全球汽车行业-前进的道路：汽车的创新与颠覆

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1、8October2018GlobalEQUITIESInsideElectric,Autonomous&EcosystemPlatforms4ElectricVehiclesaNecessaryFirstStep10DriverstoPushOEMstoElectric11DriversToPushConsumerstoElectric23AutonomoustheKeyEnablertoNewBusinessModels38WhoWillWin?OtherDisruptedIndustriesGiveHin

2、ts41TenTrendstoPlayinElectric&Autonomous491)OEMsleadinginelectric/autonomous502)RisingVehicleContentDrivenbyElectrificationContentIncreaseasBillofMaterialsChanges513)BatteryandBatteryMaterials574)CentralizedComputing625)AutonomousDrive646)Lightweighting667)

3、PowerSemiconductors678)Charging689)ThermalManagement6910)ConnectedCar70Appendices73TheHybridVehicleMarket74TesloopMaintenanceRecordDetails79ChangestoZEVRegulationsCouldHelpZEVDemand83AnalystsMacquarieCapital(USA)Inc.MaynardUm+12122318098maynard.um@macquarie

4、.comMacquarieCapitalSecurities(Japan)LimitedDamianThong,CFA+81335127877damian.thong@macquarie.comJanetLewis,CFA+81335127856janet.lewis@macquarie.comMacquarieSecuritiesKoreaLimitedDanielKim+82237058641daniel.dw.kim@macquarie.comMacquarieCapitalLimitedAllenYu

5、an+862124129009allen.yuan@macquarie.comTheRoadAhead:NavigatingInnovation&DisruptioninAutosElectric,Autonomous&EcosystemPlatformsKeypointsêWebelievetheautoindustryisonthevergeofamulti-decadelongtransformation,drivenbydisruptiveinnovationandtechnologyêHistor

6、yshowsbigtechdisruptionwinnersfocusedonecosystemplatforms;autoecosystemplatformswillenablenewbusinesses,disruptexistingonesêElectric&autonomoustwocriticalstepstoecosystemplatforms.Weidentify10investablesub-themes,33Outperformstocksfrom15MacquarieanalystsAut

7、oIndustryHeadingintoanUnprecedentedEraofTechDisruptionWebelievetheautoindustryisontheprecipiceofamulti-decadelongtransformation,drivenbydisruptiveinnovationandtechnology–thesamedynamicforcesthathavetransformedmanyothertechnologyindustries.Whiletherehavebeen

8、manyvehicularenhancementsinthepast,theindustryhasnotfullyembracedthetechnologicalshiftsthathavecreatedmeaningfulnewbusinessmodelsandrevenuestreamsforothersinthetechnologyplatformecosystem.Butwebelievet