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The new car has become an old model in half a year, and it was still refuting rumors last monthZeekr, and then announced the redesign at the press conference.

The old car owners expressed that they could not accept this and jointly demanded that Zeekr give an explanation, which caused an uproar.

This modification is not only a "stab in the back" to old car owners, but also to old friends.MobileyeIt’s also a major blow.

New Zeekr001The hardware is provided byDual Mobileye EyeQ5HReplaced withDual NVIDIA OrinX, the software was replaced with self-developedHaohan Intelligent Driving 2.0；007It is self-developedHaohan Intelligent Driving Debut。

andTeslaAfter the cooperation with Ideal ended, Mobileye seemed to be on the road of losing Zeekr.

This former first autonomous driving stock, half a yearNet loss exceeded 2.1 billion yuan, second-quarter revenue was US$439 million (approximately RMB 3.14 billion), a year-on-year decrease of 3%.

Although the data has eased compared to the weak first quarter, the overall "downward" trend can no longer be stopped.

The stock price has also fallen since the financial report was released. As of now, the company's market value has reachedHistorical low of US$11.29 billion(approximately 80.85 billion yuan).

You know, during the IPO roadshow, the valuation given is$30 billion(approximately 215.9 billion yuan).

Once the king of intelligent driving chips, now has a very difficult time.

Financial report reveals mediocre performance

Judging from the financial data, Mobileye's second quarterRevenueUS$439 million (approximately RMB 3.14 billion), a year-on-year decrease of 3.3%, but an increase of 83.7% compared with US$239 million (approximately RMB 1.71 billion) in the previous quarter.

Total operating expensesIt was US$330 million (about RMB 2.17 billion), an increase of 18% year-on-year.

Research and development expenses256 million US dollars (about 1.83 billion yuan), up 21.33% year-on-year, still inSteady growth。

R&D expenses as a percentage of total operating expensesThe proportion has remained stable, even in the last quarter when the revenue plummeted, it maintained a proportion of 83.2% of total operating expenses.

butNet ProfitNot so optimistic, with a net loss of $86 million (about 620 million yuan) in the second quarter.This is more than double the loss in the same period last year.。

The net loss in the first quarter was US$218 million (about RMB 1.56 billion), and the net loss in the first half of the year reached$304 million(about 2.18 billion yuan), the loss amount increased compared with the first half of last year184%。

Gross profitUS$209 million (about RMB 1.5 billion), a year-on-year decrease of 7%;Gross profit marginIt rebounded from 22.59% in the first quarter to 47.61%.

Mobileye explained in its financial report that the second quarter's recovery performance was due to the remaining tier-one customers in the previous quarter.Excess InventoryThis was resolved in the second quarter, with the number of systems shipped reaching 7.6 million in the second quarter.

Although it is down 8.4% from the same period last year, it is still higher than the 3.6 million units in the previous quarter.It has tripled。

EyeQ and SuperVision revenuesIt also increased from US$219 million (about RMB 1.57 billion) in the first quarter to US$413 million (about RMB 2.96 billion).

Average price of the systemIt rose from US$51.7 (about RMB 370.2) in the same period last year to US$54.4 (about RMB 390).

Mobileye revealed that this is mainly due toSuperVision system related revenueOf course, it is also inseparableZeekrWith the help of the government, since the end of 21,Zeekr 001and 009 equipped with SuperVision platform, have been delivered240,000 vehicles。

Just one day after the financial report was released, Mobileye's stock price plummeted22.5%, and then it has been declining, and it has fallen so far.33.7%。

Since the beginning of the year, Mobileye's stock price has$41.34/shareIt has dropped to$13.92/share, plummeted66.3%。

WithParent company IntelMobileye's stock price also plunged a day after its earnings report was released.26.1%, it has fallen now31.4%。

Once the No. 1 smart driving chip stock, its market value has been evaporating in the two years since its listing. Why?

Why Mobileye is falling apart

Let’s first look at Mobileye’s main products.EyeQ Series Chipsas well asAutonomous driving solutions。

EyeQ Series ChipsIt is Mobileye's core product, providing advanced driver assistance system (ADAS) functions, including EyeQ4, EyeQ5, EyeQ6 series and other versions, supporting different levels of autonomous driving functions from L1 to L4.

Among them, the mass-producedEyeQ5With advanced ADAS and partial autonomous driving functions,24 TOPS。

Released in 23EyeQ6Series, includingEyeQ6L（Lite）and EyeQ6H（High）There are two versions, which are the latest generation of Mobileye chips, with computing power of5 TOPSand45 TOPS。

The one with the highest computing power at present was released at CES in 22 years.EyeQ Ultra，176 TOPS, 5nm process, and planned to produce automotive-grade products in 2025.

Intelligent Driving SolutionsIt mainly includes Mobileye Super Vision, Mobileye Chauffeur, Mobileye Drive and other platforms.

