【惠科】 6月13日，惠科宣布推出 全球首款a-Si车载 Tri-gate（ TRD ） +TDDI屏幕 。 惠科表示，这款12.3英寸车载屏是国内首创将a-Si材料的Tri-gate技术与incell触控屏整合在一起 的产品。相较于LTPS屏幕技术，它拥有高信赖性、低成本等优势，显著提升了车载屏幕的驱动效 率和稳定性。产品具体特点如下： TDDI一体化设计 此次研发的12.3英寸车载显示屏基于a-Si材料实现Tri-gate（TRD）驱动，使其在相同分辨率 下，减少驱动芯片和外围元器件的使用，降低成本。同时，零件的减少也带来了空间的节省，使 其可以在更小的空间集成更多晶体管，以此支持驱动2K/4K甚至更高分辨率的屏幕。 此外，该产品还支持多点触控、戴手套操作、湿手操作，满足各种人机交互场景需求。 窄边框 这款车载显示屏利用Tri-gate架构搭配GDL电路可实现极窄边框设计，能有效提升屏幕的屏占 比，进一步提升视觉体验。 该产品还通过快速响应和分区精准控光，提升画面的明暗对比度（1800:1），使亮部更明亮、 暗部更深邃，尤其在Mini-LED背光系统中，画面细节呈现更清晰，减少残影和模糊感。此外， 屏幕表 ...

这款车载显示屏利用Tri-gate架构搭配GDL电路可实现极窄边框设计，能有效提升屏幕的屏占 比，进一步提升视觉体验。 该产品还通过快速响应和分区精准控光，提升画面的明暗对比度（1800:1），使亮部更明亮、 暗部更深邃，尤其在Mini-LED背光系统中，画面细节呈现更清晰，减少残影和模糊感。此外， 屏幕表面反射率的降低，可以进一步提升画面清晰度。 【惠科】 6月13日，惠科宣布推出 全球首款a-Si车载 Tri-gate（ TRD ） +TDDI屏幕 。 惠科表示，这款12.3英寸车载屏是国内首创将a-Si材料的Tri-gate技术与incell触控屏整合在一起 的产品。相较于LTPS屏幕技术，它拥有高信赖性、低成本等优势，显著提升了车载屏幕的驱动效 率和稳定性。产品具体特点如下： TDDI一体化设计 此次研发的12.3英寸车载显示屏基于a-Si材料实现Tri-gate（TRD）驱动，使其在相同分辨率 下，减少驱动芯片和外围元器件的使用，降低成本。同时，零件的减少也带来了空间的节省，使 其可以在更小的空间集成更多晶体管，以此支持驱动2K/4K甚至更高分辨率的屏幕。 此外，该产品还支持多点触控、戴手套操作、湿 ...

Core Viewpoint - Tianshan Electronics is accelerating its expansion while achieving positive performance, planning to invest approximately 188 million yuan of raised funds into two projects to enhance production capacity and overall competitiveness [1][2][3]. Investment Projects - The company plans to invest 116 million yuan in the Tianshan Electronics Tanwei Park vehicle LCD display module production line project, utilizing 115.8 million yuan of raised funds, with a construction period of one year [2]. - This project aims to increase annual production capacity by 25.346 million pieces, focusing on VA, medium and large size, and high value-added products to meet the demand for intelligent and large-screen products in the automotive sector [2][3]. - Additionally, the Tianshan Electronics Tanwei Park comprehensive capability enhancement project will require a total investment of 111 million yuan, with 72.6498 million yuan from raised funds and 38.2211 million yuan from self-owned funds, scheduled for two years [3]. Financial Performance - In the first quarter, the company achieved revenue of 395 million yuan, a year-on-year increase of 31.52%, and a net profit of 35.944 million yuan, up 42.24% [5]. - The non-recurring net profit reached 34.1844 million yuan, reflecting a significant growth of 83.19% [5]. - The strong performance in customized LCD display screens and modules, particularly in the automotive electronics sector, has been a key driver of revenue growth [5]. R&D and Competitive Advantage - The company has been increasing its R&D investment, with a total of 238 million yuan planned from 2020 to 2024, indicating a commitment to innovation and maintaining a competitive edge [1][5]. - As of the end of 2024, Tianshan Electronics holds 67 patents, including 11 invention patents, and has developed eight core technologies widely applied in production [6]. - The company's products exhibit superior technical performance compared to industry averages, particularly in high contrast, reliability, precision, and wide viewing angles [6].

