Introduction to this report:
As the earliest self driving overlord, Mobileye once had a brilliant achievement with a market share of nearly 90%; However, its "black box mode" can no longer adapt to the current environment. In the face of difficulties, Mobileye has begun to break the game.
Summary:
The former self driving overlord. Mobileye started from monocular vision system, deeply cultivated ADAS computer vision track, and became a global leader in this field. After being acquired by Intel in 2017, the company changed from a single chip manufacturer to a system supplier and officially entered the field of automatic driving. In 2021, Mobileye's achievements are still outstanding. The cumulative shipment of eyeq chips reached 100 million, and the year-on-year growth rate of revenue exceeded 40%. Up to now, eyeq series chips have released six generations of products. Eyeq3 and eyeq4 series have been favored by mainstream car manufacturers and are carried in Tesla, BMW, velai and other models. The first mover advantage in the early stage also makes the company occupy the highland in terms of data.
"Black box mode" has become acclimatized. Behind the glory, it is the slowdown of Mobileye and the deviation of main engine manufacturers one after another. Weilai, Xiaopeng, ideal and other traditional car companies have announced that the next generation of flagship models will choose NVIDIA's Orin chip, "old partner" BMW also said that the next generation of automatic driving will adopt Qualcomm ride platform. Mobileye's market share has shrunk from 90% to 70%. The reasons are as follows: 1) the automatic driving solution provided by Mobileye is lack of openness; 2) The algorithm iteration is slow, the update cycle is long, and the service support ability is relatively weak; 3) The performance of eyeq series chips is not dominant in the industry. Under the background of the trend of full stack self-development, it is obvious that Mobileye has begun to "fall behind" in terms of delivery mode and computing power.
In the face of difficulties, Mobileye has been changing. Seeking an independent IPO is the first big step taken by Mobileye. At the beginning of March 2022, the company has submitted an initial public offering (IPO) application to the sec. At the same time, Mobileye began to abandon many condemned closed algorithm, open more cooperation with the host plant, announced the comprehensive cooperation with krypton, and will go to the world's first L4 class autopilot before 2024. In addition, Mobileye has made full efforts on the product side to accelerate chip iteration and build high-precision radar. The self-development of three high-power chips, imaging radar and lidar launched by ces in 2022 may help Mobileye achieve real mass production of consumer L4 autopilot.
Risk tip: the risk that Mobileye cannot IPO independently; Risks of intensified industry competition; Risk of losing key customers.
