CITIC Securities: China's Auto Parts Industry Ushers in Long-term Growth Opportunities

According to the online news of the securities times, CITIC Securities pointed out that China's auto parts industry has ushered in long-term growth opportunities, of which intelligence and electrification are the main melody, which is expected to give birth to the explosive growth of the scale of the wire controlled chassis industry. It is estimated that by 2026, the scale of global chassis by wire will exceed 150 billion yuan, of which the scale of braking by wire and steering by wire will reach 57.5/43.6 billion yuan respectively, and the CAGR will exceed 40% in the next five years. The chassis controller industry was previously dominated by foreign giants, and independent suppliers are expected to take advantage of the "Dongfeng" of wire control to realize replacement, and the share continues to increase. Great Wall Motors (a + H), the leading vehicle manufacturer in the overall layout of the on-line chassis, and Bethel, Nextel (H), top group and Huayu automobile, the suppliers whose market share of the main track of the on-line chassis continues to increase.