Core Insights - The Chinese automotive industry is experiencing a steady and positive trend, with production and sales both exceeding 10% growth year-on-year in the first five months of the year [1][4] - New energy vehicles (NEVs) are driving significant growth, with production and sales reaching 5.7 million units, marking a year-on-year increase of 45.2% and 44% respectively, accounting for 44% of total new car sales [1][2] Group 1: Industry Performance - In the first five months, total automotive production reached 12.826 million units, while sales totaled 12.748 million units, reflecting year-on-year growth of 12.7% and 10.9% respectively [1] - The sales of Chinese brand passenger cars reached 7.562 million units, a year-on-year increase of 26.3%, capturing 68.8% of the total passenger car sales, which is a 7.5 percentage point increase from the previous year [2] - The export of NEVs saw significant growth, with 212,000 units exported in May alone, representing a month-on-month increase of 6.1% and a year-on-year increase of 120% [3] Group 2: Market Dynamics - The "Two New" policies and various promotional activities have enhanced market consumption vitality, leading to a rapid increase in NEV production and sales [1] - The competitive landscape is marked by a "price war," which has negatively impacted industry profitability, prompting the China Automobile Association to advocate for fair competition and innovation [4] - The export growth is attributed to improved product competitiveness and the expansion of the automotive supply chain overseas, particularly in the Middle East [3]

Summary of Robotaxi Industry and Key Players Industry Overview - Robotaxi represents the ultimate model for commercializing Level 4 (L4) and above autonomous driving, facing safety and pricing concerns but expected to lower costs through technological maturity and economies of scale [1][2][3] - The Robotaxi operation is projected to generate an additional $260 billion in the domestic market by 2030, with a penetration rate of at least 10% [1][3] Key Players and Developments - **Waymo**: - Increased sensor configurations and partnered with Zeekr, capturing a significant market share in the San Francisco ride-hailing market with a 20% order market share, fleet size of 1,500 vehicles, and over 10 million paid rides [1][3] - **Xiaoma Zhixing (Pony.ai)**: - Collaborated with GAC Aion to reduce new model costs by 70%, with an operational area exceeding 2,000 square kilometers and a 200% year-on-year revenue increase in Q1 [1][3][6] - Plans to have 1,000 vehicles operational by the end of the year and has initiated RoboTaxi road tests in Seoul, South Korea [4][6] - **Tesla**: - Announced the official launch of Robotaxi on June 22, 2025, focusing on the feasibility of pure vision technology and significant cost reduction potential [2][8] Market Dynamics - Robotaxi is expected to create new demand in the transportation market, similar to how ride-hailing services expanded the market through differentiated services [2][3] - The current market concerns about Robotaxi affecting traditional taxi and ride-hailing services are countered by the expectation that it will expand the overall market [2][3] Regulatory Environment - Both China and the U.S. are leading in autonomous driving regulations, with multiple cities allowing paid autonomous driving operations [5][7] - Recent regulations in China, such as the promotion of intelligent connected vehicles and the release of technical guidelines, support the deployment of L3 and above autonomous driving [7] Future Trends - The automotive sector is expected to continue focusing on smart technology, with the launch of Tesla's Robotaxi likely to further stimulate the smart vehicle theme [9] - The penetration rate of intelligent driving in domestic cities is anticipated to rise rapidly, driven by the focus on vehicles priced between 100,000 to 200,000 yuan [9] Investment Recommendations - Recommended stocks include Xiaopeng Motors, Tesla, Li Auto, and Xiaoma Zhixing, with a focus on parts supplier, Aptiv [10]

