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1 / 27 2021 06 10 - SOA -2021.5.4 - -2021.4.13 - -2021.1.14 AR-HUD S0790519100001 S0790120070082 AR-HUD HUD C-HUD W-HUD AR-HUD C-HUD W-HUD W-HUD AR-HUD HUD AR-HUD AR-HUD AR-HUD AR-HUD AR-HUD TFT DLP LCoS TFT W-HUD AR-HUD DLP DMD AR-HUD DLP LCoS AR-HUD DLP DMD HUD AR-HUD AR-HUD HUD AR-HUD W-HUD HUD 2020 80% W-HUD DLP LCoS AR-HUD HUD 璟 AR-HUD 2025 HUD 290 2020-2025 92.1% HUD2 / 27 1 AR-HUD . 4 1.1 HUD AR-HUD . 4 1.2 AR-HUD . 6 1.3 AR-HUD . 7 2 DLP AR-HUD . 8 2.1 AR-HUD FOV VID . 8 2.2 AR-HUD DLP LCoS . 9 2.2.1 TFT-LCD . 10 2.2.2 DLP+ AR-HUD . 11 2.2.3 LCoS . 12 2.3 AR-HUD . 13 3 AR-HUD . 14 3.1 HUD 2025 290 . 14 3.2 HUD HUD . 15 3.3 HUD W-HUD AR-HUD . 17 3.3.1 W-HUD AR-HUD . 17 3.3.2 AR-HUD 2021 . 19 4 . 23 4.1 HUD . 23 4.2 . 23 4.3 36 Tier-2 HUD . 24 5 . 25 1 C-HUD . 4 2 W-HUD . 4 3 HUD HUD . 5 4 ADAS AR-HUD . 5 5 AR-HUD . 7 6 AR-HUD ADAS AR . 8 7 AR-HUD . 9 8 AR-HUD PGU . 9 9 FOV&VID HUD . 9 10 FOV&VID HUD AR-HUD . 9 11 TFT . 10 12 TFT . 10 13 DLP HUD PGU . 11 14 DLP . 12 15 TFT DLP 6 . 12 16 LCoS . 13 17 LCoS . 133 / 27 18 AR-HUD PGU LCoS . 13 19 . 14 20 HUD . 14 21 HUD . 14 22 W-HUD . 17 23 HUD . 18 24 AR-HUD TFT . 18 25 W-HUD 2018 LS . 19 26 AR-HUD 2021Q4 DLP . 20 27 AR-HUD LCoS . 21 1 C-HUD W-HUD AR-HUD . 6 2 S ID.4 AR-HUD . 7 3 TFT-LCD LCoS DLP . 9 4 2025 HUD 290 2020-2025 CAGR 92.1% . 15 5 HUD . 16 6 HUD HUD . 20 7 HUD“ ” . 21 8 “ HUD ”A R-HUD . 22 9 . 244 / 27 1 AR-HUD 1.1 HUD AR-HUD HUD HUD HUD HUD Head Up Display 1988 HUD Cutlass Supreme HUD TFT DLP MEMS HUD HUD HUD HUD C-HUD W-HUD C-HUD Combined HUD W-HUD Windshield HUD C-HUD C-HUD 2020 1-11 HUD W-HUD 52.2 2019 87.7% 40-50 HUD 23 1 C-HUD 2 W-HUD5 / 27 3 HUD HUD HUD ADAS AR-HUD C-HUD W-HUD ADAS AR-HUD LDW ACC ADAS HUD 4 ADAS AR-HUD 0 0.1 5.6 13.3 5.1 0.4 1.7 0.4 1.2 0 0.8 13.9 20.3 3.7 1.2 0.5 9.4 2.3 -500% 0% 500% 1000% 1500% 2000% 2500% 0 5 10 15 20 25 2019.1-11 2020.1-116 / 27 1 C-HUD W-HUD AR-HUD C-HUD W-HUD AR-HUD PUV / 1.7m1.9m 2.1m2.5m 2.6m8m 6 8 7 12 9 75 480*240 800*480 