电子：智驾下沉加速，激光雷达迎全新成长

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [4] Core Insights - The era of "Universal Intelligent Driving" is accelerating, with LiDAR entering a rapid growth phase due to the widespread adoption of intelligent driving technologies [14][19] - LiDAR is becoming a standard feature in vehicles priced between 100,000 to 200,000 yuan, significantly expanding its market potential [19][17] - The demand for LiDAR is driven by the dual acceleration of L3 autonomous driving deployment and the downward penetration of LiDAR configurations into lower-tier intelligent driving systems [25][26] Summary by Sections 1. Universal Intelligent Driving Era - The launch of intelligent driving plans by major manufacturers like BYD and Changan indicates a shift towards universal intelligent driving, with LiDAR as a core technology [14][17] - The average number of LiDAR units per vehicle is expected to increase significantly as L3 autonomous driving becomes more prevalent [28][25] 2. High Barriers and Irreplaceability of LiDAR - LiDAR's high-resolution perception and holographic data capture capabilities make it irreplaceable in complex scenarios [32][33] - The core barriers to entry in the LiDAR market include hardware design, mass production capabilities, and automotive-grade verification [40][47] 3. Investment Recommendations - The report suggests focusing on leading LiDAR manufacturers such as Hesai Technology and Suteng Jun Chuang, which have established strong market positions and technological advantages [80][3] - Other recommended areas include core hardware related to intelligent driving, such as vehicle-mounted cameras and various semiconductor components [2][3]