Summary of Key Points from the Conference Call Industry Overview - The steer-by-wire chassis industry is transitioning from "technology introduction" to "mass deployment," with market size expected to grow from billions to trillions, driven primarily by electronic braking and steering systems [1][3]. Core Insights and Arguments - The steer-by-wire chassis is expected to unlock advanced driving capabilities, with significant growth anticipated by 2026 as the industry moves from L3 to L4 autonomous driving and begins to explore Robot Taxi applications [2]. - The market for steer-by-wire chassis is projected to reach approximately 40 billion by 2025 and nearly 120 billion by 2030, indicating a high growth phase with increasing penetration rates [1][9]. - Key technologies in steer-by-wire braking include EHB and EMB/EMV, with EHB currently dominating due to its high integration, lower costs, and strong energy recovery capabilities [1][12]. Market Dynamics - The steer-by-wire industry is characterized by a competitive landscape primarily dominated by foreign manufacturers, but domestic companies are making significant progress in technology and market penetration [3][18]. - As of January to July 2025, the penetration rate for steer-by-wire braking reached 47.3%, with One Box systems accounting for 86.6% of that market [13]. Technological Evolution - The steer-by-wire system represents a shift from traditional mechanical systems to an electronic architecture that allows for multi-system interconnectivity and collaboration, enhancing response times to milliseconds [6]. - The transition from mechanical to steer-by-wire systems is crucial for meeting the demands of advanced driving systems, with the steer-by-wire system offering faster response times and improved safety features [17]. Policy and Regulatory Support - Since 2020, various policies have been introduced to encourage the development of steer-by-wire systems, with new national standards for braking and steering expected by 2025 [8]. - Regulations have clarified definitions for L3 and above autonomous driving, laying the groundwork for future advancements [8]. Investment Opportunities - The year 2026 is seen as a pivotal moment for the steer-by-wire chassis industry, with a focus on companies that have technological capabilities, product reserves, and production capacity, such as Bertel, Nexteer, and Zhejiang Shibao [19]. - The industry is expected to see accelerated penetration rates in electronic braking and steering systems, with significant opportunities for domestic replacements [19]. Additional Insights - The steer-by-wire braking system's core principle involves a fully electric control architecture that enhances response speed and control precision compared to traditional hydraulic systems [10][11]. - The EMB/EMV systems are emerging as a key trend, with their ability to meet the demands of L4 and above autonomous driving [14]. This summary encapsulates the critical insights and projections regarding the steer-by-wire chassis industry, highlighting its growth potential, technological advancements, and investment opportunities.

Core Insights - The report from Kaiyuan Securities indicates that the braking system can be divided into control, power supply, transmission, and braking devices, with the upgrade process based on the electronicization of structural components [1][3] - The market for braking systems in China is expected to reach a scale of 50 billion by 2030, with the electronic mechanical brake (EMB) market projected at 16.4 billion [3] - The domestic production rhythm of local manufacturers is expected to be close to that of international giants like Bosch, allowing for competitive positioning [3] Summary by Category Braking Systems - The braking system is categorized into control, power supply, transmission, and braking devices, with the electronicization process being crucial for upgrades [1][3] - EMB is expected to benefit from regulatory relaxations starting in 2025, allowing for domestic mass production and potential overseas expansion [3] - The anticipated mass release of EMB-equipped vehicles is expected by the end of this year or early next year [3] Market Size and Dynamics - The domestic braking market is projected to reach 50 billion by 2030, with the EMB segment alone expected to be 16.4 billion [3] - Considering overseas markets and Robotaxi, the overall market size is likely to expand further [3] - The domestic market for line control chassis is expected to exceed 100 billion by 2030, with significant opportunities for local suppliers [1] Line Control Steering - Line control steering is crucial for enhancing driving experience and ensuring safety in advanced driving scenarios [2] - The SBW (Steer-by-Wire) system is seen as essential for L4/L5 autonomous driving, with potential benefits in cabin space and maneuverability [4] - The market for steering systems is expected to reach 50 billion by 2030, with SBW projected at 21.5 billion [4] Future Trends - The next generation of intelligent chassis is expected to break traditional system boundaries, integrating braking, driving, and steering through "corner modules" [6] - This integration aims to address issues such as control lag and pitch effects seen in early smart vehicles [6] Investment Opportunities - Companies with comprehensive platform capabilities in chassis systems and upstream motor/lead screw technologies are recommended for investment, including companies like Nissin Brake (01316), Zhejiang Shibao (01057), and others [7]