(Report Producer/Author: Changjiang Securities, Gordon, Gao Yinan)
1 Intelligent upgrading of headlights, matrix headlights lead the trend
The intelligent upgrading of the headlights ensures the safety of driving
ADB (Adaptive Driving Beam) is an intelligent high beam system that meets automotive safety lighting trends. Although the traditional high beam lamp can greatly improve the driver's field of vision, the strong light stimulation generated can easily cause the driver in front of the car to be dazzling, reduce its judgment, and endanger the safety of driving at night. ADB technology can use the video camera input signal to determine the position and distance of the car in front, adjust the area and brightness of the light illumination accordingly, and maximize the driving safety under the premise of meeting the driver's vision needs.
At the principle level, the implementation principle of ADB intelligent headlights includes three links: sensing, decision-making and execution: collecting forward information with the help of sensors such as cameras or millimeter-wave radar, processing decisions on lighting areas and brightness through algorithms, and finally controlling the headlights through the internal controller of the headlights and the optical module sub-area.
At the implementation level, there are currently three mainstream technical routes: 1) mechanical, mainly by adding motor equipment in front of the lamp source to achieve lamp source masking; 2) matrix, through multiple LEDs composed of rows, columns or matrix arrangements to achieve control, the driving capacity, heat dissipation ability and optical system puts forward higher requirements; 3) DLP type, the mainstream scheme is by placing a DMD device (Digital Micromirror Device, Digital micromirror element) to achieve megapixel-level control of the headlight, can achieve forward information projection.
Matrix is a mainstream solution for implementing ADB functionality
Mechanically slow response, noisy, poor performance, DLP can reach megapixels, but the core DMD components are currently only supplied by TI, which is costly. In contrast, the matrix technology route better achieves a balance between performance and cost, which is the mainstream solution for the current implementation of ADB.
The main brands and models of the current application matrix headlights are sorted out, and it is found that in the past two years, the matrix headlights have begun to appear standard and affordable application trends:
From the perspective of configuration ratio, some models have taken matrix headlights as the standard configuration of the whole series. In models such as the Volkswagen ID.4 X, Acura RDX, Trumpchi M8 and BYD Tang, matrix headlights have become standard equipment throughout the series. Taking the ID.4 X as an example, this model applies IQ from Volkswagen. Light matrix headlights, the matrix headlights light module by 11 high beam LED modules and 7 low beam LED modules, can collect front information through the front camera, control the headlight type, with automatic on, delay off, headlight height automatic adjustment, AFS steering assist, remote light automatic adjustment and other functions. Bydy Qin Pro's matrix headlights come from BYD Light's Dragon Beam, with 3-5 juxtaposed LED light sets, which have been standard in the 2020 Qin Pro fuel version.
From the perspective of configuration price, the minimum standard price has dropped to the range below 100,000 yuan. Of the 11 models on sale, 3 of Dongfeng Passenger Car Fengshenxuan's models are equipped with Eagle Eye matrix full LED headlights as standard, with the lowest price being 91,900. The minimum standard price of BYD Qin Pro, which is equipped with matrix headlights in the whole series, is only 79,800 yuan.
2 Differentiated configuration pioneer, matrix headlights to accelerate penetration
Matrix headlight penetration increased in 2021. It is estimated that the overall penetration rate of matrix headlights will increase from 3.6% in 2020 to 5.8% in 2021. This calculation selects the main sales models of the year and counts their lighting configurations. Overall, the total sales volume of the model in 2021 is about 19.313 million units, accounting for 90.0% of the industry's wholesale sales, and it is estimated that the number of matrix headlights is about 1.117 million units, and the penetration rate is 5.8%. As far as the new energy market is concerned, the sales volume of the statistical models in 2021 is about 2.958 million units, accounting for 90.2% of the wholesale sales of new energy, and it is estimated that the number of matrix headlights is about 208,000 units, and the penetration rate reaches 7.0%.
Industry as a whole: Ashkenazi and independent double lead, level and price downward
Splitting the penetration situation in 2021, the configuration model of the matrix headlight presents the characteristics of "German and autonomous double leading, level and price downward".
