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2023 01 09()S0350521120005 S0350122030040 Table_Title 688326 300 2023/01/06 1M 3M 12M 8.3%-8.4%300 0.3%4.6%-17.4%2023/01/06 165.79 52 80.50-251.00 19,894.80 4,090.63 12,000.00 2,467.36 143.49%2.42 2003 ADAS T-BOX MaaS ADAS 2021 32.62 31.61%1.46 98.37%2020-2030 34.32%49.55%2015 40%2025 60%1 ADAS L1L2 2020-2025 L1L2 43%67%2020-2025 ADAS 844 2250 21.7%2025 ADAS 1631 65%2 T-Box 2019-2025 T-Box 749 2133 38%85%ADAS T-BOX 1 ADAS TOP10 2020 16.7%-0.15140.15080.45300.75531.05751.359822/4 22/5 22/7 22/8 22/9 22/10 22/11 23/1 300 2 T-Box 5G+V2X 2021 T-Box 45.97 4.09%2 2021 6 164 1477 2022Q1-Q3 16.6%3 2022 4 2021 1242 2025 2500 3 ADAS T-BOX 2022-2024 2.33/3.34/4.58 2022-2024 PE 85/60/43 Table_Forcast1 2021A 2022E 2023E 2024E 3262 4303 5607 7299(%)32 32 30 30 146 233 334 458(%)98 59 44 37 1.22 1.94 2.78 3.82 ROE(%)10 4 6 8 P/E 102.34 85.49 59.55 43.44 P/B 9.82 3.80 3.57 3.30 P/S 4.57 4.62 3.55 2.73 EV/EBITDA 50.27 50.76 32.99 21.51 Wind 3 1.6 1.1.6 1.2.8 2.12 2.1 ADAS.15 2.2 T-BOX.19 2.2.1.20 2.2.2 T-Box.20 3 ADAS T-BOX.22 3.1 ADAS T-Box.22 3.2.26 3.3.29 4.30 4.1.30 4.2.32 5.33 4 1.6 2.7 3 2022-04-07.7 4.8 5.8 6.9 7.9 8.9 9.9 10 2018-2021H1.10 11 2021H1.10 12 2018 2022H1.10 13.11 14.11 15.11 16.12 17.13 18 2017-2022.13 19 2017-2022.13 20 2020.14 21 2020.14 22 2020 2025.14 23.15 24.15 25 2021.16 26 ADAS.16 29 2021.17 30 2020-2025.17 27 2020-2025E ADAS.18 28 2020.18 31 2019-2025E.18 32 V2X.19 33 2021.20 34 2021.20 35.20 36 2016-2020 T-box.21 37 2019-2025E T-box.21 38 2021 T-BOX.21 39 ADAS.22 40 ADAS.24 41 2020.24 42 T-Box.25 43 2021.27 44 2022Q1-Q3.27 5 45.28 46 2018-2025E.29 1.12 2 2015-2022.15 3.17 4.19 5 ADAS Tier 1.23 6 ADAS.23 7 2021-2022H1 ADAS.24 8 T-box.26 9 T-box 2021-2022H1.26 10.27 11.28 12.31 13.32 6 1 1.1 2003 ADAS T-BOX MaaS 1 1 ADAS Advanced Driving Assistance System RX5 2 3 2020 7 2 44.36%62.24%2022 10 27 24.57%7 11.61%3 2022-04-07 8 1.2 2022 2018-2021 15.39 32.62 CAGR 28.45%0.21 1.46 CAGR 90.86%2019 2022 2022Q1-Q3 26.97 28.92%2022Q1-Q3 1.48 209.73%4 5 Wind Wind 75%25%2018-2021 59.26%76.58%2018-2021 11.07%19.56%1 ADAS 2021H1 27.23 2 ADCU 2020 E-HS9 3 HPC 9 6 7 wind 2018-2021 90%8 9 wind wind 50%2018-2021H1 42.62%50.48%52.56%57.45%2021 32.23%10 10 2018-2021H1 11 2021H1 2018-2021 5.93 9.91 CAGR 18.67%2022Q1-Q3 7.8 23.03%30.29%28.93%12 2018 2022H1 Wind 11 13 14 Wind Wind 2018-2021 2.65 4.56 CAGR 19.83%2022 2022H1 1871 36.27%46.97%2022Q1-Q3 4.47 47.54%15 wind 12 2 16 0-100%-40 85 105 125 0%15 1 0-70 1-3 1-3*-40 85 105 125 0(PPM)(PPB)15 15-30 0-100%13 17 2017-2022 14568 21399 CAGR 7.99%5400 9783 CAGR 12.62%18 2017-2022 19 2017-2022 2020 42.55%2020 16.60%2020-2025 6606 8875 6.08%14 20 2020 21 2020 22 2020 2025 1950-2020 0.91%34.32%2030 49.55%1970-2015 3%40%2025 60%15 23 24 2.1 ADAS 2015 2015 2018 1 2025 16 3500 700 700 2 2015-2022 2022 8()()2021 3 2021 