汽车主动悬架行业深度报告：关注空悬系统与可变阻尼减振器协同发展

Investment Rating - The report recommends a "Buy" rating for the automotive and automotive parts industry, particularly focusing on air suspension systems and variable damping shock absorbers [1]. Core Insights - The intelligent driving sector is entering a phase of explosive growth, significantly benefiting active suspension systems due to their ability to share sensor data with intelligent driving systems for coordinated vehicle dynamics control [2][12]. - Air suspension systems are transitioning from high-end to mass-market, with prices dropping below 250,000 yuan, leading to explosive sales growth [2][25]. - The market penetration rate of air suspension systems has increased from 2.2% in February 2023 to 4.5% by April 2024, indicating a strong upward trend [2][25]. Summary by Sections 1. Overview of Active Suspension Systems - Active suspension systems are categorized into passive, semi-active, and active types, with active systems providing adjustable spring stiffness and damping coefficients [12][13]. - The penetration rate of advanced driver-assistance systems (ADAS) has risen from 5.8% in 2022 to 14.9% by August 2024, with significant consumer interest in vehicles equipped with these technologies [12][17]. 2. Future Trends of Active Suspension Systems - The domestic market share of air suspension systems is expected to continue growing, with local brands capturing over 85% of the market by the third quarter of 2024 [34][35]. - Key domestic players like Konghui Technology, Baolong Technology, and Top Group are making significant advancements in the localization of core components, including air springs and air supply units [34][55]. 3. Variable Damping Shock Absorbers - Variable damping shock absorbers are emerging as a viable alternative in the 100,000 to 150,000 yuan market segment, with significant adoption by domestic brands [59][60]. - The market for variable damping shock absorbers is experiencing rapid growth, with deliveries reaching 1.55 million units in 2023, significantly outpacing air suspension systems [60][63]. 4. Investment Strategy - The report highlights the increasing market share of domestic air suspension systems and the ongoing technological advancements by leading suppliers, recommending a focus on companies like Baolong Technology, Top Group, and Konghui Technology for investment opportunities [76].