Investment Rating - The report does not explicitly state an investment rating for the industry or the company. Core Insights - The automotive industry is undergoing a significant transformation, shifting from a "distributed" to a "domain-centralized" and ultimately to a "central computing + zonal control" architecture. The Zonal Control Unit (ZCU) is identified as a key node in this evolution, marking an important step towards industry intelligence [9][10]. Summary by Sections 1. Traditional Architecture Constraints: The "Impossible Triangle" of Intelligent Transformation - The traditional distributed electronic architecture faces challenges in balancing computing power and cost, functionality and safety, and innovation and inertia, leading to inefficiencies [12]. - The traditional architecture results in over 100 Electronic Control Units (ECUs) in high-end vehicles, creating "information silos" and inefficient computing resource allocation, which increases costs and complexity [13]. - The lengthy development cycles of 3-5 years for new features hinder the automotive industry's ability to respond quickly to market changes [13]. - The architecture's limitations restrict innovation, as Tier 1 suppliers dominate ECU function development, making it difficult for manufacturers to achieve product differentiation [14]. 2. Architectural Innovation: The Necessity and Core Value of ZCU - The automotive industry requires a comprehensive overhaul of its architecture, with the "central computing + zonal control" model seen as a future solution, where ZCU plays a pivotal role [17]. - ZCU simplifies wiring, reduces costs and weight by consolidating local wiring through a high-speed Ethernet backbone [17]. - It enables hardware standardization and software decoupling, providing a foundation for "software-defined vehicles" [17]. - ZCU supports centralized power management, enhancing energy efficiency and replacing traditional fuse and relay boxes [17]. 3. Systematic ZCU Solutions by the Company: Implementation Path for Architectural Reconstruction - The company's ZCU solution addresses the computing power and cost paradox, innovation inertia, and functionality and safety challenges, providing a clear path for automotive companies to reconstruct their architectures [19]. - ZCU integrates various control functions within specific physical areas, significantly reducing the number of ECUs and wiring complexity [21]. 4. Market Leadership: Million-Unit Deliveries and Industry Benchmark Status - The company has delivered over one million ZCUs, achieving the highest market share in China, marking a significant milestone in the industry's acceptance of the zonal control architecture [51][52]. - The rapid production timeline demonstrates the maturity of the ZCU technology and its role in the transition to next-generation electronic architectures [55]. 5. Future Directions: Evolution Path of ZCU Technology and Industry Collaboration - The ZCU's strategic importance will continue to grow as the automotive electronic architecture evolves towards "central computing + zonal control," with trends towards standardization and platformization [57]. - The company actively participates in industry standard-setting, promoting collaborative development and resource efficiency [58].

汽车电子电气架构正从"诸侯割据"的分布式，渐进走向中央集中式。 整车厂商竞争日益激烈，各大车企通过不断的技术创新和产品迭代来提升竞争力，越来越多的新功能、新产品， 导致单车ECU数量激增， 分布式电子电气架构由于算力分散、布线复杂、软硬件耦合深、通信带宽瓶颈等缺点已 无法适应汽车智能化的进一步发展。电子架构迈向中央集成已成大势所趋 ，广汽、小鹏、理想、吉利等多家车企 都在进行整车电子架构的快速迭代。在此过程中，域控制器芯片的性能和稳定性成为决定整车综合性能实现和安 全可靠性的核心，重要性日益凸显。 国产替代需求急迫，抢占中央域控制器"卡脖子"领域 最新的汽车电子电气（E/E）架构通常以 智能驾驶芯片、智能座舱芯片、中央域控制器芯片三颗大SoC芯片 组 成，前两者分别负责自动驾驶相关任务和车载信息、娱乐系统，中央域控制器芯片则起到总揽作用，负责跨域协 同、全局数据整合分发及功能实现。 在市场竞争格局上，三者目前都呈现出被海外厂商垄断的格局，不过近几年国内已有不少厂商布局智能驾驶芯片 和智能座舱芯片，如 地平线、黑芝麻智能 等已在智能驾驶中低算力市场占据了一席之地，同时部分整车厂也纷 纷成功自研智驾芯片； 芯驰、 ...