汽车座椅行业深度报告：“第三空间”概念推动下，座椅迈向全维度创新阶段

Investment Rating - The report maintains a positive investment recommendation for the automotive seat industry, highlighting significant growth opportunities for domestic manufacturers due to the rise of new energy vehicles and changes in production methods [4]. Core Insights - The automotive seat industry is experiencing a transformation driven by the "third space" concept, leading to multi-dimensional innovations in seat design and functionality [10][18]. - The market share of foreign seat manufacturers is declining, with domestic manufacturers poised to benefit from the trend of local substitution as they gain traction in high-volume models [2][34]. - Modular production is reshaping the industry landscape, providing opportunities for leading domestic manufacturers to accelerate their growth [3][29]. Summary by Sections 1. "Third Space" Concept and Innovation - Automotive seats account for a significant portion of vehicle costs, with a unit value typically ranging from 3000 to 5000 yuan, representing over 5% of the total vehicle cost [10]. - The value of seats is increasing as more features such as heating, ventilation, and massage functions are integrated, with the value of smart seats rising by approximately 50% compared to standard seats [11][12]. 2. Domestic Substitution Trend - The market is currently dominated by foreign manufacturers, holding a 61.1% market share among the top 50 models in 2024, but domestic manufacturers are gradually increasing their presence [2][34]. - Companies like Jifeng and others are successfully entering the supply chains of high-selling models, indicating a shift towards domestic production [2][34]. 3. Future Trends in Seat Manufacturing - The industry is moving towards modular and personalized production methods, which enhance efficiency and customization capabilities [3][28]. - The demand for innovative seat configurations is growing, with new models featuring unique selling points such as "zero-gravity" seats and customizable seating arrangements [19][20]. 4. Investment Recommendations - The report suggests focusing on domestic manufacturers with first-mover advantages in the supply chain, recommending companies like Jifeng, Tiancheng, and Xinquan for potential investment [4].