2 2035 2020 10 2021-2035 2018 12 2020,(),2017 4 2025 16 25 2021 ADAS ADAS 26 ADAS AGA ADAS L1L2 L1L2 L3L5 L5 17 3 0 ADAS 1 2 3 4 5 L1L2 ADAS 2020 2021 L1+L2 43%58%2022 2023 2024 60%64%66%2025 67%L1 L2 ADAS 29 2021 30 2020-2025 18 ADAS ADAS 2020 ADAS 498.6 62.1%26.4%10.9%89.9%4%2025 1631 65%27 2020-2025E ADAS 28 2020 ADAS ADAS ADAS 2025 1631 65%ADAS 31 2019-2025E 19 ACC AEB 4 2021 95.69 40.75%8.33 60.75%2021 1,399.44 4.77%64.69 19.72%2021 32.62 31.61%1.46 98.37%2021 10 1000 2021 669 80%2022Q1 1.43 2021 2021 2022 2.2 T-BOX 2018 2020 30%2020 5G-V2X V2X 32 V2X 20 2.2.1 2021 2021 21.3%19.4%14%20.5%49.5%50.5%18.6%33 2021 34 2021 2.2.2 T-Box T-Box Telematicx Box T-Box Can T-Box 35 Murata 21 T-Box 2016 T-BOX T-Box T-Box 2019-2025 T-Box 749 2133 38%85%36 2016-2020 T-box 37 2019-2025E T-box T-Box 2020 T-Box 940.4 25.4%50.0%2021 T-BOX CR10 50%38 2021 T-BOX 22 3 ADAS T-BOX 3.1 ADAS T-Box 12 ADAS 2010(Forward Active Safety Camera FAS-Cam)Mobileye Infineon Elektrobit ADAS ADAS 2016 ADAS 39 ADAS 23 5 ADAS Tier 1-2021-2022 ADAS Tier1-ADAS C-NCAP ADAS 2016 RX5 ADAS RX5 H5/H7H9/HS5/HS7/E-HS3/E-HS9 Pro/J6/J7 T7 2018-2020 ADAS 6.75 30.67 113.16%6 ADAS AEB CCR AEB VRU_Ped T99 VO 7.774 3.000 HS5 VO 7.584 2.711 7.679 2.856 RAV4 1V1R 7.734 3.000 1V1R 7.699 2.750 1V1R 7.670 3.000 1V1R 7.622 2.635 3 VO 7.600 2.667 3 1V1R 7.694 2.636 7.639 2.636 X7 1V1R 7.688 2.474 F7 1V1R 7.692 2.639 pro 1V1R 7.578 2.423 1V1R 7.622 2.600 1V1R 7.430 2.667 GA6 1V1R 7.722 2.659 7.622 2.577 VO 7.344 2.250 A 1V1R 7.077 3.000 1V1R 6.870 2.720 C-NCAP 1V1R 1+1 VO 1 AEB CCR 8 AEB VRU_Ped 3 24 40 ADAS TOP10 2020 3.6%16.7%2021 ADAS 80 ADAS 41 2020 7 2021-2022H1 ADAS RX5 H5/H7/H9/HS5/HS7/E-HS3/E-HS9 PRO/2021 80510 279585 447567 807662 2022H1 38603 111843 150337 300783 25 5G T-Box 2021 5G T-Box T-Box 0.3%5G 5G T-Box T-BOX 5G 5G V2X T-BOX 42 T-Box T-Box 2021 T-Box 2014 T-Box J6 HS5/HS7 S/V/LX 2021 T-Box 45.97 4.09%26 8 T-box 1.5w 0.001w 0.04w 3W 0.24W 0.002W 0.04W 0.04W 932V 9V36V 5V36V 6V40V 9V16V 120s 30s 60s 50m(2DRMS)2.5m 20cm()2.5m 5m 1m 4.8m 4.8m 120s 25s 0.5Hz 10Hz 5Hz 10Hz 10Hz 1Hz dBm-133-162-162-162-161 C-V2X SM2 RSA 3DES/AES/RSA/ECDSA/SHA-1/256/384/512 SM1/2/3/4 9 T-box 2021-2022H1 HS5/HS7 S/V/LX 2021 142269 86047 33835 262151 2022H1 60818 57703 4447 122968 3.2 27 43 2021 44 2022Q1-Q3 2021 2022 wind 2021 6 164 1477 617 2020 2020 2020 10/2016.7-2019.6 2019.8-2021.7 2020.7-2022.5 2012.6-2014.6 2016.1-2017.12 2016.6-2018.6 2017.1-2019.12 2020.11-2021.12 2019.7-2021.6 2020.1-2021.12 2020.9-2022.12 2019.4-2022.3 28 11 2020 2020.11 2020 2020.1 2020 2020.1-2020.1-2020.1-2020 2017.12 Inalfa Spirit award Navistar Navistar Annual Diamond Supplier Award DAF DCDC 10PPM PACCAR PACCAR 10PPM PACCAR/PV 5G Tier1 HI-LEX Tier1 45 29 3.3 2022Q1 2021 2022 1-5 100.8 2022Q1 2021 2025 2022 4 50 21.3 4 2021 621 2021 1242 2500 46 2018-2025E 30 4 4.1 1)ADAS TOP10 T-BOX 