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1 / 26 2021 06 15 - AR-HUD -2021.6.10 - SOA -2021.5.4 - -2021.4.13 S0790519100001 ECU L3 AI -AI - L3 + L3 2025 MEMS Flash OPA Tier2 - - - VCSEL2 / 26 1 “ ” . 4 1.1 . 4 1.2 + . 5 1.3 . 8 2 . 10 2.1 . 10 2.1.1 . 10 2.1.2 ToF 4D FMCW . 14 2.2 0 1 . 15 2.3 . 16 2.3.1 . 18 2.3.2 . 19 3 . 20 3.1 . 20 3.2 . 21 3.2.1 . 21 3.2.2 . 22 3.2.3 . 22 4 . 24 1 . 4 2 2021 . 4 3 . 5 4 . 5 5 . 5 6 2D 3D . 6 7 2D . 7 8 . 7 9 ANP 10 . 7 10 Mobileye . 7 11 96 . 8 12 Aeva E-Tron . 9 13 P5 200 . 9 14 2024 . 9 15 . 9 16 . 10 17 VLS-128 HDL-64E 70% . 11 18 . 11 19 Livox . 11 20 MEMS . 123 / 26 21 MEMS . 12 22 Flash . 13 23 OPA IC . 13 24 . 13 25 ToF . 15 26 . 17 27 . 17 28 EEL VCSEL . 17 29 . 18 30 Tier2 . 19 31 Livox Mid-40 . 20 32 . 20 33 . 21 34 PE Band 6 11 34.857X . 23 1 2025 100 . 9 2 . 14 3 AMCW FMCW ToF . 15 4 . 16 5 4 . 16 6 1550nm . 18 7 . 234 / 26 1 1.1 AI ECU L3 ICT MDC OPPO 2021 L3 L3 1 2 20215 / 26 3 1.2 + 4 5 Nidec6 / 26 L3 AI ADAS Mobileye L3 AI Mobileye L3 6 2D 3D Model3 12 8 1 3D 2D 2D 3D7 / 26 7 2D 8 Mobileye & Robotaxi& AI 2020 12 Apollo Navigation Pilot ANP CVPR ANP 10 200 / 5 360 240 30+ 30TOPS L4 Robotaxi Robotaxi Mobileye 7 4 120 800 4 190 2 EyeQ5 Mobileye Robotaxi Luminar 9 ANP 10 10 Mobileye Mobileye8 / 26 1.3 3D L3 2021 4 S HI 3 96 Pilot 10 CHN 5 11 96 Aeva Aeva 4D 500 120 30 300 OFweek Aeva E-Tron Livox P5 Horiz 150 10% 2 ROI Region of Interest 0.1 144 XPILOT9 / 26 12 Aeva E-Tron 13 P5 200 OFweek ADAS Frost&Sullivan 2025 34.64% 26.30% 33.81% 5.26% 2025 135.4 1000 2019-2025 CAGR 64.5% 2025 L3 100 14 2024 15 Frost&Sullivan Frost&Sullivan 1 2025 100 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E CAGR 20.7 21.2 21.3 21.8 22.7 23.4 24.0 24.0 24.0 24.0 1.7% L3 3% 4% 7% 10% 12% 15% 16% 18% 20% 21% L4/L5 0% 1% 1% 2% 4% 7% 11% 13% 15% L3 10% 25% 40% 50% 60% 70% 80% 90% 95% 100% 34.64% 26.30% 33.81% 5.26% 0 20 40 60 80 100 120 140 160 34.64% 26.30% 33.81% 5.2610 / 26 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E CAGR L4/L5 100% 100% 100% 100% 100% 100% L3 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 L4/L5 3 3 3 3 3 3 ( L3 5.8 28.0 83.6 174.4 294.2 475.0 675.8 933.1 1185.6 1411.2 L4/L5 156.6 280.8 518.4 756.0 936.0 1080.0 5.8 28.0 83.6 174.4 450.8 755.8 1194.2 1689.1 2121.6 2491.2 96.1% 5500.0 4782.6 4158.8 3616.3 3144.6 2858.8 2598.9 2475.1 2357.3 2245.0 3.2 13.4 34.8 63.1 141.8 216.1 310.4 418.1 500.1 559.3 77.6% IHS L3 2 2.1 Time of Flight ToF Flash MEMS OPA FMCW 100250 m 16 2.1.1 3D Velodyne 32 HDL-32E 64 HDL-64E11 / 26 128 VLS-128 HDL-32E 70% 1 4 VLS-128 1000 3000 13000 17 VLS-128 HDL-64E 70% Velodyne MEMS MEMS Ibeo Valeo 2010 Valeo 2017 A8 SCALA 4 HBT