Faction: Ashkenazi and independent brand matrix headlight penetration rate is leading
In terms of factions, the penetration rate of Ashkenazi and independent brands is about 8.4%, ahead of other factions. Among the main models that accounted for 90% of the industry's sales, the sales of autonomous, German and American systems were 8.203, 420.6 and 2018,000 units, respectively, and the estimated matrix headlights were 68.6, 35.5 and 75,000 units, with penetration rates of 8.37%, 8.45% and 3.72% respectively.
The penetration rate of the Matrix Headlights of volkswagen and Audi brands in Germany is leading, and the proportion of haval H6 and Tiggo 8 matrix headlights of the independent hot-selling models has reached 53% and 50% respectively. In 2021, there are 17 models in the German system with average monthly sales of more than 10,000, of which 6 models are equipped with matrix headlights, and all of them are brands of the Volkswagen Group. Among the self-owned brand models equipped with matrix headlights, there are two models with an average monthly sales of more than 10,000 and a higher proportion of configurations: Haval H6 and Tiggo 8. Haval H6 2021 Average monthly sales level of up to 30,900 units, matrix headlight configuration ratio of 53%, the lowest standard price of 115,900 yuan. Tiggo 8 2021 average monthly sales level of 13,400 units, matrix headlight configuration ratio of 50%, the minimum standard price of 105,900 yuan. Both models feature L2-class automatic driver assistance technology, which provides the basis for automatically identifying road conditions ahead and adjusting headlight lighting. (Source: Future Think Tank)
By type: Matrix headlights have penetrated into A-Class sedans and SUVs at the lowest
By car type, MPV has the highest penetration rate, followed by SUVs and cars. In 2021, the penetration rate of matrix headlights in MPVs, SUVs and cars was 18.3%, 6.7%, and 4.0%, respectively. The high penetration rate of MPV is mainly affected by two aspects: on the one hand, the overall MPV model is small, and the sales volume is more concentrated to the head model; on the other hand, there are more models equipped with matrix headlights in the main MPV model, and the configuration ratio is generally high. In addition to the 19% configuration ratio of the Buick GL8, the configuration ratio of Trumpchi M8, Wuling Capgemini and Trumpchi M6 reached 100%, 75% and 60% respectively.
In terms of levels, the C class is still the main level of the matrix headlight configuration, the penetration rate of the B class has increased rapidly, and the A class car has begun to be configured. 1) C class: In 2021, the penetration rate of matrix headlights on C-class cars and SUVs reached 36.7% and 14.1%, respectively, far exceeding other levels, and the C level is still the main configuration level of matrix headlights. 2) B-class: The 2020 Magotan, which was launched at the end of 2019, took the lead in configuring matrix headlights, and 3 of the 8 models were equipped with standard and 2 optional matrix headlights, kicking off the upgrade of the joint venture B-class car lamps. By 2021, the penetration rate of matrix headlights on B-class cars and SUVs will reach 5.1% and 8.5%, respectively, and the penetration rate of matrix headlights in B-class cars will increase rapidly. 3) Class A: In 2021, the penetration rate of matrix headlights on A-class cars and SUVs was 0.1% and 7.4%, respectively. Volkswagen Golf lowered the matrix headlight configuration to the A-class sedan, with a 14% configuration ratio and a minimum supporting price of 229,800 yuan. The Haval H6 matrix headlight configuration ratio of the A-class SUV with an average monthly sales level of more than 30,000 has reached 53%, and the minimum standard price is 115,900 yuan. The matrix headlights probe further down at the model level, and the SUVs probe deeper than the sedan.
Sub-price: The mainstream price band is 200,000-250,000, and the lowest is 8-12 million
In terms of price, the current 200,000-250,000 is still the mainstream price band of the matrix headlight model, but the matrix headlight configuration has been lowered to the 8-12 million price band. In 2021, the penetration rate of matrix headlights of models with price bands of 80,000-120,000, 120,000-150,000, 150,000-200,000, 200,000-250,000 and 300,000 priced models was 4.8%, 4.8%, 1.3%, 17.6% and 9.9%, respectively.