480*240/800*480 TFT-LCD DLP DLP LCoS 1 2 3 1 ADAS 2 2D 3 1 3D 2 AR 3 1.2 AR-HUD AR-HUD AR-HUD AR-HUD AR-HUD7 / 27 5 AR-HUD 1.3 AR-HUD AR-HUD 30 AR-HUD ADAS AR-HUD ID4 Q4 e-tron AR-HUD 2 S ID.4 AR-HUD S 2021 S S 400 L 12800 89.08 2021 S S 400 L 104.98 2021 S S 450 L 114.98 2021 S S 450 L 4MATIC 124.98 2021 S S 500 L 4MATIC 180.98 ID.4 CROZZ 2021 ID.4 CROZZ 24.29 2021 ID.4 CROZZ PRIME 27.99 ID.4 X 2021 ID.4 X 26.89 2021 ID.4 X Prime 27.29 Q4 e-tron Pro 2021 PRO TSI280 DSG 15.798 / 27 WEY W-HUD 2021 2.0T 17.98-22.08 2021 2.0T 2021 2.0T 2021 2.0T EHS9 2020 E-HS9 72.98 6 AR-HUD ADAS AR 2 DLP AR-HUD 2.1 AR-HUD FOV VID AR-HUD AR-HUD Picture Generation Unit PGU AR-HUD AR-HUD PGU 1 LED AR-HUD 2 AR-HUD HUD AR-HUD 3 HUD HUD9 / 27 7 AR-HUD 8 AR-HUD PGU FOV VID AR-HUD FOV Field of view VID Virtual image distance FOV VID HUD 1 FOV 2 VID 3 VID VID 6m VID 13m 9 FOV&VID HUD 10 FOV&VID HUD AR-HUD 2.2 AR-HUD DLP LCoS HUD TFT-LCD DLP LCoS TFT-LCD W-HUD DLP AR-HUD LCoS DLP TI 3 TFT-LCD LCoS DLP TFT-LCD LCoS DLP DMD DMD W-HUD AR-HUD AR-HUD10 / 27 TFT-LCD LCoS DLP DLP DLP 6 LCoS AR-HUD DLP 2.2.1 TFT-LCD TFT-LCD W-HUD TFT-LCD LED + TFT + +ITO LED TFT (ITO) TFT TFT-LCD 1 7 10 TFT 2 HUD 1 TFT HUD 2 TFT TFT HUD 105 2 TFT 11 TFT 12 TFT11 / 27 2.2.2 DLP+ AR-HUD DLP DMD DLP Digital Light Processing Digital Micromirror Device DMD DMD DMD LED DMD DLP DMD HUD 13 DLP HUD PGU DLP HUD HUD 1 nits 40 nits FOV HUD TFT DLP TFT TFT DLP PGU TFT DLP 6 DLP 34 TFT 190 DLP DLP DLP12 / 27 14 DLP 15 TFT DLP 6 2.2.3 LCoS LCoS LCD CMOS AR-HUD LCoS Liquid Crystal on Silicon LCD LCD LCOS LCoS ITO LCoS PBS 17 S PBS 17 P LCoS LCoS LCOS LCOS13 / 27 16 LCoS 17 LCoS LCoS DLP TI LCoS 1 LCoS LCoS 40% DLP LCoS 2 LCoS DLP 3 LCoS LCoS LCoS ITO CMOS HUD HI LCoS AR-HUD LCoS HUD 18 AR-HUD PGU LCoS 2.3 AR-HUD AR-HUD 2023 AR-HUD FOV14 / 27 HUD 20 AR-HUD AR-HUD 22 W-HUD 4-6 AR-HUD 2.4 TFT DLP LCoS DigiLens AR-HUD 2023 19 20 HUD 21 HUD 3 AR-HUD 3.1 HUD 2025 290 2021 202115 / 27 4% 7.5% 2025 3000 2025 2521 2020 11 HUD 52.2 87.7% 41.5 66% 10.6 280.5% 2025 HUD 