西部证券主要观点如下： 供给端，头部厂商具备成本竞争力和客户绑定优势，强者恒强 竞争格局定型，头部第三方"规模+自动化产能+供应链话语权"壁垒高筑。近三年行业CR10均超90%， 第三方占比超六成。由于车载电源技术成熟叠加第三方规模效应强，除比亚迪（002594）、特斯拉外的 车企未来仍将选择外采。头部第三方规模壁垒较高，均已形成百万台套级别生产能力。并且龙头均加速 布局自动化产线，自动线单小时产能相比半自动化线高86%。此外，头部厂商具备强供应商话语权实现 直接材料降本。 由于车载电源产品往往需要根据客户车型进行合作开发，开发周期长、认证难度大。因此，车载电源系 统产品一经通过整车厂的产品认证，就会与相应的整车车型形成稳定的配套关系，形成产品定制化壁 垒。 西部证券（002673）发布研报称，预计2027年车载电源全球市场规模达648亿元，2024-2027年CAGR为 19%，有望进入AIDC新赛道。供给端，头部第三方"规模+自动化产能+供应链话语权"壁垒高筑。车载 电源系统产品一经通过整车厂的产品认证，就会与相应的整车车型形成稳定的配套关系，形成产品定制 化壁垒。该行认为，车载电源市场空间广阔，且龙头未 ...

Investment Rating - The industry investment rating is "Overweight" [8] Core Insights - The vehicle power supply market is expected to grow significantly, with a projected global market size of 64.8 billion yuan by 2027, reflecting a CAGR of 19% from 2024 to 2027. The demand is driven by the increasing penetration of new energy vehicles and the adoption of 800V platforms [6][58] - Leading manufacturers are expected to expand into the AIDC server power supply market, leveraging their existing technologies and capabilities [7][62] - The competitive landscape is characterized by a high concentration of market share among top players, with the top 10 manufacturers holding over 90% of the market [6][71] Summary by Sections 1. Market Growth Drivers - The growth of the new energy vehicle market is a key driver, with domestic sales expected to reach 1.63 million units by 2025, contributing to the vehicle power supply market's expansion [11][58] - The introduction of 800V models is anticipated to enhance market dynamics, with a projected penetration rate of 15% by 2025 [51][58] 2. Competitive Landscape - The market is dominated by third-party suppliers, with a stable competitive structure where the top 10 manufacturers maintain a market share exceeding 90% [6][71] - Major manufacturers are focusing on automation and supply chain advantages to strengthen their market positions [6][11] 3. Technological Trends - Vehicle power supplies are evolving towards higher power density, efficiency, and integration, with a shift towards using GaN and SiC materials for improved performance [19][34][41] - The architecture and technology paths of vehicle power supplies and AIDC server power supplies are similar, allowing vehicle power supply manufacturers to potentially enter the AIDC market [62][65] 4. Key Players - Recommended companies for investment include Weimais and Fute Technology, with additional attention on Xinyi Technology, United Power, and Yingboer [7][11]