2021 2022-2024 34/46/61 33%2)2022-2024 8/9/11 15%3)-MaaS MaaS 2022-2024 0.55/0.88/1.36 57%4)2022-2024 43.03/56.07/72.99 30%2022-2024 30.37%/30.63%/31.03%31 12 2021A 2022E 2023E 2024E 2498.10 3413.22 4558.21 6056.36 1809.75 2472.63 3268.62 4292.85 688.35 940.59 1289.59 1763.51 27.55%27.56%28.29%29.12%707.05 813.11 935.08 1075.34 410.01 471.60 542.35 623.70 297.05 341.51 392.73 451.64 42.01%42.00%42.00%42.00%39.30 55.02 88.03 136.45 30.38 41.27 66.03 102.34 8.92 13.76 22.01 34.11 22.70%25.00%25.00%25.00%17.91 21.49 25.79 30.95 4.94 10.75 12.89 15.47 12.97 10.75 12.89 15.47 72.42%50.00%50.00%50.00%3262.36 4302.84 5607.11 7299.10 2255.08 2996.24 3889.88 5034.36 1007.28 1306.60 1717.23 2264.74 30.88%30.37%30.63%31.03%Wind 32 4.2 002920.SZ 300496.SZ 002906.SZ 002405.SZ 2021/2022/2023 Wind PE 91/64/42 2021-2023 45.92%2021-2023 51.18%1 2 2022-2024 2.33/3.34/4.58 2022-2024 PE 85/60/43 13(/)()EPS/PE 2021A 2022E 2023E 2021A 2022E 2023E 2021A 2022E 2023E CAGR 002920.SZ 123.26 684.43 1.50 2.07 3.04 94.34 59.43 40.61 8.33 11.52 16.85 42.25%300496.SZ 107.52 491.83 1.52 2.03 2.79 90.90 52.93 38.54 6.47 9.29 12.76 40.41%002906.SZ 38.20 181.89 0.63 0.87 1.24 87.39 43.70 30.92 2.99 4.16 5.88 40.36%002405.SZ 11.76 279.92 0.05 0.12 0.21*309.64 99.75 56.21 1.22 2.81 4.98 101.94%90.88 63.95 41.57 4.75 6.94 10.12 45.92%688326.SH 165.79 198.95 1.62 1.94 2.78 102.34 85.49 59.55 1.46 2.33 3.34 51.18%Wind 2023 01 06 Wind 2021A PE PE 33 5 1 2 3 4 5 6 7 8 34 688326 165.79 2023/01/06 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E ROE 10%4%6%8%EPS 1.62 1.94 2.78 3.82 31%30%31%31%BVPS 16.88 43.67 46.45 50.27 13%13%12%12%4%5%6%6%P/E 102.34 85.49 59.55 43.44 P/B 9.82 3.80 3.57 3.30 32%32%30%30%P/S 4.57 4.62 3.55 2.73 98%59%44%37%2021A 2022E 2023E 2024E 0.72 0.43 0.46 0.49 3262 4303 5607 7299 5.23 5.31 5.30 5.31 2255 2996 3890 5034 2.40 2.73 2.52 2.69 16 17 22 29 195 247 320 409 66%48%54%59%214 301 373 485 1.25 2.03 1.67 1.49 10-9-28-30 0.71 1.64 1.28 1.12/-456 602 785 985 131 235 348 497 2021A 2022E 2023E 2024E 0 0 0 0 994 5708 6135 6467 131 235 348 498 804 1321 1466 2149-15 2 14 40 1360 1578 2224 2716 146 233 334 458 209 296 302 482 0 0 0 0 3367 8903 10128 11814 146 233 334 458 328 366 794 1406 173 87 529 789 2021A 2022E 2023E 2024E 627 672 717 762 310 1166 1222 1035 9 9 9 9 146 233 334 458 4505 10036 12177 14781 0 0 0 0 6 0 0 0 104 59 110 188 1130 1480 1936 2479-14 0 0 0 0 861 1121 1460 18 875 779 391 1547 2054 2994 4008-63-54-1024-1103 2684 4395 6051 7947-171-49-1020-1099 0 0 0 0 109 0 0 0 302 402 552 802-2-5-4-4 302 402 552 802-75 3602 230 400 2986 4796 6603 8749-117 114 230 400 90 120 120 120 0 3488 0 0 1519 5240 5574 6032 42 0 0 0 4505 10036 12177 14781 161 4714 428 332 Wind 5 2021 4 21 Wind 2 21 2020 wind 2 2018 4 2 5&,300 300 300 300 20%300 10%20%300-10%10%300 10%R3/
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