40% 2025 HUD 52.1% HUD 40.4% 45.6% HUD 2020 W-HUD 245 C-HUD 38 W-HUD 2020 HUD 1950 2020 C-HUD/W-HUD/AR-HUD 20%/75%/5% AR-HUD 2021 DLP AR-HUD 2021 AR-HUD 2021 AR-HUD W-HUD 2025 HUD AR-HUD 2525 2025 C-HUD/W-HUD/AR-HUD 1%/60%/39% 2025 HUD 290 2020 -2025 92.1% 4 2025 HUD 290 2020-2025 CAGR 92.1% 2019 2020 2021E 2022E 2023E 2024E 2025E ( 2,070 1,929 2,074 2,177 2,286 2,401 2,521 784 688 747 827 914 1,008 1,109 1,286 1,241 1,327 1,350 1,372 1,392 1,412 0.4% 1.7% 3.9% 8.7% 15.8% 28.7% 52.1% 2.1% 3.6% 5.7% 9.2% 15.1% 24.7% 40.4% 1.5% 2.9% 5.0% 9.0% 15.4% 26.4% 45.6% HUD 30 57 104 197 352 633 1,149 C-HUD ASP(RMB) 300 250 225 214 203 193 183 80% 20% 15% 10% 5% 2% 1% W-HUD ASP(RMB) 2,000 2,000 1,800 1,710 1,625 1,543 1,466 20% 75% 80% 75% 70% 65% 60% AR-HUD ASP(RMB) 10,000 8,000 6,800 5,780 5,202 4,682 4,214 0% 5% 5% 15% 25% 33% 39% HUD ASP(RMB ) 640 1,950 1,814 2,171 2,448 2,552 2,525 HUD 2 11 19 43 86 162 290 3.2 HUD HUD HUD HUD 1 PGU DLP DMD LCOS JVC16 / 27 TFT-LCD JDI 2 HUD HUD Pioneer Tier1 ” Tier1 3 HUD 2020 HUD 2.9% 2020 HUD 2021 HUD HUD 5 HUD PGU TFT-LCD DLP LCOS JVC STANLEY Jenoptik TPK BVT SKC SMK LG HUD Pioneer17 / 27 3.3 HUD W-HUD AR-HUD W-HUD AR-HUD W-HUD HUD 2020 80% TFT W-HUD DLP LCoS AR-HUD HUD 22 W-HUD 3.3.1 W-HUD AR-HUD 1 HUD 1987 90 2020 300 W-HUD HUD / 5 7 X Q7 AR-HUD AR-HUD 10m HUD 3 80 GLE 2020 33.31% 26.97% 20.08% 9.10% 3.62% 2.97% 2.39% 1.5618 / 27 23 HUD 2 HUD 2003 1.8 TFT 5 2013 AR-HUD 2017 DMD W-HUD 2020 3.1 TFT 2020 W-HUD 2021 TFT AR-HUD DLP 30% 78L 24 AR-HUD TFT 3 Denso 2003 12 HUD 2017 24 TFT-LCD HUD 2018 LS AR-HUD HUD19 / 27 2020 43% 21% 16% HUD 25 W-HUD 2018 LS 3.3.2 AR-HUD 2021 1 AR-HUD 2012 HUD HUD HUD C-HUD W-HUD AR-HUD W-HUD AR-HUD AR-HUD ADAS DMS 2020 10 W-HUD H6 WEY 2021 W-HUD F7 AR-HUD 202120 / 27 26 AR-HUD 2021Q4 DLP 6 HUD HUD 2021.4 2021.4 HUD / HUD 55,018 28,019 5/30 2021 H6 1.5GDIT Max 12.49 2021 H6 1.5GDIT Supreme 13.09 2021 H6 2.0T Max 13.29 2021 H6 2.0T Max 14.29 2021 H6 2.0T Supreme 15.09 6,103 7/9 2021 1.5T 13.39 2021 1.5T 14.09 2021 1.5T - 13.19 2021 