智驾下沉加速，激光雷达迎全新成长

Investment Rating - The report suggests a positive investment outlook for the lidar industry, particularly focusing on companies like Hesai Technology and Suteng Jun Chuang [2][3]. Core Insights - The report highlights that the lidar market is entering a new growth phase driven by the acceleration of intelligent driving and the increasing penetration of lidar in mainstream vehicles [2][9]. - Lidar is characterized by high barriers to entry and irreplaceability, with a significant reduction in costs leading to a visible profit inflection point [2][9]. - The report emphasizes the dual growth of demand for lidar, driven by both the advancement of L3 autonomous driving and the downward trend in lidar configuration levels [2][9]. Summary by Sections 1. Acceleration of Intelligent Driving and Lidar Growth - The era of universal intelligent driving is rapidly approaching, with major automakers like BYD and Geely adopting lidar technology in their vehicles [9][12]. - The report notes that the average number of lidar units per vehicle is significantly increasing, especially in L3 autonomous driving systems [20][22]. - The penetration of lidar in L2+ systems is also on the rise, indicating a broader adoption across various vehicle segments [20][23]. 2. High Barriers and Cost Reduction in Lidar - Lidar's unique capabilities make it indispensable for advanced driving assistance systems (ADAS), particularly in complex scenarios [26][31]. - The report identifies three core barriers to entry: hardware design, mass production capabilities, and automotive-grade validation [40][41]. - Recent advancements have led to a substantial decrease in lidar costs, enabling its integration into more affordable vehicle models [41][44]. 3. Competitive Landscape and Investment Recommendations - The report indicates a shift in the competitive landscape, with Chinese manufacturers gaining a dominant position in the global lidar market, capturing 84% of the market share [62][63]. - Key players such as Hesai Technology and Suteng Jun Chuang are highlighted for their technological leadership and production capabilities [68][73]. - The report recommends focusing on companies that are well-positioned to benefit from the growing demand for lidar, particularly those with established product lines and strong market presence [68][73].