智能驾驶专题系列：线控转向加速落地，线控底盘大势所趋

Investment Rating - The report maintains an "Outperform" rating for the industry [5][6]. Core Insights - The report emphasizes the trend towards steer-by-wire (SBW) systems and the increasing adoption of electronic control in automotive chassis, indicating a significant shift from traditional mechanical systems to more advanced electronic solutions [1][4][25]. - The penetration rate of steer-by-wire systems is currently below 1%, but it is projected to exceed 30% by 2030 in China, with a market size exceeding 35 billion yuan [3][4][31]. - The report highlights the rapid growth of the electric power steering (EPS) market, which is expected to reach 48 billion yuan by 2028, driven by the transition from C-EPS to R-EPS and DP-EPS systems [2][56]. Summary by Sections Steer-by-Wire Systems - The steer-by-wire technology is seen as a key enabler for higher levels of autonomous driving, with the first mass-produced models expected to hit the market soon [3][31]. - Current market leaders in steer-by-wire include companies like NIO and ZF, with significant projects underway [3][36]. Electric Power Steering (EPS) - The EPS market in China is currently valued at approximately 38 billion yuan, with a projected growth to 48 billion yuan by 2028 [2][56]. - EPS systems are becoming the mainstream solution, with a penetration rate expected to reach over 99% by 2024 [2][50]. Key Companies and Forecasts - The report identifies key players such as Naisite, Zhejiang Seabow, Berteli, and Asia-Pacific Shares, all rated as "Outperform" [5][4]. - Naisite is noted for its strong position in the steer-by-wire market, while Zhejiang Seabow is expected to achieve mass production of steer-by-wire systems by 2026 [4][5]. Market Dynamics - The report discusses the competitive landscape, highlighting that foreign joint ventures currently dominate the EPS market, but domestic players are rapidly increasing their market share [2][56]. - The transition to electronic steering systems is driven by the need for improved efficiency, safety, and the ability to support advanced driver-assistance systems (ADAS) [1][25].