 million. For a still-shanghai company, For companies that are in a period of rapid growth and change, the measurement of price-to-sales ratio and price-to-earnings ratio is obviously inaccurate.

Proving itself in the real market and capital market is what Yikatong must do at present, and it is also the message that this Technology Ecological Day wants to convey to the outside world: use the most promising Huawei car BU as a template, and use the most successful Determine the two longest-term routes "globalization and omnipotence" as the direction to carry out the narrative.

The next thing is whether the market will pay for it or not.

In the plastic greenhouse of fate, every cabbage that has been sprayed with too many pesticides once had a dream of becoming a pollution-free organic vegetable.

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