智能驾驶系列报告（四）：智驾时代来临，国产汽车零部件厂商准备几何？

Investment Rating - The report maintains an investment rating of "Outperform" for the automotive industry [1]. Core Insights - The smart automotive body architecture is divided into four main segments: perception, decision control, execution, and communication. Domestic automotive component suppliers have gained significant influence in the perception system and have achieved competitive strength in decision control and execution systems [2][4]. - The domestic market for automotive sensors has seen substantial growth, with the market size increasing from 15.7 billion yuan in 2017 to 35.4 billion yuan in 2023, reflecting a CAGR of 14.48% [6]. Summary by Sections Perception System - The perception system includes hardware such as LiDAR, millimeter-wave radar, and cameras. LiDAR has achieved full domestic production, with over 50% localization for camera modules and over 30% for millimeter-wave radar [2][6]. - The leading domestic LiDAR manufacturers include Suoteng Juchuang, Hesai Technology, Huawei, and Tudatong, with a combined market share exceeding 97% in the domestic market [13][16]. Decision Control System - The decision control system is primarily composed of domain controllers, with domestic localization rates exceeding 40% for both intelligent driving and cockpit domain controllers. Key players include Desay SV, Huawei, and Horizon Robotics [2][4]. - However, core chips for intelligent driving and cockpit systems are still dominated by foreign manufacturers, with very low localization rates [2]. Execution System - The execution system is moving towards steer-by-wire technology, with over 30% localization for brake-by-wire systems. Companies like Bertley, Likai Technology, and Nansen Technology are establishing a presence in this market [2][4]. Communication System - The localization rate for in-vehicle communication chips is very low, with domestic manufacturers like Xinlit and Yutai Micro leading in CAN and Ethernet chips, respectively [2][4]. Market Overview - The report highlights the rapid growth in the installation of automotive sensors, with the number of cameras installed in domestic passenger vehicles reaching 67.95 million in 2023, a year-on-year increase of 34.7% [36][38]. - The domestic market for millimeter-wave radar is still largely dominated by foreign manufacturers, but there is significant potential for domestic companies to increase their market share [28][32]. Key Manufacturers - Suoteng Juchuang is the leading domestic LiDAR manufacturer, with a market share of 40.3% in the first half of 2024 [16]. - Hesai Technology holds a 37% share of the global LiDAR market, particularly strong in the L4 level segment [20]. - Huawei has launched high-resolution 4D millimeter-wave radar products, achieving significant market penetration [32].