5月2日，为期十天，以"拥抱创新 共赢未来"为主题的第二十一届上海国际汽车工业展览会圆满闭 幕。作为今年全球最重要的A级车展，吸引了来自97个国家和地区的超过百万观众到访。 中国经济网记者从主办方获悉，本届上海车展展出总面积超过36万平方米，展出车辆1366台，其中 新能源车超七成；首发车163台。本届车展共接待海内外观众101万人次；据不完全统计，海外观众来自 97个国家和地区达6.3万人次（其中海外经销商超1.2万人次）；有14000余名中外媒体工作者竞相报道车 展盛况。4月23日、24日两天媒体日，各大汽车厂商举行了193场新闻发布会，同期举办论坛和配套活动 近20场。 互联互融 助推产业转型升级 本届车展上，"在中国，为全球"是被车企高管提及最多的关键词，这使汽车成为中国以开放拥抱世 界、让世界"读懂"中国的重要视角。 据介绍，今年，上海车展从生态链角度进行整体布局，优化了"豪车馆"和"新势力馆"，旨在让整 车、汽车供应链和科技企业形成更好联动和更深融合，成为全球汽车产业眺望未来发展趋势的重要窗 口。 主办方表示，当前，由中国引领的汽车智能化竞速正从整车扩展至科技与供应链领域，这种协作的 延伸为重构全 ...

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集 13年项目编制服务经验为各类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战 略规划、风险评估等提供项目可行性报告&商业计划书编制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升 项目单位申报项目的通过效率。 一、车灯控制器行业政策环境 汽车电子行业作为汽车零部件行业的细分领域，目前采用政府宏观调控与行业自律管理相结合的管理方式。国家发展和改革委 员会、工业和信息化部是行业宏观管理的职能部门，它们共同承担着制定产业政策、拟定行业发展规划、指导调整行业机构以 及引导行业技术方向等重要职责。 为推动汽车电子技术的发展，我国出台了一系列相关行业政策。例如，2024年国务院办公厅发布的《政府采购领域"整顿市场秩 序、建设法规体系、促进产业发展"三年行动方案（2024—2026年）》就明确指出，要研究制定市政基础设施和电子电器、新能 源汽车等产品的绿色采购需求标准，开展政府采购支持公路绿色发展试点工作，适时将碳足迹管理有关要求纳入政 ...

近日，在2025年上海车展上，深圳市航盛电子股份有限公司（以下简称"航盛"）重磅发布了一系列最新技术成果，为汽车行业带来更智能、 更高效的产品和系统性解决方案，受到广泛关注。 具体来看，此次航盛发布的新品和解决方案包括墨子单芯片跨域融合平台、依智第四代智能座舱域控平台、全新一代全景视域抬头显示和中央域控制 器等，展现出其在汽车智能化领域的强大技术实力与创新能力。 敢为人先，锻造极致单芯片舱驾融合新方案 作为中国汽车电子行业的龙头企业之一，航盛创立于1993年，至今已有32年的汽车电子产品研发和交付经验，可谓汽车产业发展和变革的见证及参与 者，目前公司已构建包括智能座舱、智能交互、智能网联、辅助驾驶、软件及工程服务、电声系统、新能源及控制电子等领域的核心产品矩阵。 航盛技术中心总经理杨洪坪告诉《中国汽车报》记者，多年来，航盛在研发资金投入上毫不吝啬，每年研发费用投入占销售额的比例呈现稳步上升态 势，研发投入占比始终保持在10%以上，主要集中在智能座舱域控制器、舱驾融合、智能交互、抬头显示等领域。 高额的研发投入带来了一系列技术创新。其中，在智能汽车迈向舱驾跨域融合的关键时期，航盛此次发布的墨子单芯片跨域融合平台 ...