The minimum standard price of matrix headlights in mainstream models has dropped to about 100,000 yuan, and a few models below 100,000 yuan are also equipped. The minimum standard price of mainstream models Tiggo 8, Roewe RX5 and Wuling Capgemini matrix headlights is 10.59, 10.38 and 106,800 yuan respectively, and the configuration ratio is 50%, 67% and 75% respectively. Due to the low level of monthly sales, the models Yixuan and Qin Pro, which are not included in this statistics, are also equipped with matrix headlights, of which Qin Pro has achieved standard equipment for all series, and the minimum standard prices of the two are as low as 919 and 79,800 yuan, respectively.
As far as different factions are concerned, the price of independent brands has fallen the most. The mainstream price bands of autonomous and German matrix headlight configurations are all 200,000-250,000, with penetration rates of 36.3% and 28.9%, respectively, and the penetration rate of the US series is higher (6.5%), but the gap with the price bands of 120,000-150,000 (4.9%) and 200,000-250,000 (4.9%) is relatively small. The lowest price band in Germany has reached 120,000-150,000 yuan, with an penetration rate of 11.4%, while the lowest price band of independent brands has dropped to 80,000-120,000 yuan, with an penetration rate of 6.4%.
New energy market segment: lamp upgrade to enhance competitiveness, more than 200,000 price grid belt penetration rate is higher
The penetration rate of the new energy market matrix headlights is 7.0%, which is divided into types and price belts, mainly C-class cars and 200,000-250,000 yuan price bands, and the lowest has been explored to A-class cars and 12-15 million yuan price bands. 1) Type: By car type, the penetration rate of SUVs and cars is 11.3% and 4.7%, respectively. In terms of grades, the permeability rate of the car is mainly C-class, and the penetration rate is 36.3%, and the lowest has been lowered to the A-class sedan, and the penetration rate is 6.0%; in the SUV, the permeability rate of A-class, B-class, and C-class is 16.6%, 13.2%, and 8.0%, respectively. 2) Price band: Similar to the overall situation of the industry, 200,000-250,000 yuan in the new energy segment is still the main price band of the configuration matrix headlight model, and the penetration rate is as high as 34.3%. On the whole, the penetration rate of the price band of more than 200,000 yuan in the new energy market is significantly higher, and the penetration rate of 250,000-300,000 yuan reaches 15.1%, and the lamp upgrade has become one of the important means to enhance the competitiveness of products. Compared with the industry as a whole, the lowest 80,000-120,000 yuan of downward exploration, the degree of exploration of new energy vehicles is slightly weaker, the lowest to the 120,000-150,000 yuan price band, the penetration rate of 5.5%.
From the perspective of factions, the Penetration Rate of Ashkenazi is significantly ahead. The penetration rate of matrix headlights of German and independent new energy vehicles is 30.1% and 6.7% respectively, and the penetration rate of Germans is far ahead, and the main model ID.4 X has achieved the standard matrix headlights of the whole series, and the proportion of ID.4 CROZZ configuration has also exceeded 70%. Two models from the Volkswagen ID. family are configured with IQ. Light matrix LED headlights, a single light group with 11 high beam LED modules and 7 low beam LED modules, according to the ambient lighting, speed, steering angle and other automatic adjustment of light patterns, optimize the lighting effect, and through the multi-function camera to identify the front car or oncoming car, real-time according to the relative position of the vehicle to adjust the lighting area and brightness, to avoid the safety hazards caused by the glare of the high beam lights.
Lamp upgrades have become an important means for independent brands to enhance their competitiveness. The high penetration rate of The German brands is mainly due to the small overall sales scale and the high proportion of matrix headlights in the main model ID series. Among the independent brands, the penetration rate of matrix headlights in the price band of more than 200,000 yuan is significantly higher, and the penetration rate of the price band of 200,000-250,000 yuan and 250,000 yuan is 26.5% and 43.6% respectively, and the lamp upgrade has become one of the important means to highlight competitiveness. In addition, the level and price of independent brands have been deeper, the lowest has been explored to the A-class sedan, 120,000-150,000 price band, representing the average monthly sales of the Roewe Ei5 in 2021 0.14 million units, has achieved the standard vector matrix LED headlights of the whole series, and the minimum configuration price is 141,800 yuan.