1.5T - 13.89 2021 2.0T 14.59 2021 2.0T 15.39 2021 2.0T 16.29 5,126 1/6 2021 1.5T 11.19 WEY 2,182 WEY VV6 VV5 VV7 VV7 4/6 2021 2.0T 17.98-22.08 2021 2.0T 2021 2.0T 2021 2.0T 5,707 1,062 1/5 2020 260T 48V 14.96 2 AR-HUD LCoS AR-HUD AR 40 1:1 2020 5 120 2020 100+ 100021 / 27 AR/VR AR Cyberverse 3D AR-HUD PGU DMD AR-HUD LCoS 2021 HI LCoS AR-HUD 10 7.5m 70 27 AR-HUD LCoS HI 3 HUD HUD AR-HUD HUD 1 2016 2009 3D LED NINS QCRI 2013 2 A Pre-B 1 2015 C 1.5 2015 7 HUD HUD A Pre-B 1 A 1000 200022 / 27 HUD B C 1.5 800 A 3800 Pre-A 2020 8 HUD AR-HUD HUD HUD AR-HUD 2012 HUD C-HUD W-HUD AR-HUD W-HUD AR-HUD ADAS DMS 2021 TFT TFT AR-HUD DLP DLP DLP 2020 7 AR-HUD LCoS AR-HUD 1 AR 2 AR/VR 3 AR Cyberverse 3D 2021 HI LCoS AR-HUD EHS9 2K 12000nits 2013 HUD CAN 2014 HUD W-HUD AR-HUD AR-HUD 2022 AR-HUD WHUD AR-HUD CES2020 2020 CES Innovation Awards AR-HUD C-HUD W-HUD AR-HUD 3D HUD AR-HUD DLP PGU TFT W-HUD AR-HUD AR-HUD AR-HUD E-HS9 7.5m 30m 44 AR-HUD DLP AR-HUD AR-HUD 7.5 18 3.3 ADAS ADAS23 / 27 HUD HUD AR-HUD AR-HUD AR-HUD 8 20 1 60 3 HUD 2019 AR-HUD 2020 AR-HUD FOV 23 *5 VID 15m AR ADAS +LCOS AR-HUD PGU AR-HUD AR-HUD 7.5L 4 4.1 HUD HUD W-HUD F7 WEY W-HUD W-HUD TFT DLP AR-HUD DLP AR-HUD TFT- AR-HUD AR-HUD AR-HUD 2021 OPPO W-HUD H6 ADAS 360 360 2013 360 200 3D 360 IHS 2025 AVM Around View Monito 261 A VM ADAS E300 4.2 65% Aesthetics 1524 / 27 1 UNI-T 2 HUD HUD W-HUD AR-HUD HUD HUD W-HUD AR-HUD 4.3 36 Tier-2 HUD 36 2010 18.1 2020 380 35.6% 2020 / +13.9%/+9.7% 2004 HUD 2020 5617.4 12.1% Tier-2 HUD 30 HUD PGU PGU TFT PGU DLP PGU MEMS PGU C-HUD W-HUD AR-HUD W-HUD AR-HUD HUD HUD 9 2021/06/10 EPS( / ) PE 2020A 2021E 2022E 2020E 2021E 2022E 002906.SZ 31.70 139.94 0.38 0.63 0.88 83.42 50.32 36.02 600660.SH 56.21 1387.24 1.04 1.50 1.85 54.05 37.47 30.38 2382.HK 157.12 2128.99 4.46 5.32 6.49 35.19 29.50 24.18 Wind Wind 1 =0.8234 2021 6 1025 / 27 5 HUD26 / 27 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 50027 / 27 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
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