SuperVisionis based onEyeQ5H chipADAS provides L2+ autonomous driving functions.

andChauffeurIt provides a higher level of automation based on SuperVision, uses the EyeQ5H chip, has two independent perception systems, and provides L2+ and L3 level functions.

Drive system, integrating hardware, software and data services, including sensor fusion, path planning, decision execution and other functions, providing a full-stack solution for autonomous driving and L4 level autonomous driving capabilities.

From the product perspective, it seems that we can find some reasons for Mobileye's decline: it is one step behind others and lacks computing power.

Chip giantNvidiaAutonomous driving chipsOrin, launched at the same time as the 24 TOPS EyeQ5, the computing power of a single chip has reached254 TOPS。

At present, Mobileye’s highest computing power is still at176 TOPS。

domestichorizonLaunchedJourney 6, a single chip has reached560 TOPS computing power。

Just listed in Hong Kong on the 8thBlack sesame smart, its Huashan seriesA1000 Pro, which was also launched at the same time as EyeQ5, has a computing power of106 TOPS。

Compared with domestic chips, Mobileye's computing power hasOne generation behind.

However, insufficient computing power cannot be blamed entirely; “not being at the right time” is another factor that factors in Mobileye’s predicament.

When Mobileye was acquired by Intel in 2017, it still had$15.3 billion(approximately 109.57 billion yuan) in market value.

In 2022, Mobileye was forced to go public by Intel, but at that time the capital market was full of risk aversion and the US IPO market was at a standstill.

Although the valuation during the IPO roadshow$30 billion(about 214.85 billion yuan), but after the listing, the valuation has shrunk again and again, and the market value after the opening is only$16.7 billion(119.6 billion yuan).

At the same time, from 2021 to 2022Automotive chip supply chain crisis, customers built up excess inventory to avoid parts shortages.

As supply chain issues ease, customers will give priority to using inventory products in 2024, which will directly lead to Mobileye's operating income in the first quarter of 2024 being significantly lower than in 2023.

andChinaAs the most important strategic market, Mobileye pointed out in its financial report that its demand has also declined significantly.

Some customers have other options, such asTeslaAfter terminating its cooperation with Mobileye in 2016, it chose to turn toSelf-developed。

idealAfter going public in 2020, it received financial support and began to conduct full-stack independent research and development of intelligent driving systems, and stopped cooperating with Mobileye.

Even Mobileye's largest partnerauspicious, also inLynk & Co 08Among the models, choose to useBlack sesame smartHuashan A1000 chip.

Some of the customer losses may be related to Mobileye’sAlgorithm closure"There is a certain relationship.

That is, it is an integrated packaging solution, which does not open data permissions to OEMs, and sells chips and algorithms as a complete set.

Customers are unable to quickly iterate their autonomous driving systems based on specific needs or market changes, greatly reducing flexibility.

This has a bit of a "forced sale" feel to it, and customer loss is probably inevitable.

How Mobileye sees the future

So why did the stock market lose confidence in Mobileye?

This brings us to a forecast announcement released by Mobileye at the beginning of the year. Mobileye predicts that its full-year revenue in 2023 will be between US$1.83 billion and US$1.94 billion, and that in 2022 it will basicallyFlat。

Affected by the overall environment in 2022, it is understandable that the income level was lower than market expectations. One year later, the income level in 2023 was still the same as that in 2022, which inevitably aroused investors' concerns. As a result, the stock price plummeted and the market value evaporated overnight.24.5%。

After the second quarter financial report was released, Mobileye revealed that it expects to continue toDownward adjustment, EyeQ sales forecast has been lowered by about 3.5 million units, and SuperVision sales forecast will also be reduced.

This is mainly due to the following factors observed by Mobileye:

First, many global OEMs have significantly lowered their production expectations for the second half of this year. Second, the orders from Chinese OEMs in the second half of this year have declined compared with what these customers said last time. Finally, in addition to China, other major global markets have also seen large-scale delays in the launch of ADAS systems.

As expected, the stock price once again rose after the financial report was released.A sharp drop, the market value has been declining, refreshingHistorical low。

However, Mobileye also announced some more optimistic expectations.

Based on EyeQ6Mobileye Brain 6, which is expected to be disclosed in December this year.

Brain 6 has been in development for several years as part of the EyeQ6 product line and represents the latest iteration of Mobileye's "EyeQ" system-on-chip design, specifically designed to handle the complex data required for autonomous driving and advanced safety features.

It integrates multiple processing units, including CPU, GPU, and specialized deep learning accelerators, enabling the system to process large amounts of sensor data in real time.

Mobileye has already started large-scale online testing on the EyeQ6 platform and is expected to2026Have a large-scale impact.

In general, Mobileye is currently facing a tense situation with a weak overall environment, declining market demand, and lagging computing power.

However, as for the future, Mobileye stated that despite the challenges, China remains Mobileye's main market, and they will further promote high-end intelligent driving solutions in China in the future.

I wonder if Mobileye can turn things around in the face of strong competitors such as Horizon Robotics, Black Sesame and various self-developed teams in China?

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