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智能驾驶系列专题:线控转向加速落地,线控底盘大势所趋
2025-07-11 01:13

Summary of Key Points from Conference Call Records Industry Overview - The conference call focuses on the intelligent driving industry, specifically the steer-by-wire (SBW) and electronic control chassis technologies, which are gaining traction in the automotive sector [1][2]. Core Insights and Arguments - Electronic Control Chassis: This technology replaces hydraulic systems with electronic systems, providing advantages such as digital reconstruction and active safety, while also reducing costs for automakers through platform development [1][2]. - Market Penetration: The EHB (Electric Hydraulic Brake) system has achieved a 60% penetration rate in China, while the EMB (Electric Motor Brake) is expected to be implemented by 2026. The EPS (Electric Power Steering) system has a penetration rate of over 99% in the Chinese market [1][4]. - Market Growth: The EPS market in China is projected to grow from 40 billion yuan to nearly 50 billion yuan by 2028, with the average price per vehicle increasing from 1,400 yuan to over 1,500 yuan [1][6]. - Global Market Leaders: The global EPS market is dominated by JTEKT, Continental, and Bosch, with Bosch leading the domestic market through joint ventures [1][7]. Important Developments - Steer-by-Wire Technology: This technology replaces mechanical transmission with electronic signals, allowing for faster response and more flexible operation. Currently, only the NIO ET9 model is equipped with this technology, but its application is expected to grow with the development of robotaxi services, potentially reaching a market size of 35 billion yuan by 2030 [1][9][13]. - Component Development: The core components of the electronic control chassis include braking, steering, and suspension systems. The EHB product benefits from electrification and has a 60% penetration rate in the domestic market [4][18]. Competitive Landscape - Key Players: Major players in the steer-by-wire field include JTEKT, Bosch, and domestic companies like Nexteer and Zhejiang Shibao. These companies are actively competing to capture market share as the industry evolves [17][19]. - Financial Performance: Companies like Nexteer are expected to see significant profit growth, with a projected 120% year-on-year increase in net profit by 2025 [3][20]. Zhejiang Shibao is also expected to achieve a 58% increase in net profit by 2025 [21][22]. Future Trends - Regulatory Environment: The regulatory framework for robotaxi services is gradually being established globally, with countries like the U.S. and China making strides in legal support for autonomous vehicle operations [12]. - Technological Advancements: The steer-by-wire technology is anticipated to become essential for higher-level autonomous driving, with expectations of a 30% market penetration by 2030, translating to a 350 billion yuan market size in China [26]. Additional Insights - Market Dynamics: The transition from hydraulic to electronic systems is not only a technological shift but also a strategic move to enhance safety and user experience in vehicles [11][18]. - Investment Opportunities: Companies like Nexteer, Zhejiang Shibao, and Bertel are highlighted as potential investment opportunities due to their strong market positions and growth prospects in the steer-by-wire and electronic control chassis sectors [23][24][26].