汽车行业深度报告：空气悬架有望下探至20-25万级别市场，本土供应商发展空间广阔

Investment Rating - The investment rating for the air suspension industry is "Positive" (first-time rating) [2] Core Insights - The rapid development of the domestic new energy vehicle market is driving the penetration of air suspension from the high-end market to the mid-range. Air suspension enhances the intelligence of the chassis, improving vehicle stability, ride comfort, and safety. Currently, new energy vehicles equipped with air suspension are priced between 300,000 to 500,000 yuan, with potential future applications in the 200,000 to 250,000 yuan market segment [2][36] - The domestic air suspension and related industry chain are in a low penetration, high growth phase. It is predicted that the air suspension market will enter a rapid development period in 2024, with a penetration rate of approximately 10% in the new energy vehicle market. The domestic air suspension market size is expected to reach 12.2 billion yuan in 2024 and exceed 75 billion yuan by 2030, with a CAGR of over 35% from 2024 to 2030 [2][29][36] Summary by Sections 1. Overview of Air Suspension - Air suspension offers excellent passability, smoothness, and handling, enhancing the intelligence of the chassis. It is increasingly becoming a popular configuration in the mainstream market due to rising consumer demands for comfort and control in vehicles [6] - The air suspension system consists of air springs, dampers, supply systems, sensors, and controllers, which work together to adjust vehicle height and suspension stiffness [11][12] 2. Market Development Drivers - The development of smart vehicles is driving high-tech iterations, making air suspension a key component of intelligent chassis technology [31] - The rapid growth of domestic new energy vehicles is promoting the penetration of air suspension into the mid-range market, with many models priced between 300,000 to 500,000 yuan already equipped with air suspension [32] - The need for a complete domestic supply chain and the shift in procurement strategies by domestic automakers are facilitating the development of local alternatives to foreign suppliers [34] 3. Investment Recommendations - Key components of air suspension, such as multi-chamber air springs, active dampers, and closed supply systems, have high technical barriers and value. Companies that achieve breakthroughs in these areas and possess excellent system integration capabilities should be closely monitored [2][36] - Relevant listed companies include Baolong Technology (603197.SH), Zhongding Holdings (000887.SZ), Top Group (601689.SH), and Tianrun Industrial (002283.SZ) [2][36]