SINOLINK SECURITIES(SH:600109)2024-08-05 14:33Financial Data and Key Metrics Changes - The report indicates a significant focus on the integration of vehicle-road-cloud systems, with an estimated market value for roadside intelligent infrastructure expected to reach between 31.7 billion to 52.8 billion yuan [9][17][22] - By 2025, the expected market value for intelligent roadside infrastructure is projected to be 22.3 billion yuan, with a compound annual growth rate (CAGR) of 79.7% from 2025 to 2030 [10][14] Business Line Data and Key Metrics Changes - The report highlights the expected growth in the intelligent roadside infrastructure segment, which is anticipated to account for approximately 26.4% of the total market value by 2025, increasing to 75.1% by 2030 [10][14] - The demand for Road Side Units (RSUs) is expected to replicate the rapid penetration seen in the ETC market, with procurement prices projected around 40,000 yuan per unit [9][14] Market Data and Key Metrics Changes - The report notes that as of July 2024, over 32,000 kilometers of intelligent connected vehicle testing roads have been opened, with more than 7,700 testing licenses issued [17][22] - The establishment of 20 pilot cities for the "vehicle-road-cloud integration" project is expected to drive significant investment and infrastructure development [17][22] Company Strategy and Development Direction and Industry Competition - The strategy emphasizes the complementary nature of vehicle-road integration and single-vehicle intelligence, which is crucial for achieving L3+ autonomous driving [6][9] - The report suggests that leading companies in the sector, such as Qianfang Technology, Jinyi Technology, and Wanjie Technology, are well-positioned to benefit from the anticipated demand surge [9][14] Management's Comments on Operating Environment and Future Outlook - Management comments indicate a strong belief in the necessity of vehicle-road integration for enhancing safety and efficiency in autonomous driving, despite concerns about the high costs associated with long-tail road segment coverage [6][9] - The ongoing support from national policies for the development of intelligent connected vehicle infrastructure is seen as a positive factor for future growth [6][9] Other Important Information - The report outlines the expected value distribution of various components within the vehicle-road-cloud integration system, with edge computing nodes (MEC) and RSUs having significant value shares [9][14] - The anticipated decline in the price of lidar technology is expected to make it a standard component in roadside sensing solutions, moving from an optional to a necessary item [9][14] Q&A Session Summary Question: What are the expected growth rates for the intelligent roadside infrastructure market? - The intelligent roadside infrastructure market is projected to grow significantly, with a CAGR of 79.7% expected from 2025 to 2030, reaching a market value of 22.3 billion yuan by 2025 [10][14] Question: How does the company view the competition in the vehicle-road integration space? - The company believes that leading firms with established production capabilities and past supply experience will benefit the most from the upcoming demand surge in vehicle-road integration projects [9][14] Question: What are the risks associated with the vehicle-road integration projects? - Risks include potential delays in project approvals and bidding processes, as well as slower-than-expected payment progress from winning bidders [9][14]