Business Overview - The company operates in four main business units: electric motor technology (electric motor and electric module), and fluid technology (driving vision cleaning system and thermal management system) [2][3] - Key products in the electric motor unit include trunk and side door motors, fan motors, and ABS motors; the electric module unit includes invisible door handle drive mechanisms and charging door actuators [2] - The fluid technology unit's driving vision cleaning system includes automotive cleaning pumps and advanced driver-assistance systems (ADAS) sensors [2][3] Robotics Development - The company is focusing on humanoid robotics, engaging with overseas clients and developing prototypes; plans to accelerate domestic customer expansion and participate in industry exhibitions to showcase technological achievements [4] Thailand Factory Expansion - The first phase of the Thailand factory focuses on cleaning pumps and motors, with plans to expand to more complex components like active perception cleaning systems and thermal management systems in the second phase [5] ADAS System Progress - The company has secured mass production projects for active perception cleaning systems with clients like Waymo and Meituan, planning to produce 250,000 sets per year, with some production in Thailand [6] EPB Motor Development - The company has achieved mass project designation in the EPB motor sector, marking a significant development in the automotive chassis field [7] Seat Motor Market Trends - The company is developing electric motors for car seats, responding to increasing consumer demand for comfort features; the transition from manual to electric seats is expected to expand market capacity [8] R&D Investment - The company maintains a steady R&D investment strategy, focusing on electric motors, cleaning systems, and magnetic materials; future investments will target new product development, process innovation, and automation to enhance production efficiency [9]

P / / 奇瑞投资12.8亿元成立智能科技公司、江淮汽车设立中安智联汽车公司、广汽孵化飞行汽车科技公司、吉利与奔驰合资成立科技公司……近日，一批车 企成立的科技公司持续涌现，成为汽车行业一道新的风景。 "这是在新的市场格局下车企所做的探索。"中国（深圳）综合开发研究院财税贸易与产业发展研究中心主任韦福雷认为，对于正在加速转型中的车企而言， 纷纷成立科技公司的背后，既有行业竞争加剧带来的企业生存刚需，也有智能化加速背景下的技术焦虑，更是面对产业生态重构的必然选择。 科技公司遍地开花 记者注意到，车企新近成立的科技公司，从布局上看，多为智能化及软件、新能源汽车零部件、动力电池等相关领域，以及低空经济等。 "尽管车企成立的科技公司有各自不同的主营业务，但总体都是以汽车智能化、电动化及产业链整合为主要方向。"北京科技大学教授曾欣指出，这一新的潮 流正呈现出扩增之势，反映了产业变革的背景下，在政策与市场双重驱动下，车企寻找新的路径以求突围的决心。 对接各地资源 凝聚产业优势 充分对接地方、合作伙伴的创新资源，是新一轮车企科技公司热背后的一个"秘籍"。 奇瑞智能科技所在的安徽芜湖弋江区高新技术产业开发区，是国家级高新技 ...

Core Viewpoint - The upcoming implementation of the new national standard for Automatic Emergency Braking (AEB) will transition from a recommended to a mandatory requirement, significantly enhancing the safety features in both passenger and commercial vehicles in China [2][3][5]. Industry Impact - The upgrade of AEB from a recommended to a mandatory standard reflects the industry's progress and a response to consumer safety demands, marking a shift from passive compliance to proactive safety measures [3][4]. - The new standard is expected to drive the market size for AEB-related products from 38 billion yuan in 2024 to 120 billion yuan by 2026, with a compound annual growth rate of 9.36% [3]. - The inclusion of commercial vehicles under the new standard aims to address the high accident rates associated with these vehicles, as AEB's market penetration in commercial vehicles is currently below 5% [4][5]. Technological Advancements - The new standard introduces innovative testing scenarios, including collision warnings and emergency braking for vulnerable road users such as pedestrians and cyclists, which are tailored to China's unique traffic conditions [6][10]. - AEB is positioned as a foundational safety feature in advanced driver-assistance systems (ADAS), facilitating the development of higher-level autonomous driving technologies [7][10]. - The standard emphasizes the need for high reliability and low false trigger rates in AEB systems, pushing manufacturers to enhance their technology and testing methodologies [5][8]. Market Dynamics - The implementation of the new standard is expected to reshape the supply chain dynamics within the automotive industry, as companies will need to reassess their AEB system designs and sensor configurations to meet the new requirements [9][11]. - Companies are likely to adopt multi-sensor fusion strategies to ensure compliance and improve performance, balancing cost and functionality in their AEB systems [9][10]. - The new standard is anticipated to create opportunities for local suppliers to innovate and meet the specific needs of the Chinese market, enhancing their competitive edge [12].

