Minutes of the expert meeting | Changzhou Zhongying Science&technology Co.,ltd. —4D millimeter wave radar has the largest value and the purest material target

1. Under the background of new energy vehicle companies facing price reduction competition this year, 4D millimeter-wave radar meets the demands of car companies to reduce costs and create new selling points. In addition to Tesla, domestic car companies such as Huawei and SAIC also have layouts.

2. From the perspective of hardware, the current domestic industry chain has determined that high-frequency CCLs are involved in performance and have a large enough value. Unlike ordinary CCLs and high-speed CCLs, 4D millimeter-wave radars work at 77GHz and require high-frequency Millimeter wave radar CCL.

3. The current revenue of Changzhou Zhongying Science&technology Co.,ltd. is 200 million yuan, all of which come from high-frequency CCL products. It is one of the two major domestic high-frequency CCL players. It is similar to Shengyi Technology Co.,Ltd. in high-frequency revenue. The interest rate is around 40%.

The most obvious innovation brought by Tesla in HW 4.0 is the 4D millimeter wave radar, which is a new autonomous driving platform of vision + millimeter wave, and is also a key platform upgrade for Tesla to upgrade from L2 to L3. Under the background of new energy vehicle companies facing price reduction competition this year, 4D millimeter-wave radar meets the demands of car companies to reduce costs and create new selling points. Although there is still a gap in accuracy compared with lidar, millimeter wave is similar to semiconductor-based CMOS with fast iteration speed. The resolution has increased from 6° to about 0.6° in the past 5 years. Looking forward to the continuous progress of semiconductor technology in the next 2-3 years, the resolution is expected to increase to 0.1° similar to lidar. And because of the properties of pure solid state and millimeter wave, it is superior to lidar in terms of track reliability, harsh environment, design stability, body shape, and computing power consumption. In addition to Tesla, domestic car companies such as Huawei and SAIC also have layouts. In the long-term, according to the usage of L3 self-driving bicycles, 1-5, the penetration rate is expected to increase rapidly in terms of cost performance.

From the perspective of hardware, the current domestic industry chain has determined that high-frequency CCLs are involved in performance and are of sufficient value. Unlike ordinary CCLs and high-speed CCLs, 4D millimeter-wave radars work at 77GHz and require high-frequency millimeter waves. Wave radar CCL, from the perspective of BOM cost splitting, the value of a single radar high-frequency CCL is 100 yuan, corresponding to a global market size of 9 billion.

Changzhou Zhongying Science&technology Co.,ltd. currently has a revenue of 200 million yuan, all of which come from high-frequency CCL products. It is one of the two major domestic high-frequency CCL players. It is similar to Shengyi Technology Co.,Ltd. in terms of high-frequency revenue. The industry structure is good and the gross profit margin is 40. %about. Compared with the previous main downstream 5G base stations, the market space brought by 4D millimeter wave radar is huge, and the company is stuck in the core. The company's 200 million communication radio frequency high-frequency CCL takes into account the scarcity and the product's relatively reasonable valuation at present. The company's millimeter-wave radar ZYF-6000T product, which the company began to stockpile two years ago, continues to promote. The increasing demand for high-frequency CCL used in 4D millimeter-wave lidar and the continuous promotion of the company's automotive products are expected to recreate Changzhou Zhongying Science&technology Co.,ltd.