计算机：车路云一体化系列之三—V2X车载终端篇

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the V2X vehicle-mounted terminal sector [5]. Core Insights - The integration of vehicle-road-cloud systems is entering a critical phase, with supportive policies leading to the establishment of pilot cities for smart connected vehicles [1]. - The V2X vehicle-mounted terminal is identified as a key device for achieving communication between vehicles and other devices, with a trend towards integration with T-BOX and domain controllers [2][11]. - The market for V2X vehicle-mounted terminals is expected to grow rapidly, with projections indicating a market size of approximately 4 billion yuan by 2025 and nearly 100 billion yuan by 2030 for independent modules, while integrated V2X terminals could reach a market size in the hundreds of billions [3][32]. Summary by Sections 1. V2X Vehicle-Mounted Terminals as Key Devices - V2X terminals are essential for communication between vehicles and other devices, featuring capabilities such as EUHT, C-V2X, and high-precision positioning [2][11]. - The development trend indicates a shift towards high integration of V2X functionalities with other vehicle systems [19][24]. 2. Market Growth Driven by Vehicle-Road-Cloud Integration - The rollout of smart connected vehicle pilot projects is expected to significantly increase the penetration rate of V2X terminals [3][28]. - By 2026-2027, a large-scale installation of V2X terminals is anticipated, with optimistic forecasts suggesting penetration rates could exceed 9% [28][29]. 3. Competitive Landscape and Company Benefits - The competitive landscape in the vehicle-mounted terminal sector is likely to change due to the trend of integration, with traditional automotive component suppliers gaining an advantage [4][5]. - Companies such as High New Technology, Jinli Technology, Wanjie Technology, and others are recommended for investment due to their proactive market positioning and leading market shares [5]. 4. Investment Recommendations - The report suggests focusing on companies that are actively positioning themselves in the market and have leading market shares, as the V2X terminal market is expected to recover and grow rapidly [5].