Sinolink: The application of LiDAR in smart driving may result in a "quantity increase and price balance" situation. The "Siasun Robot & Automation Eye" is expected to become the ultimate solution.

Sinolink released a research report stating that the development potential of LiDAR in the automotive and Siasun Robot&Automation markets is huge. The penetration rate of automotive LiDAR is expected to "cross the gap" in 2024, and is expected to benefit from the sinking of intelligent driving to achieve "quantity increase and price balance" in 2025. In the Siasun Robot&Automation market, the prospect of color 3D point cloud solutions is promising, and "hardware standardization + software ecosystem openness" will become the competitive advantage of leading manufacturers. It is recommended to focus on the global automotive LiDAR leader + Siasun Robot&Automation Tier1 ROBOSENSE (02498). Sinolink's main points are as follows: Eyes of intelligent driving: In 2024, the penetration rate of automotive LiDAR is expected to "cross the gap," and in 2025, it will benefit from the sinking of intelligent driving to achieve "quantity increase and price balance." In the automotive market, LiDAR has safety value, functional value, and emotional value, and is transitioning from the "survival crisis on board" to the "helping car companies sell cars" stage. In terms of price, whether from the reasons for price reduction or the ability to reduce prices, the thousand-dollar products priced at $200 this time represent the price bottom line of automotive LiDAR in recent years. The price compression of ADAS LiDAR is approaching the end. In terms of quantity, 2024 is the "year of crossing the gap" for automotive LiDAR, with penetration rates reaching 4.8% for passenger cars/New Energy Vehicles/vehicles with prices above 150,000 yuan in China. With the catalysis of BYD Company Limited's intelligentization strategy release, LiDAR is expected to sink to models priced at 100,000-200,000 yuan by 2025. The domestic L2 automotive LiDAR TAM is estimated at approximately 36-48 billion yuan, considering the overseas market and L4, the TAM will double. In terms of scale, according to Gaogong Intelligent Automobile, in 2024, China's passenger cars installed with LiDAR reached 1.558 million units, with ROBOSENSE accounting for approximately 33.4% market share, firmly leading the market. In the competition of automotive LiDAR, "regulatory compliance" is the "entry ticket," and "cost reduction" is still the key to victory. The key to cost reduction is lower BOM cost (chipization, miniaturization) + more shipments (economies of scale). Further inference suggests that the core lies in long-term R&D investment and binding with high-quality automotive customers. Eyes of Siasun Robot&Automation: Color 3D point clouds are expected to become the ultimate solution, bullish on "hardware standardization + software ecosystem openness." In the Siasun Robot&Automation market, a review of 41/35 SKUs of 30/16 humanoid Siasun Robot&Automation/robot dog companies at home and abroad, the following conclusions were drawn: 1) Multi-sensor fusion solutions dominated by depth cameras are the current mainstream visual technology route; 2) LiDAR is a promising "eye of Siasun Robot&Automation/robot dog," with a current adoption rate of over 50%; 3) Leading domestic and foreign companies such as Yushu Technology, Zhiyuan Siasun Robot&Automation, Yunchenchu Technology, Boston Dynamics, and ANYbotics have a higher LiDAR adoption rate for Siasun Robot&Automation/robot dog SKUs than the average. Compared to depth cameras, LiDAR has a wider ranging range, smaller ranging errors, and a larger FoV, suitable for medium-high speed motion scenes, high-precision operation scenes, and high-complexity environments. With mass production and delivery, the price is expected to drop to the thousand-dollar level, making it more suitable as the main sensor for Siasun Robot&Automation or further in combination with depth cameras and RGB cameras to form a super sensor with all-weather wide-area high-precision 3D perception capabilities. In terms of applications, LiDAR has a wide range of applications in the Siasun Robot&Automation industry, including grass mowers, sweepers, industrial AGV/AMR/forklifts, drones, logistics Siasun Robot&Automation, hotel/station service Siasun Robot&Automation, etc., and narrow Siasun Robot&Automation includes bipedal/quadruped/hexapod robots. Taking the rapidly growing grass mower market as an example, the TAM space is approximately 225 billion yuan based on 15 million units x 1,500 yuan, the Siasun Robot&Automation LiDAR TAM is several times larger than the automotive market. In terms of scale, by reviewing the commercial development trajectory of monitoring cameras, the only competitive barrier in the general sensor industry is "cost," in a market with a variety of scenarios, leading manufacturers can gain multiple economies of scale through "hardware standardization + software ecosystem openness," consolidating cost advantages, and thus increasing industry concentration. Investment recommendations: 1) In terms of automotive, 2024 is the "year of crossing the gap" for automotive LiDAR, with shipments of approximately 1.55 million units, expected to double to over 3 million units by 2025, further convergence of intelligent driving perception technology routes, and price compression entering the final stage. 2) In terms of Siasun Robot&Automation, the super sensor fusion of LiDAR and RGB cameras is expected to become the ultimate solution for the "eyes of Siasun Robot&Automation," the only competitive barrier in the general sensor industry is still "cost," and in the highly diverse market of Siasun Robot&Automation scenarios, leading manufacturers can gain multiple economies of scale through "hardware standardization + software ecosystem openness" while meeting long-tail demand and consolidating cost advantages. It is recommended to focus on the global automotive LiDAR leader + Siasun Robot&Automation Tier1 ROBOSENSE (02498). Risk warning: Risks of changes in autonomous driving technology routes; risks related to passenger car sales.Risks of lower than expected penetration rate for advanced level autonomous driving; Risks of changes in Siasun Robot&Automation's visual solution; Risks of overseas sales being affected by international relations.I'm sorry, can you provide the text that you would like me to English?