华金证券：线控底盘迈入放量周期 市场规模将进一步扩张

Core Viewpoint - The report from Huajin Securities indicates that the smart chassis market for passenger cars in China is expected to reach 46.6 billion yuan by 2025 and 117.1 billion yuan by 2030, with a CAGR of 20.24% from 2025 to 2030, showing rapid penetration [1][2]. Group 1: Market Growth and Trends - The smart chassis is a crucial technology for achieving advanced intelligent driving, facilitating the transition from mechanical to drive-by-wire systems, which enhances performance beyond traditional mechanical chassis [2]. - The market penetration of drive-by-wire systems is currently low, but it is anticipated to accelerate due to advancements in intelligent driving technologies, leading to further market expansion [1][6]. Group 2: Key Technologies in Drive-by-Wire Systems - Within the drive-by-wire systems, significant attention is focused on brake and steering technologies, where foreign companies currently dominate due to high development complexity [3]. - The electric brake system (EHB One-box) is the mainstream solution, meeting the stringent requirements for L4+ level autonomous driving, with mass production expected to accelerate following new regulations in 2025 [4]. Group 3: Competitive Landscape - The steering-by-wire (SBW) system is set to replace the widely used EPS system, offering faster response times and greater flexibility, which are essential for higher safety levels and full-scenario intelligent driving [5]. - Several domestic suppliers are in the R&D phase, with some, like Nexperia, making significant progress towards mass production [5]. Group 4: Investment Recommendations - The industry is entering a critical phase of industrialization for drive-by-wire systems in 2026, with companies that have platform capabilities and are involved in the drive-by-wire product chain expected to benefit, including Bertley, Nexperia, and others [6].