Auto companies increase investment in self-development of on-board OS, and software suppliers are expected to benefit. Since the self-developed operating system can shorten the development cycle of middleware, application software and other software, and contribute to the establishment of ecology and the continuous iteration of software, the demands of vehicle enterprises for realizing the autonomy and controllability of vehicle OS are becoming stronger and stronger. For auto enterprises, the cost of self-developed OS kernel is high. Therefore, auto enterprises choose OS kernel based on comprehensive consideration of safety, reliability, openness, scalability, ease of use and cost, and then develop and form their own self driving OS based on it. With the gradual evolution of on-board operating system from cockpit OS to vehicle OS, the scale of the industry is expected to continue to grow. According to McKinsey’s data, the global generalized operating system market will reach US $20 billion in 2020 and US $50 billion in 2030. It can be seen that the operating system market has a large growth space in the next 10 years. Tier1 software suppliers generally adopt the business model of “IP + solution + service”. With the increasing complexity of intelligent vehicle functions and operating systems, the value of single vehicle software IP licensing fee is expected to continue to rise; In addition, because it is difficult for car enterprises to develop the full link of the operating system, software suppliers can also provide solutions and customized services for car enterprises.
At present, car companies have many choices in middleware solutions. Middleware plays a key role in the decoupling trend of automotive software and hardware. At present, the mainstream vehicle middleware schemes include AUTOSAR, ros2, cyberrt, etc., and the communication middleware schemes include home / IP, DDS, iceoryx, etc. With the gradual evolution of EE architecture from distributed to centralized, MCU will also be gradually replaced by SOC. It is also a general trend for autosarcp to be replaced by middleware solutions such as autosarap, ros2 and cyberrt. In the past, car companies generally chose the very standardized autosarcp scheme, but now more and more OEMs don’t want to completely use autosarcp to solve the problem of intelligent driving operating system, mainly because of its high use cost and low efficiency. In addition, autosarcp’s current standard is not very perfect and the standard is updated every year, so many main engine manufacturers have also taken a wait-and-see trend. In this context, other middleware solutions such as ros2 and cyberrt are also expected to be favored by more car companies.
Although overseas manufacturers and open source middleware are still the mainstream, the opportunity for local middleware solution providers is coming. Due to the difficulty of middleware research and development, for the main engine factory, it is more cost-effective for the software supplier to provide middleware scheme or jointly develop middleware with the supplier, so that the car factory can focus more energy on the application layer development that can be perceived by consumers (such as human-computer interaction, automatic driving, etc.). Since overseas manufacturers do not have a large technical support team in China, they only provide basic software or package solutions to automobile enterprises in most cases, which is difficult to provide customized development services, and have poor flexibility in charging, which brings high costs to automobile enterprises. The advantage of local middleware solution providers is that they can provide customized development services for car manufacturers, which will be timely than international manufacturers and more flexible in charging. In the era of differentiated competition of intelligent vehicles, most car manufacturers have strong customization demand, which also brings opportunities for local manufacturers.
Investment proposal and investment object
In the context of software defining automobile, software has become the core of automobile intelligence. The importance of on-board operating system and middleware has increased significantly. Manufacturers with leading on-board OS and middleware capabilities are expected to benefit. It is suggested to pay attention to Thunder Software Technology Co.Ltd(300496) ( Thunder Software Technology Co.Ltd(300496) , buy), Guangting information (301221, not rated), Neusoft Corporation(600718) ( Neusoft Corporation(600718) , not rated), Jingwei Hengrun (688326, not rated).
Risk tips
The implementation of automobile intelligence is less than expected, and the shortage of chips continues.