Core Insights - The automotive industry is undergoing a transformation with a focus on electrification and intelligent driving experiences, marking a shift from "exchanging market for technology" to "empowering the industry with technology" in China [1] - The recent Shanghai Auto Show highlighted collaborations between joint venture automakers and domestic tech firms, showcasing new possibilities in the smart automotive sector [1] Group 1: Industry Trends - Audi stands out among joint venture automakers by recognizing the demand for advanced algorithms and software technology in the Chinese market, indicating a shift in focus towards technological strength [2] - The collaboration between Audi and Huawei's "Kun Driving" technology aims to address challenges in integrating intelligent driving systems with traditional fuel vehicles, demonstrating a commitment to innovation [3] Group 2: Technological Advancements - Huawei's "Kun Driving" technology has established a leading position in the intelligent driving assistance sector, continuously upgrading solutions to enhance safety and performance [4] - The introduction of new solutions like ADS 4 and CAS4.0 by Huawei aims to provide comprehensive safety coverage across various driving scenarios, including support for high-speed L3 commercial applications [4][6] Group 3: Market Dynamics - Despite the dominance of fuel vehicles, which account for over 50% of sales in the automotive market, there is significant potential for intelligent transformation, highlighting the need for technological compatibility [3] - The automotive industry in China requires more companies like Huawei that focus on serious technological development to drive innovation and ecosystem prosperity [6] Group 4: Strategic Collaborations - Huawei is committed to supporting automakers without entering vehicle manufacturing, focusing on core technologies like intelligent driving and smart cockpits [7] - A recent initiative involving Huawei and 11 automakers aims to enhance safety standards and promote responsible marketing practices in the intelligent driving sector [7] Group 5: Consumer Insights - A market survey indicates that 90% of Chinese consumers are willing to pay extra for advanced intelligent driving assistance services, with safety performance being a key consideration [8] - The industry is urged to prioritize genuine technological updates and safety enhancements to ensure long-term sustainable development [8]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, indicating significant growth in revenue and net profit, driven by its semiconductor design and automotive businesses [3][4]. Financial Performance - In 2024, the company achieved revenue of 25.731 billion yuan, a year-on-year increase of 22.41%, and a net profit attributable to shareholders of 3.323 billion yuan, up 498.11% [3]. - For Q1 2025, the company reported revenue of 6.472 billion yuan, a 14.68% increase, and a net profit of 866 million yuan, up 55.25% [3]. Business Segments Semiconductor Design - The image sensor solutions segment generated revenue of 19.190 billion yuan in 2024, a 23.52% increase, accounting for 74.76% of total revenue [4]. - The display solutions segment saw a revenue decline of 17.77% to 1.028 billion yuan, representing 4.01% of total revenue [4]. - The analog solutions segment achieved revenue of 1.422 billion yuan, a 23.18% increase, making up 5.54% of total revenue [4]. Automotive Business - Revenue from the automotive market for image sensors reached approximately 5.905 billion yuan in 2024, a year-on-year increase of 29.85%, with a growing market share [5]. - The demand for in-car camera systems is increasing due to the acceleration of advanced driver-assistance systems (ADAS) and the penetration into mid-to-low-end models [5]. - The company has a rich product matrix in the automotive CIS field, with significant growth expected in automotive analog ICs, projected to increase by 37.03% year-on-year in 2024 [5]. Mobile Business - The mobile CIS segment generated revenue of 9.802 billion yuan in 2024, a 26.01% increase, benefiting from a mild recovery in the smartphone market [6]. - The company’s high-end strategy is showing results, with products like OV50H gaining market share against foreign competitors [6][7]. Emerging Businesses - The company is strategically investing in emerging markets such as smart glasses, robotics, and action cameras, leveraging advancements in AI technology [8]. - Collaborations with major clients are expected to drive growth in the wearable business, particularly with the upcoming release of AI glasses in 2025 [8].

