智能辅助驾驶传感器需求快速增长之年

Investment Rating - Industry investment rating is "Recommended," indicating a positive outlook for the industry fundamentals and expected outperformance against the benchmark index [42]. Core Insights - The demand for intelligent driving sensors is rapidly increasing, with major automotive manufacturers announcing plans to equip vehicles with advanced driving assistance systems (ADAS) across various price segments, including models priced at 100,000 yuan and above [4][5]. - In 2024, the penetration rate of L2 and above intelligent driving vehicles is projected to exceed 55.8%, with a significant increase in the number of models equipped with high-level features such as Highway Navigation Assisted Driving (NOA) [21][19]. - The report highlights that the upgrade of intelligent driving systems is becoming a necessary condition for new vehicle sales, with a notable increase in orders for models featuring advanced driving capabilities [10][14]. Summary by Sections Section 1: Market Trends - Major manufacturers like Changan, BYD, and Geely are set to widely adopt high-level driving assistance features in their vehicles, with Changan planning to introduce laser radar in models priced at 100,000 yuan and above by August 2025 [4][5]. - The report notes that the sales of passenger cars equipped with intelligent driving features are expected to significantly increase, particularly in the 100,000 to 200,000 yuan price range, which constitutes over 50% of the domestic passenger car market [18][25]. Section 2: Sales Projections - BYD's total sales of new energy vehicles in 2024 are projected to reach 4.27 million units, with only 20% of these models equipped with intelligent driving systems [9]. - The report estimates that the demand for high-level intelligent driving configurations could exceed 6.5 million units, representing about 50% of the new energy passenger car sales in China for 2024 [9]. Section 3: Technological Advancements - The report emphasizes the significant growth in demand for sensors such as laser radar, 4D millimeter-wave radar, high-resolution cameras, and intelligent driving chips due to the widespread adoption of advanced driving systems [4][25]. - The upgrade in intelligent driving capabilities is expected to lead to a fourfold increase in the sales of cameras used in passenger vehicles, as the number of cameras per vehicle is anticipated to rise from five or fewer to eleven or more [25][28]. Section 4: Key Players and Market Share - Domestic chip manufacturers like Horizon Robotics are positioned to benefit from the upgrade in intelligent driving systems, with their high-performance chips already being utilized in various models [30][33]. - The report indicates that leading laser radar manufacturers such as Hesai Technology and RoboSense are also expected to gain from the increased demand for advanced driving assistance systems, with significant growth in their sales projections for 2025 [36][38].