Mobileye Research: Global Leader in ADAS Technology

Mobileye: A global leader in the field of driver assistance, spun off from Intel. 1) Company Overview: The company is a leader in global ADAS technology, primarily focusing on autonomous driving chips (ADAS chips, high-level autonomous driving chips) and mobility services market. On October 26, Mobileye officially listed on NASDAQ, raising $860 million in its IPO, which is mainly planned for working capital & general corporate purposes, with hopes to accelerate the company’s market expansion in the future. 2) Operating Data: Currently, the company mainly provides autonomous driving chips EyeQ to the market. As of 2021, the company has released several ADAS chips such as Eye Q1-Q5, with a cumulative shipment of approximately 125 million units, covering 33 OEM manufacturers and Tier 1 suppliers globally. In recent years, the ASP of Eye Q products has stabilized at $50-60 per unit. 3) Financial Data: The company’s main business is prominent, with rapid revenue growth over the past six years, reaching $1.39 billion in 2021 (CAGR=34%), Non-GAAP gross margin stabilizing at 76-78%, and Non-GAAP net profit turning positive in 2019, with a Non-GAAP net profit of $474 million in 2021, corresponding to a Non-GAAP net profit margin of 34%.

Autonomous Driving Market: Mobileye has significant comprehensive advantages in the ADAS field and is actively expanding into higher-level autonomous driving. 1) Industry Analysis: (a) In terms of market size, based on different levels of autonomous driving penetration rates downstream, we expect the global autonomous driving chip market size to grow from $2 billion in 2021 to $19.5 billion by 2030 (CAGR=29%). (b) In terms of market competition, Mobileye occupies a large portion of the ADAS market share (about 70%), with tech giants & semiconductors actively laying out high-level autonomous driving chips, intensifying industry competition. 2) Mobileye’s fundamentals & competitive analysis: (a) Product Matrix: The company has gradually established a rich product matrix in the autonomous driving field, from hardware (EyeQ/Lidar) to software (mapping, tool development chain) to overall solutions, continuously increasing the richness of its product offerings, thus providing more flexible solutions for downstream users. (b) From the company’s fundamentals, we believe Mobileye’s competitive advantages mainly lie in the flexibility of hardware scalability, perception technology in software, high-precision mapping, early commercialization & cost advantages, and data scale advantages. (c) Smooth commercialization expansion: As of July 2022, the company’s products have been installed in over 800 vehicle models. Businesswire and Reuters reported that the company plans to increase cooperation with Geely and Volkswagen.

Mobility Market: Acquiring Moovit, expanding into AMaaS market. 1) Industry Analysis: (a) Market Size: AMaaS (automotive mobility as a service) is a service launched by the company, mainly referring to the commercial RoboTaxi market. The company expects this global market size to grow from $0 in 2021 to $160 billion by 2030. (b) Market Competition: Given the enormous future market size of RoboTaxi, various companies globally (mobility companies, tech companies, startups, automakers) are entering the market, leading to intensified competition. 2) Mobileye’s fundamentals & competitive advantage analysis: (a) In May 2022, the company acquired Intel’s subsidiary Moovit (a mobility as a service solution provider) for $900 million, aiming to better integrate the businesses of both companies to continuously promote commercialization in the RoboTaxi field. (b) The commercialization is in progress. According to the company’s prospectus, the company is currently conducting RoboTaxi testing and trial operations in the U.S., Israel, Germany, France, and other regions. Cleantech reported that the company plans to strengthen cooperation with Udelv Transporter to launch dedicated delivery vehicles in 2023.

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Mobileye Research: Global Leader in ADAS Technology

Mobileye is the global leader in ADAS (Advanced Driver Assistance Systems), with its EyeQ series products, thanks to excellent cost-effectiveness and stable product performance, holding a 70% share in the global ADAS market. With the launch of high-performance chip solutions from NVIDIA, Qualcomm, and others, there are concerns about the popularity and technological leadership of Mobileye’s “black box” solutions. Following its spin-off from Intel, the company is gradually increasing its product and technology layout in areas such as “software development chain EyeQ Kit,” “end-to-end solutions,” and “RoboTaxi,” with expectations for continuous improvements in product flexibility and scalability. Currently, the company has significant comprehensive advantages in the ADAS field and is expected to continue benefiting from the increasing penetration rate of automotive driver assistance. In the medium to long term, with the launch of the company’s high-level autonomous driving chips EyeQ6/Ultra between 2023-2025, as well as the commercialization of high-level autonomous driving technologies (SuperVision, Chauffeur, Drive) and RoboTaxi technologies (AMaaS, etc.), the company’s medium to long-term growth potential and competitiveness are worth looking forward to. We will continue to track the company’s product R&D progress and commercialization in the fields of ADAS and high-level autonomous driving.

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