电子：智能驾驶大势所趋，车载CIS蓄势待发

Investment Rating - The industry rating is "Outperform the Market" [6][48]. Core Insights - The report highlights the rapid penetration of intelligent driving technology, with BYD's advanced driving system "Tianshen Eye" being launched, which will be equipped across all models, including those priced below 100,000 yuan [3][10]. - The demand for car-mounted cameras is expected to increase significantly due to the rising adoption of intelligent driving systems, with BYD's new models featuring an average of 10 cameras per vehicle [4][15]. - The report anticipates a substantial growth in the automotive CIS (CMOS Image Sensor) market, projecting a compound annual growth rate (CAGR) of 20.6% from 2022 to 2027, reaching approximately $4.858 billion [30][32]. Summary by Sections 1. BYD's Intelligent Driving Configuration - BYD's "Tianshen Eye" system will be standard across 21 models, with prices starting from 6.98 million yuan, marking a significant shift in the market by offering high-level driving assistance in lower-priced vehicles [10][11]. - The system includes three configurations, with the lowest tier featuring 12 cameras, breaking the trend of low configurations in budget vehicles [15][18]. 2. Increase in Car-Mounted Camera Adoption - The report notes a dual transformation in the automotive sector, with an increase in the number of cameras per vehicle and technological upgrades, driven by the need for high-precision environmental perception [15][20]. - The average number of cameras in passenger vehicles is projected to rise, with the demand for CIS chips expected to grow as they account for about 50% of the total cost of camera modules [24][30]. 3. Competitive Landscape of Automotive CIS - The automotive CIS market is currently led by ON Semiconductor, with significant shares held by Chinese companies such as OmniVision and others, which together account for about 20% of the global market [32][34]. - The report emphasizes the long development cycles in the automotive market, suggesting that companies with established relationships and product lines are well-positioned to benefit from the ongoing trends in intelligent driving [34][40]. 4. Investment Recommendations - The report recommends focusing on leading companies in the automotive CIS sector, such as Weir Shares and Sitaiwei, which are well-positioned to capitalize on the growing demand for automotive image sensors [34][35][39]. - It also highlights Jingfang Technology as a leader in automotive CIS packaging with scarce production capacity, indicating strong growth potential [40].