汽车与汽车零部件行业深度报告：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 suspension industry, specifically focusing on air suspension systems and variable damping shock absorbers [1]. Core Insights - The automotive industry is experiencing explosive growth in intelligent driving technologies, significantly benefiting active suspension systems due to their ability to share sensor data with intelligent driving systems for coordinated vehicle dynamics control [2]. - Air suspension systems are transitioning from high-end to mass-market applications, with prices dropping below 250,000 yuan, leading to a surge in sales [2]. - The market penetration of air suspension systems has increased from 2.2% in February 2023 to 4.5% by April 2024, indicating a strong upward trend [2]. 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 damping and stiffness for enhanced driving comfort and safety [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 growth in highway and urban NOA 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]. - Key domestic suppliers such as Konghui Technology, Top Group, and Baolong Technology are leading the market, with significant advancements in product development and cost reduction [34][37]. 3. Investment Strategy - The report highlights the importance of focusing on core components of air suspension systems, as domestic manufacturers are increasingly achieving self-sufficiency in critical parts [2]. - Companies like Baolong Technology and Top Group are recommended for investment due to their ongoing technological breakthroughs and product iterations in the air suspension market [2].