Cost reduction helps the configuration downwards, driving the penetration rate of matrix headlights to accelerate
The key factor in whether the configuration can be down is the cost, and the cost of the matrix headlight depends on the number of LEDs. The difference with traditional LED lamps is that matrix smart headlights realize pixel smart headlight control by controlling multiple LED chips, and the number of independent divisions increases, correspondingly increasing the cost
The number of LEDs mainly affects the lighting accuracy, and the matrix headlight scheme is flexible. The number of modules for a single headlamp can affect optical performance, and more LED chips can lead to higher precision lighting effects. Under the premise of ensuring the effect, the cost can be reduced by reducing the number of LEDs. From the perspective of foreign applications, the early matrix headlights are mostly installed in high-end models, and the low-cost matrix headlights are characterized by simplifying the lamp structure. For example, the matrix headlights for the Audi A8 retrofit application, which came on the market in 2013, consist of 5 groups of 25 independent LEDs for dynamic beam management of multiple forward or contraverse vehicles. The high beam of the "ALH Adaptive LED Array Headlamp" technology displayed by Mazda at the 2014 Japan Electronic High-tech Expo consists of 12 LEDs and is divided into 4 independent groups, although the lighting accuracy is different from Audi, but it can still achieve the function of avoiding the dazzling hazards of traditional high beam lamps, and the cost is cheaper.
Solution flexibility and scale help the matrix headlight configuration to explore down, accelerate the penetration rate increase. Lower-cost LED solutions offer the possibility of equipping more affordable models with LEDs. Audi A6L equipped with high-definition matrix LED headlights with 32 independent light sources, the minimum standard price of more than 400,000 yuan; while the qin pro equipped with matrix headlights the minimum standard price is less than 100,000 yuan, and its dragon crystal matrix headlights have 3-5 LED light groups, each light group is composed of more than 10 LED beads. In addition, the scale effect brought about by the increase in the proportion of matrix headlight applications will further reduce costs.
Looking forward to the future: Tesla and new car-making forces are leading the intelligent car lights, and the penetration rate is expected to further increase
Looking ahead to 2022, matrix headlight penetration is expected to continue to increase. Tesla's U.S. factory delivered the Model S model with matrix LED headlights in the first quarter, and the original model also underwent an OTA upgrade at the end of 2021 to achieve control of the front beam. Delivered at the end of March, the NIO ET7 is equipped with intelligent light interaction, consisting of integrated headlights with near and far lights and "Double-Dash" daytime running lights, and the headlights use a double-layer matrix LED layout. Xiaopeng G9 is scheduled to be launched in the third quarter, and judging from the appearance of the Guangzhou Auto Show, the new headlights are expected to be equipped with matrix lamp beads and lidar. In addition, the headlights of new cars such as the Zero-Run C11 Performance Edition, the mid-term redesign of the Lynk & Co 03, and the Trumpchi EMKOO are expected to achieve the configuration of matrix headlights.
More than 10 new cars in the first quarter are equipped with matrix headlights. Of the major models launched in the first quarter of 2022, 12 are equipped with matrix headlights or are available as options. From the perspective of configuration ratio, the configuration ratio of standard models has reached a minimum of 60%, among which Si Haoyao, Song MAX New Energy, UNI-K New Energy, and Xingtu Wind Chasing ET-i have achieved standard equipment in all series; from the lowest standard price, it involves various price band models, of which the minimum standard price of Si Haoyao is only 98,800 yuan. The penetration rate of matrix headlights is expected to continue to increase rapidly in 2022.
3 Cost has the potential to fall, and DLP headlights are expected to relay matrix headlights
Intelligent light interaction, the new force lights upgraded to catch up
The HiPhi X is equipped with programmable smart headlights for precise control at the nanoscale. In September 2020, Gaohe Auto released the HiPhi X, which is equipped with PML programmable smart headlights, which is a light cluster system with a standalone calculator, infrared camera and 2.6 million micromirror chips, which can achieve accurate light pattern control similar to a projector. The headlights provide four driving lighting modes of standard low beam, urban high beam, standard high beam and cluster beam high light, with low speed steering assist, blind zone lane change prompt, driving trajectory prediction, lane departure prompt, pedestrian tracking prompt, pedestrian guidance and vehicle tracking shielding function.