Group 1: Company Overview - Xiaomi's first pure electric sedan, SU7, has seen rapid order growth since its launch in late March, with an expected delivery target of 120,000 units this year [1] - Zhejiang Huayuan specializes in customized automotive system connection components, with core products including special fasteners and seat locks, already applied in Xiaomi's vehicles [1] - The company is a key supplier of special fasteners for automotive seats in China, with over 4,000 types of products in its catalog [1][2] Group 2: Financial Performance - The revenue from high-margin products like special fasteners is significant, with a projected gross margin exceeding 31.5% in 2024, accounting for 80.83% of the fastener business revenue [2] - The seat lock business is also performing well, with an expected shipment volume of over 14 million units in 2024, reflecting a year-on-year growth of 26.73% [3] Group 3: Market Position and Growth - The company has established long-term partnerships with major automotive manufacturers, including Volkswagen China and Honda, enhancing its market recognition [1][2] - The demand for special fasteners is increasing due to the rapid electrification and intelligence of vehicles, indicating a positive market trend [2] - The company aims to become a world-class automotive parts supplier, focusing on safety, environmental sustainability, and economic efficiency in its products [4] Group 4: Industry Trends - The Chinese automotive industry has achieved significant international breakthroughs, with production and sales surpassing 30 million units for the second consecutive year, showing a growth of 3.7% and 4.5% respectively in 2024 [4] - The industry is enhancing its competitiveness globally through international cooperation and localizing supply chains, while also increasing its focus on smart automotive electronics [4]

Core Viewpoint - Linyi Intelligent Manufacturing (领益智造) is acquiring a 66.46% stake in Jiangsu Kedasitern Automotive Technology Co., Ltd. for 332 million yuan, marking a strategic shift from Tier 2 to Tier 1 in the automotive supply chain, enhancing its presence in the automotive interior and exterior parts market [2][3][5] Group 1: Acquisition Details - The acquisition involves issuing convertible bonds and cash payments to eight parties holding the stake in Jiangsu Kedasitern, with a total transaction price of 332 million yuan [3][4] - The estimated value of 100% equity of Jiangsu Kedasitern is 505 million yuan, with a net asset value of 247 million yuan as of December 31, 2024, indicating an asset appreciation of 258 million yuan, or 104.06% [3][4] - The performance commitment includes net profits of no less than 47 million yuan, 56 million yuan, and 65 million yuan for the years 2025, 2026, and 2027, respectively [4] Group 2: Business Transformation and Market Potential - The acquisition will allow Linyi Intelligent Manufacturing to quickly enter the automotive interior parts industry, enhancing its product matrix and customer base [5] - The company plans to leverage its overseas operational experience to assist Jiangsu Kedasitern in expanding its manufacturing capabilities in line with downstream clients [5] - Linyi Intelligent Manufacturing aims to increase its R&D investment significantly, with a total of 9.327 billion yuan allocated for R&D from 2020 to 2024 [2][8] Group 3: Financial Performance and Growth - Linyi Intelligent Manufacturing has reported continuous revenue growth, achieving over 10 billion yuan in revenue for three consecutive quarters, with a 17.11% year-on-year increase in Q1 2025 [7] - The automotive and low-altitude economy business segment saw a revenue increase of 52.90% in 2024, reaching 2.117 billion yuan [7] - The company has established itself as a key supplier in the consumer electronics sector, providing components for major Apple products and expanding its capabilities in AI and XR wearable devices [6][8]