The air suspension improves the driving experience, and the core components have localization potential. The air suspension gives the suspension intelligent adjustment function and helps to improve the driving experience. Consumers pay high attention and have strong willingness to choose. The main direction in the future is to effectively integrate the control algorithm of air suspension, road information and driving habits. At present, the high-frequency electronic shock absorber is still in rapid iteration, the technical scheme and supporting system of air supply unit and air spring are relatively mature, and there is great potential for localization.
Electric intelligent catalysis, air suspension to accelerate penetration. Air suspension matches the demands of high-end independent brands, complies with the trend of a new generation of intelligent architecture, has strong R & D willingness of car enterprises, and the carrying price of new cars continues to decline. The main engine factory realizes the separation of software and hardware through data decoupling, and greatly reduces the procurement cost of pure hardware. After localization, the cost of air suspension configuration is expected to be reduced from 10 Yihua Healthcare Co.Ltd(000150) 00 yuan to less than 8000 yuan. In 2025, we expect that China's penetration rate is expected to increase to 10%, the market space will exceed 20 billion yuan, and the compound growth rate will reach 32%.
Foreign monopoly has been opened, and orders from domestic suppliers have continued. The localization rate of foreign capital leaders is low. Only the mainland and webak have built factories in China, and the capacity layout is insufficient. Under the trend of software and hardware decoupling + core software self-development of the main engine factory, the difficulty of pure hardware supply has been greatly reduced, and domestic suppliers have obvious advantages in cost control and rapid response. At present, they have achieved rapid breakthroughs in their own brands and new forces, and continue to win orders for many heavy models. With the continuous maturity of technologies and products of Chinese enterprises and the release of new production capacity, domestic substitution is expected to accelerate.
Investment suggestion: with the increasing demand of the industry and the gradual mass production of leading orders, it is suggested to focus on enterprises with obvious advantages in core technology and customers: Anhui Zhongding Sealing Parts Co.Ltd(000887) , Shanghai Baolong Automotive Corporation(603197) , Ningbo Tuopu Group Co.Ltd(601689) , Tianrun Industry Technology Co.Ltd(002283) , Keboda Technology Co.Ltd(603786) .
Risk tip: the sales volume is less than expected due to the impact of the epidemic and supply chain, and the release of new cars is less than expected.