The Zhiji L7 DLP digital projection headlight has a resolution of 2.6 megapixels. The Zhiji L7, which opened for pre-sale in April 2021, is equipped with pixel-based, programmable smart headlights. The DLP trace projection headlight integrates DMD digital micro chips and AI vision chips, with 2.6 million independent micron-level microreflectors, which can achieve precise control of the beam, projection resolution of 2.6 million pixels, and better realize scene interaction functions in addition to driving assistance.
Digital headlight projection, DMD-based DLP technology is mainstream
DMD-based DLP technology is a mainstream solution for digital headlight projection. To achieve the headlamp projection function, there are mainly the following technical routes:
1) DMD-based DLP technology: DMD (Digital Micromirror Device) is a kind of electronic input, optical output of microelectromechanical systems (MEMs). The DLP chip is composed of DMD, DMD controller, DMD micromirror driver, etc., and the chipset can control millions of lenses at high speed and precision with pixel data rates of up to 60Gbps to achieve lamp pixel-level projection.
2) LCD technology: LCD (Liquid Crystal Display, liquid crystal display) technology is a mature display technology, light through the liquid crystal multiple reflection, refraction and change the path. LCD headlights issue instructions to the LCD module through a control system, which in turn sends the direction and intensity of the pixel display, providing high-resolution and high-pixel illumination.
3) Micro LED technology: Micro LED led size is usually less than 100μm, the technology pre-integrated matrix CMOS control circuit in the silicon substrate of the chip, and matrix microstructure processing of the chip, to achieve separate control of each microstructure area, the formation of independent pixels in the headlights. Due to the limitation of polarizer and liquid crystal panel loss, LCD technology has low optical efficiency and effective improvement space, while the number of pixels of Micro LED technology is much lower than that of LCD and DMD, DMD-based DLP technology is still the mainstream solution to achieve digital headlight projection function.
DLP technology implements ADB function through lamp source switching, and controls the headlights to the megapixel level, giving the lamp intelligent interactivity. Compared with the pixel level of matrix headlights from 100 to 100,000, the pixel level of DLP can reach the million level, which can achieve the occlusion and illumination of any shape within the effective pixel. Because the high precision and high resolution of DLP technology far exceed the pixel requirements of the headlights, the information interaction function is further brought on the basis of ensuring driving safety. However, the optical design and system of DLP technology is more complex and mainly controlled by TI, and the cost is much higher than that of matrix headlamps.
High-end models are equipped with + multi-scenario applications, and DLP has a cost reduction space under the scale effect
At present, DLP headlights are mainly used in high-end models. The current standard price of the current DLP headlights of the Mercedes-Benz S-Class and maybach S-Class, a representative model of luxury cars, is 178.11 and 2.388 million yuan respectively, and Audi's 2021 e-tron and etron Sportback models in the European market also launched a digital matrix LED (DML) headlight option. The new forces Gaohe and Zhiji are equipped with PML programmable intelligent headlights and DLP light trace projection lamps on the Gaohe HiPhi X and Zhiji L7 models, respectively, with the lowest standard prices of 62.00 and 408,800 yuan, respectively, and the Zhiji LS7, which will be mass-produced in 2022, will also be equipped with 2.6 million pixel DLP projection headlights. Although the names vary slightly, these headlights with intelligent interaction features DMD-based DLP technology.
AR-HUD is versatile with DLP technology in the field of headlamps. DLP technology has a variety of application scenarios, in the automotive industry is mainly lighting and display: the former is DLP headlights, the latter refers to AR-HUD (Augmented Reality Head-Up Display), so that drivers can get information about vehicle cruise, speed and navigation without looking down, enhancing driving safety. Ar-HUDs using DLP technology have the advantages of high resolution, high brightness and mature technology, and mercedes-Benz S-Class and second-generation Trumpchi GS8 models are equipped with AR-HUD functions supported by TI's DLP chips. Comparing TI's DLP5531-Q1 for headlamps to the DLP5530-Q1 chipset for AR-HUD, the underlying DLP technology is versatile. Based on the accumulation of DLP digital interactive headlight technology, HUAYU Vision has now completed 5 rounds of iteration of ar-HUD benches and experimental vehicles.