Livox Mid-40 150 120 0.16 X0.2 144 18 19 Livox MEMS MEMS12 / 26 MEMS MEMS APD MEMS MEMS MEMS 20 MEMS 21 MEMS Flash OPA 1 Flash Flash Flash 2 OPA OPA Quanergy OPA Solid State 90mm X 60mm X 60mm OPA13 / 26 22 Flash 23 OPA IC IBEO Quanergy FPGA CMOS 2018 VCSEL 850 940 nm VCSEL (ToF) (Structured light) 24 2016 10 IC Innoluce14 / 26 Innoluce VCSEL SPAD OptiGOT VCSEL VCSEL Luminar Black Forest Engineering ASIC 3 2 (VCSEL SPAD ( PHY) OptiGOT VCSEL IC Innoluce Luminar Black Forest Engineering InGaAs Lumotive LCM Aeva FMCW Aeries Draper MEMS LeddarTech 2019 OEM 3D SoC A 2019 Pandion 2018 + AI Flash 2.1.2 ToF 4D FMCW ToF ToF ToF ToF FMCW15 / 26 25 ToF FMCW 4D ToF AMCW FMCW AMCW AMCW FMCW ToF 4D FMCW ToF FMCW 1550nm 100 ToF FMCW Blackmore Aeva Bridger Photonics FMCW 3 AMCW FMCW ToF AMCW FMCW 1550 ToF 2.2 0 1 Tier1 1 AEC- Q100(IC) 101( ) 200 ( ) 2 (Zero Defect) ISO/TS 16949 (Quality Management System) 1016 / 26 40 85 1000 48 Scala2 HI CH32 Livox 4 -40 -150 -40 -85 0 -70 & 15 20 / / AEC Q100 AEC Q200 / (AEC) ISO 26262 5 4 SCALA2 Valeo 905nm 150 133 16 S HI 905nm 150 10% 120 *30 96 S HBT Horiz Livox( ) 1550nm 150 10% 120 *26 144 P5 CH32 1550nm 200 120 32 2.3 Flash FPGA17 / 26 26 27 VCSEL EEL (EEL) (VCSEL) EEL EEL VCSEL EEL VCSEL VCSEL VCSEL VCSEL 510 VCSEL EEL 28 EEL VCSEL 1550nm 1550 nm 1550 nm 905 nm , 1550 40 905 nm 200 10 1550 nm 300 Lumibird Luminar 905 nm 1550 nm18 / 26 905nm 905nm (InGaAs) 1550nm 6 1550nm 905 1550 2.3.1 2016 FOV 10% 10% S HI 29 CSDN19 / 26 Tier1 Tier2 Tier1 Tier2 23.91% III-V VCSEL Luminar 1550nm ToF eefocus 500-1000 / VCSEL 20kk-40kk/ Tier2 30 Tier2 2.3.2 Livox 2016 2019 Mid Horizon Tele 2021 Livox HAP MEMS FOV HAP 6 ROI 144 FOV FOV 10020 / 26 31 Livox Mid-40 32 Livox Livox 6-7 HAP 5mm 6 DL-PACK 3mm*4mm Livox 40 / 20 1 N 3 3.1 ADAS 2021 Tier1 Livox VCSEL21 / 26 MEMS Flash OPA FPGA 33 A 3.2 3.2.1 2017 1 905nmEEL flash AL01 VCSEL 300W 2 2017 LIMO IATF16949 VDA6.3 3 2020 4 Velodyne LiDAR Luminar Argo AI L3 VCSEL22 / 26 DMS dToF VCSEL + diffuser Flash 300W AX01 VCSEL DMS 2023 Tier 1 Tier1 2020 9 5000 200 IPO 10.1 1.6 3.2.2 LBO BBO Nd:YVO4 TGG 1550 Flash 2017 2017 9.69% 2020 19.70% 3.2.323 / 26 (IRCF) OLPF 3D 3D 2019 3.67 2020 4.35 Diffuser 3D 7 EPS PE 2021E 2022E 2023E 2021E 2022E 2023E 002273.SZ 0.43 0.50 0.63 29.88 25.51 20.33 157.69 12.95 Wind Wind 2021 6 11 34 PE Band 6 11 34.857X Wind PE Band Wind 0.000 5.000 10.000 15.000 20.000 25.000 2016-06-17 2017-06-17 2018-06-17 2019-06-17 2020-06-17 62.246X 53.116X 43.987X 34.857X 25.728X24 / 26 425 / 26 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50026 / 26 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
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