Key investment points:
Event overview: lutes released the first E-class pure electric super SUV model eletre in London, equipped with 4 128 line lidars, 6 millimeter wave radars, 12 ultrasonic radars, 4 2 million look around cameras, 7 8 million auxiliary driving cameras and 1 in car camera. The new model is expected to be officially put into operation in the second half of this year and will be listed in China, the UK and Europe in 2023.
The performance of the products delivered by the main engine factory is recognized by the main engine factory. The front and rear two main lidars of lutes eletre are equipped with Hesai 128 line semi-solid rotating mirror lidar at128, and the reversible design is adopted to reduce the wind resistance when the automatic driving function is not used. At128 was released in August 2021. Through the unique chip technology, 128 independent lasers are integrated in the lidar to ensure the high performance of "true 128 line", realize the global resolution of 1200x128, have the distance measurement ability of 200m under 10% reflectivity, and the farthest ground line can reach 70m. With the point frequency of more than 1.53 million / s, it has refreshed the point frequency record of similar long-distance semi-solid products. According to the official statistics of Hesai, at 128 has been widely recognized by the main engine factory. In addition to lutes eletre, it has also obtained a fixed point for the total number of millions of main engine factories, including ideal, Jidu and Gaohe. It is expected that it will be fully mass produced and delivered in the "Maxwell" super factory with a planned annual capacity of millions in the second half of 2022.
Intelligent hybrid solid-state lidar front loading gauge has a leading mass production and delivery capacity, and Suteng holds fixed-point cooperation orders for multiple mass-produced models around the world. Two rs-lidar-m1 lidars of Suteng juchuang are equipped in the front wheel arches on both sides of lutes eletre to improve the lateral perception performance. The space on both sides of the front wheel arch of the vehicle is narrow and vulnerable to collision. Through the highly integrated two-dimensional MEMS intelligent chip scanning architecture, Suteng reduces the volume of rs-lidar-m1 to 110 108 45mm, which is less than 1 / 4 of the volume of forward and backward lidar. Rs-lidar-m1 is the world's first mass-produced second-generation intelligent solid-state lidar. Since its release, it has received fixed-point cooperation orders for many mass-produced models worldwide, including many passenger vehicles and commercial projects of Byd Company Limited(002594) , GAC AIAN, Weima automobile and other enterprises, covering all kinds of models such as overtaking, sedan, SUV, heavy truck and so on.
In the first year of commercial use of lidar, 100 billion blue ocean market can be expected. According to the mass production time of models mainly equipped with lidar, with the continuous landing of automatic driving at L3 level and above, the automotive electronic market will expand rapidly. Lidar is expected to usher in the first year of mass production of vehicle front loading market in 2022, with a broad market space in the future. According to our calculation, the market scale of lidar in the global and Chinese vehicle market in 2025 will be nearly US $12.7 billion / US $6.6 billion respectively, and the CAGR from 2021 to 2025 will be 147% / 149% respectively. The global medium and long-term may give birth to the 100 billion blue ocean market of lidar, of which China, as the main market of new energy vehicles, has strong demand.
Investment suggestion: with the advent of the first year of commercial use of lidar and the acceleration of the overall volume rhythm, relevant suppliers in the upstream of the industrial chain and manufacturers of complete sets of lidar in the midstream will significantly benefit from the high-profile atmosphere of the lidar industry. In the field of upstream laser transmitters, it is suggested to pay attention to Juguang technology, Changguang Huaxin, Advanced Fiber Resources (Zhuhai) Ltd(300620) etc; It is suggested that the optical scanning components should pay attention to Shunyu optics, Ningbo Yong Xin Optics Co.Ltd(603297) , Optowide Technologies Co.Ltd(688195) , Lianchuang Electronic Technology Co.Ltd(002036) , etc. Midstream machine manufacturers suggest paying attention to Hesai technology, Suteng juchuang, Huawei, Vanjee Technology Co.Ltd(300552) etc.
Risk tips: the promotion rhythm of automatic driving is less than expected, the convergence of lidar technology path is less than expected, and the market demand of lidar is less than expected.