Increased scale is expected to reduce the cost of DLP technology. Luxury brands and new car-making forces continue to promote the application of DLP headlights, Zhiji L7 and Gaohe HiPhi X's DLP headlights are from Huayu Vision, and Zhiji's LS7 models that will be mass-produced in 2022 will also be equipped with DLP headlights. Huayu Vision's first generation of DLP digital headlights and display control systems have achieved mass production, and the second generation of higher-pixel, more scene-capable DLP digital headlights are promoting the mass production process; Xingyu has deployed DLP technology, and the 13.5 billion yuan new project orders undertaken in 2021 include ADB headlamps, DLP headlamps and headlight controllers. The penetration rate of AR-HUD is also increasing, and under the scale effect, the cost of DLP technology has a certain degree of decline.
4 Investment analysis: The ADB market continues to grow, and domestic leaders are deeply involved
Matrix headlights accelerated penetration, DLP headlights began to be applied to high-end models, and the ADB market continued to grow. Domestic leading enterprises have been deeply involved in the wave of intelligent lamps, the future is expected to benefit significantly, key recommendations: 1) Xingyu shares: to the global lamp leader, in 2021 to undertake a total of 13.5 billion yuan of new project orders including ADB headlamps, DLP headlamps and lamp controllers, etc., and continue to strengthen the development and application of new technologies based on DMD, Micro LED intelligent headlamp modules and other new technologies; 2) Huayu Automobile: the strongest comprehensive strength of domestic lamp enterprises, in-depth layout ADB, DLP Cutting-edge technologies such as environmental perception, the first generation of DLP digital headlights and display and control systems Lighting Master has achieved mass production, pushing into the mass production of the second generation of higher pixels, more scene functions of DLP digital headlights. (Source: Future Think Tank)
Xingyu Shares: The global lamp leader, matrix ADB headlights have been ordered
With its own technical strength and cost advantages, Xingyu Co., Ltd. has continued to increase its market share in China, and has completed a double leap from "halogen xenon LED" and "independent joint venture luxury" product customers. With the continuous upgrading of the company's strategy, the production side of the company will undertake 13.5 billion yuan of new project orders in 2021, including ADB headlamps, DLP headlamps and lamp controllers, and further upgrade its products. At the same time, the company has now set up research institutes and R&D centers in Shanghai, Wuhan and other places, and continues to strengthen the development and application of new technologies based on DMD, Micro LED intelligent headlamp modules and so on. Client, the company supports the breakthrough of Japanese, luxury, high-end independent and new energy vehicle companies, and the layout of Serbia to enter the global supporting system, and the market share is expected to increase steadily. The second growth of the lamp industry is imminent, and Xingyu ushers in the triple empowerment of track acceleration, pattern optimization and profit recovery.
Huayu Automobile: Master the cutting-edge technology of headlights, and lead the new direction of mass production iteration
Since The acquisition of the equity of Shanghai Xiaoshi Nifang in March 2018, HUAYU Vision, its lamp business, has become the largest enterprise in China, with revenue of 11.04 billion yuan in 2020. Huayu Vision attaches great importance to research and development, and deeply lays out the cutting-edge technologies of the lighting business. At present, the company's first generation of DLP digital headlights and display and control system Lighting Master has achieved mass production, has completed the second generation of higher pixels, more scene functions of the DLP digital headlight research and development, is promoting the mass production process. Both The HiPhi X and Zhiji L7 are equipped with an intelligent lamp interaction system from Huayu Vision and cutting-edge automotive lighting technology. In terms of environmental perception, HUAYU Vision also has a deep layout, and the camera business of the former HUAYU Technology Center has been integrated into HUAYU Vision. Huayu Vision is expected to rely on its advantages in the field of automotive lights to superimpose the perception system business to achieve the whole industry layout of intelligent driving and intelligent lights.
Keboda: The global controller leader, the space is huge
Keboda is a leading enterprise in the field of light controllers in the world, and its core customers include Volkswagen Group, Daimler, Jaguar Land Rover, BMW, FAW Group and SAIC Volkswagen, etc., and has become a Class A supplier of SAIC Volkswagen, Audi, FAW-Volkswagen and Porsche. With the full penetration of matrix headlights, the value of the controller is expected to increase, and under cost optimization, the spin-off of the controller is expected to become a future trend, opening up the company's growth space.
(This article is for informational purposes only and does not represent any of our investment advice.) For usage information, see the original report. ）
Featured report source: [Future Think Tank].