Group 1: Audi Q6L e-tron Launch - Audi announced the upcoming pre-sale of the Q6L e-tron, a luxury intelligent electric flagship SUV, which will be delivered upon launch, featuring Huawei's technology and CATL batteries [1] - The vehicle is designed specifically for the Chinese market, with a wheelbase of 2995mm, 105mm longer than the overseas version, and includes advanced features such as dual laser radar and visual fusion perception [3] - The Q6L e-tron utilizes an 800V high-voltage system with a maximum charging power of 270kW, allowing a charge from 10% to 80% in just 20 minutes, and a maximum range of 765km under CLTC conditions [3] Group 2: CATL's New Battery Standards - CATL announced it has received certification for its Kirin battery under the new national standard GB 38031-2025, which will be implemented in July 2026, enhancing battery safety and reliability [5] - The new standard includes stricter requirements for thermal runaway scenarios, collision testing, and fast charging cycle safety tests, with a focus on preventing fire and explosion [5] Group 3: AITO Wenjie M8 Sales and Delivery Plan - AITO's Wenjie M8 has seen over 60,000 pre-orders within half a month of its launch, with the company ramping up production to ensure timely deliveries [7] - Customers who experience delivery delays beyond 10 weeks can receive a compensation of 200 yuan per day, up to a maximum of 10,000 yuan [7] - The M8 is positioned as a family smart flagship SUV, priced between 359,800 yuan and 449,800 yuan, featuring advanced suspension systems for enhanced driving comfort [7] Group 4: NIO's Battery Swap Network Expansion - NIO announced the completion of its battery swap network across 122 counties in Guangdong, with 428 swap stations and 3,559 charging piles deployed [9] - Since the launch of its first battery swap station in Shenzhen in 2018, NIO has established over 1,000 swap stations nationwide, connecting major highways and urban areas [9] Group 5: Cadillac OPTIQ-V Upcoming Launch - Cadillac's OPTIQ-V, the fifth model in its V series, is set to debut this summer and is expected to launch in 2026, featuring a design that emphasizes performance and aerodynamics [10] Group 6: Li Auto's Supercharging Network Expansion - Li Auto announced its supercharging network has surpassed 2,200 stations, achieving full coverage along the G318 route, with free charging services for users during a promotional period [11] - The supercharging stations are designed to cover 90% of national highways and major urban areas, with various charging capabilities to suit different vehicle needs [13]

Core Viewpoint - The company has shown significant growth in revenue and profit due to the recovery of the global semiconductor industry and increased demand in high-end smartphone and automotive markets [1][2] Group 1: Financial Performance - In 2024, the company's main business revenue reached 25.67 billion yuan, a 22.43% increase from 2023 [1] - The net profit attributable to the parent company for 2024 was 3.32 billion yuan, a staggering 498.11% increase year-on-year [1] - In Q1 2025, the company achieved a revenue of 6.47 billion yuan, a 14.68% increase compared to the same period last year [1] Group 2: Business Segments - Semiconductor design business generated 21.64 billion yuan in revenue, accounting for 84.30% of total revenue, with a 20.62% increase year-on-year [1] - The image sensor solutions segment achieved 19.19 billion yuan in revenue, representing 74.76% of main business revenue, with a 23.52% increase from the previous year [1] - The automotive simulation IC sales increased by 37.03% year-on-year, contributing to the growth of the simulation solutions business [1] Group 3: R&D and Product Development - The company invested 3.245 billion yuan in R&D for semiconductor design, which is 15.00% of the sales revenue for that segment, marking a 10.89% increase from the previous year [1] - The company is focusing on product upgrades and new product development to enhance competitiveness [1] - The newly launched OV50X sensor, designed for flagship smartphones, is set to enter mass production in Q3 2025 [2] Group 4: Market Trends and Future Outlook - The demand for automotive CIS products is increasing due to the penetration of advanced driving assistance systems in mid-range vehicles [1] - The company anticipates rapid growth in the AR/VR market, with significant investments from global tech giants [2] - The overall gross margin improved to 31.03% in Q1 2025, indicating potential for further enhancement through product and supply chain optimization [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown impressive performance in Q1 2025, with significant growth in revenue and net profit, indicating a strong recovery and