Demand: consumers' acceptance of smart cockpit is increasing. According to the data of IHS research, among the key factors for Chinese consumers to buy cars, the level of cabin intelligent technology is the second largest key factor after safety configuration, and its importance exceeds power, price, energy consumption and other factors. At the same time, Chinese users pay more attention to cockpit intelligent technology than the United States, Japan, Britain and other countries. There are three main reasons for the continuous improvement of consumers' acceptance of smart cockpit: 1) the consumer demand of automobile consumers has experienced the change of Maslow demand level, from initially focusing on automobile safety and comfort to pursuing social interaction, identity and personalization. With the change of consumer demand, consumers' positioning of cars is gradually evolving from travel tools to the third space, and the intelligent cockpit is endowed with stronger interactive attributes. 2) The penetration rate of smart phones has been continuously improved. The innovation of smart phone software and hardware has further cultivated consumers' preference for large touch screen, mobile applications and human-computer interaction. Consumers' acceptance of intelligence around life has been continuously improved, and the use habits of smart phones have been gradually extended to the vehicle environment. 3) In recent years, automobile terminal manufacturers have accelerated the configuration of automobile intellectualization, especially the new forces of automobile manufacturing. In order to create differentiated competition, seize market share, further enrich the hardware and software configuration of intelligent cockpit, and further strengthen consumers' understanding of intellectualization.
Supply: technological transformation is accelerated, and policies promote the development of the industry. In terms of technology and hardware, the performance of cockpit chip has been continuously improved in recent years. Thanks to the solution of windshield imaging ghosting problem and the development of AR and other technologies, HUD has gradually evolved from traditional c-hud to w-hud and ar-hud; It is expected that the application of hypervisor in the lower level of intelligent operation system will be promoted rapidly, and the application of hypervisor in the lower level of intelligent operation system is also expected to be accelerated. In terms of policy, in recent years, the state has continuously increased its attention to intelligent vehicles and promoted the development of the industry by issuing a series of policy documents. Driven by both supply and demand, IHS predicts that by 2030, the global market scale of automotive intelligent cockpit will reach 68.1 billion US dollars, of which the market scale in China will exceed 160 billion yuan; The market share of China's smart cockpit will further rise to 37%, becoming the world's main smart cockpit consumer market.
Industrial chain: the industrial chain of intelligent cockpit can be divided into three links: upstream, middle and downstream. The upstream is mainly the bottom hardware and software products, including chips, operating systems, etc; The midstream mainly includes instruments, central control, HUD and other parts, which are integrated into the downstream terminal depot through the integration with the upstream hardware and software, and finally form a complete intelligent cockpit. In terms of hardware, in terms of chips, in recent years, consumer electronics companies such as Qualcomm and NVIDIA have continued to increase their layout in the field of automotive chips, highlighting their competitive advantages. At the same time, Chinese chip manufacturers such as horizon and core technology have also actively arranged. HUD is gradually evolving to w-hud and ar-hud. DIGITIMES predicts that w-hud will still become the mainstream of the market by 2030. At the same time, ar-hud is expected to be further expanded with the introduction of terminal manufacturers. In terms of software, the underlying operating system has formed three camps: QNX, Linux and Android. Overseas vehicle manufacturers and new forces of Chinese car manufacturing mostly choose to customize on the basis of the underlying system.
Investment strategy: first coverage and recommendation rating. Driven by both supply and demand, the smart cockpit industry has broad growth space. According to IHS, by 2030, China's smart cockpit market space is expected to exceed 160 billion yuan and become the world's main smart cockpit consumer market. It is suggested to pay attention to relevant companies in the industrial chain, such as Thunder Software Technology Co.Ltd(300496) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Navinfo Co.Ltd(002405) , Foryou Corporation(002906) , Huayu Automotive Systems Company Limited(600741) , etc.
Risk tips: macroeconomic risks; Demand release is less than expected; Industry competition intensifies; Technology advancement is not as expected.