growth trajectory [5][6] - The semiconductor design business, particularly in image sensor solutions, has become a major revenue driver, contributing to the overall growth of the company [6][7] - The automotive sector is expected to be a key growth area, benefiting from the increasing demand for advanced driver-assistance systems (ADAS) and the company's established market position [7] - The mobile phone business is also recovering, with a focus on high-end products, which is anticipated to return to positive growth by 2026 [8] - Emerging markets such as smart glasses and robotics are being explored, providing new growth opportunities for the company [9] Financial Performance Summary - In 2024, the company achieved revenue of 25.731 billion yuan, a year-on-year increase of 22.41%, and a net profit of 3.323 billion yuan, up 498.11% [5] - For Q1 2025, revenue reached 6.472 billion yuan, reflecting a 14.68% increase, with net profit growing by 55.25% to 866 million yuan [5] - The gross margin for the main business improved to 29.36% in 2024, up 7.74 percentage points year-on-year, indicating enhanced profitability [6] Business Segment Performance - The image sensor solutions segment generated 19.190 billion yuan in revenue in 2024, a 23.52% increase, making up 74.76% of total revenue [6] - The automotive market contributed approximately 5.905 billion yuan to the image sensor business, marking a 29.85% year-on-year growth [7] - The mobile phone CIS segment saw revenue of 9.802 billion yuan in 2024, a 26.01% increase, driven by high-end product adoption [8] Profitability and Valuation - The report forecasts net profits of 4.363 billion yuan for 2025 and 5.324 billion yuan for 2026, with corresponding P/E ratios of 37X and 30X [10] - The company is expected to benefit from trends in automotive intelligence and high-end smartphone CIS, with long-term growth potential from various AI terminal products [10]

手机业务：高端化战略显成效，营收或于26 年重回正增长。2024 年，公司手机CIS实现营收98.02 亿 元，同比增长26.01%。随着智能手机市场温和复苏，公司凭借在CIS 领域的技术积累和产品布局，持续 受益。特别是在高端市场，公司推出的OV50H 等产品已广泛应用于国内主流高端智能手机后置主摄方 案中，逐步替代海外竞争对手同类产品，市场份额显著提升。公司持续推进产品迭代，最新的OV50X 产品拥有手机行业中的超高动态范围，可实现电影级视频拍摄，随着公司5000 万像素系列产品的不断 迭代，26 年新品周期或驱动公司手机业务α 增长。 新兴业务及其他：智能眼镜、机器人、运动相机等多领域深度布局，提供成长新动能。随着AI 技术的 发展，智能眼镜、机器人、运动相机等新兴市场潜力巨大。公司前瞻布局LCOS 微显示技术和相关CIS 产品（如用于眼球追踪的全局快门传感器OG0TC），有望深度受益于市场增长，公司和国内外众多头 部大客户合作深入，25年随着大客户AI 眼镜发布，公司可穿戴业务有望快速增长；同时，公司LCOS 技术全球领先，随着AI 眼镜产业趋势，有望开辟新的业绩增长点。 25Q1 业绩表现亮眼，盈利 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on technology growth and state-owned enterprise reforms [2][3]. Core Insights - The auto show has not only fulfilled the demand but also indicated new directions for industry development, with a noticeable upward shift in market sentiment supporting the optimism for technology growth [3]. - The report highlights significant sales growth in new energy vehicles, with a penetration rate of 52.59% in the retail sales of passenger cars during the 16th week of 2025 [3]. - The report suggests investment opportunities in companies leading in automotive intelligence and robotics, recommending firms like XPeng, Geely, BYD, and others [3]. Industry Update - Retail sales of passenger cars reached 386,000 units in the 16th week of 2025, with traditional energy vehicles at 183,000 units and new energy vehicles at 203,000 units, reflecting a month-on-month increase of 11.88% [3]. - The report notes a decline in raw material prices for both traditional and new energy vehicles, with traditional vehicle raw material prices down by 0.5% week-on-week and 5.6% month-on-month [3]. - The automotive industry recorded a total transaction value of 283.04 billion yuan this week, a decrease of 26.57% compared to the previous week [3]. Market Situation Update - The automotive industry index rose by 0.51% this week, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.43% [21]. - A total of 206 automotive stocks increased in value, while 85 decreased, with the largest gainers being Jingjin Electric, Jinqilin, and Redik, which saw increases of 43.6%, 24.4%, and 23.6% respectively [25]. - Key events include the relaxation of automotive tariffs by the Trump administration and the launch of the Lynk & Co 900, which has received significant pre-orders [4][6]. Investment Analysis Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD and XPeng, as well as companies involved in the trend of automotive intelligence like Huawei and others [3]. - It suggests monitoring state-owned enterprise reforms, particularly in companies like Dongfeng Motor Group, SAIC Motor, and Changan Automobile [3]. - The report emphasizes the potential of component manufacturers with strong performance growth and overseas expansion capabilities, recommending companies like Fuyao Glass and Xinxin Technology [3].