--- title: "Huaxi Securities: Assigns \"Recommended\" Rating to the SerDes Industry, Significant Opening of Market Space for Intelligent Driving Equality" type: "News" locale: "en" url: "https://longbridge.com/en/news/228949319.md" description: "Huaxi Securities released a research report, giving the SerDes industry a \"recommended\" rating, believing that the equalization of intelligent driving will drive rapid growth in the automotive SerDes industry and open up long-term market space. Core beneficiaries include Longxun Co., Ltd., GOKE, and Yutai Micro. Automotive SerDes is an important chip mainly used for data transmission, supporting the electrical architecture upgrades of autonomous driving and intelligent cockpits. Despite facing challenges in automotive certification and technological accumulation, domestic SerDes manufacturers are expected to achieve breakthroughs" datetime: "2025-02-20T02:52:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/228949319.md) - [en](https://longbridge.com/en/news/228949319.md) - [zh-HK](https://longbridge.com/zh-HK/news/228949319.md) generator: "portal-rs" --- # Huaxi Securities: Assigns "Recommended" Rating to the SerDes Industry, Significant Opening of Market Space for Intelligent Driving Equality According to Zhitong Finance APP, Huaxi Securities released a research report stating that it is optimistic about the accelerated growth of the vehicle-mounted SerDes industry driven by intelligent driving equality, which significantly opens up long-term market space; currently, the domestic market is mainly monopolized by overseas giants, and the long-term replacement space is extremely broad. In recent years, domestic SerDes manufacturers have successively achieved breakthroughs from 0 to 1, and are expected to benefit significantly from the large beta of intelligent driving. The firm gives the SerDes industry a "recommended" rating, with core beneficiary targets: Longxin Co., Ltd. (688486.SH), GOKE (300672.SZ), and Yutai Microelectronics (688515.SH). ## The main points of Huaxi Securities are as follows: **Vehicle-mounted SerDes is an important chip for intelligent driving, mainly used for data transmission:** SerDes is a high-speed serial-parallel technology, where data is compressed and serialized through a serializer, evenly arranged and transmitted through cables to the other end, where it needs to be deserialized and then distributed to different places for processing. Its functions can achieve high-speed transmission, lower power consumption, and greater bandwidth. Looking back, the development trend of vehicle-mounted SerDes is related to the electrical architecture of automobiles. Intelligent cockpits/intelligent driving lead to upgrades in automotive electrical architecture, and currently, many transmission products' underlying architecture is based on SerDes technology. Vehicle-mounted SerDes chips are currently mainly applied in: 1) Transmission between vehicle-mounted cameras/radars and processing units. Autonomous driving requires the transmission of camera/radar data to the processing center. Due to the large amount of data generated by high-pixel cameras/laser radars, SerDes is needed to achieve low latency/high-speed transmission; 2) Image transmission for vehicle-mounted displays. With the trend of intelligent cockpits, the number of screens inside vehicles is increasing, while also developing towards 4K/8K high definition, raising bandwidth requirements. For example, the Geely Galaxy E8, equipped with a 45-inch 8K integrated screen, has a bandwidth requirement of up to 12.7Gbps. Currently, the main research and development difficulties are: 1) High difficulty in automotive certification. Automotive chips need to undergo reliability certifications such as AEC-Q100 before being used in vehicles, which has high verification costs; 2) High technical accumulation requirements. SerDes chips are mixed-signal chips, and the analog layer requires a long technical accumulation. While solving chip rate issues, it is also necessary to address interference resistance, loss, and bit error rate issues. **Overseas giants monopolize the market, and intelligent driving equality accelerates industry growth and significantly opens up long-term market space:** In terms of supply structure, the global vehicle-mounted SerDes market is currently monopolized by ADI and TI. According to QRResearch data, the two together accounted for 92% of the global market share in 2023. On the demand side, according to QYResearch data, the global vehicle-mounted SerDes chip market reached a sales revenue of USD 447 million in 2023 and is expected to grow to USD 1.677 billion by 2030, with a CAGR of 20.28%. In the future, as the penetration rate of autonomous driving/intelligent cockpits increases, the number and resolution of vehicle-mounted cameras, laser radars, and other sensors will continue to rise. The firm believes that the demand for the vehicle-mounted SerDes market will exceed institutional expectations **Domestic Import Entering the 0-1 Moment:** Currently, domestic manufacturers are accelerating the introduction into car factories. Specific companies include: Longxun Co., Ltd., according to the company's 2024 semi-annual report, the ultra-high-definition audio and video interface processing and conversion chip achieves a single-channel maximum rate of 8.1Gbps, and the chip is currently in the testing and verification stage. Yutai Micro: According to the company's investor research minutes, the test samples of the vehicle-mounted SerDes chip have met all expected design targets, and it is expected to be launched by the end of 2025. GOKE: According to Jiemian News, the forward transmission rate of the company's vehicle-mounted SerDes chip reaches 6.4Gbps, with a transmission distance of up to 15 meters. **Risk Warning** Sales of new energy vehicles may fall short of expectations, and the penetration rate of intelligent driving may not meet expectations ### Related Stocks - [300672.CN](https://longbridge.com/en/quote/300672.CN.md) - [688515.CN](https://longbridge.com/en/quote/688515.CN.md) - [688486.CN](https://longbridge.com/en/quote/688486.CN.md) - [002926.CN](https://longbridge.com/en/quote/002926.CN.md) ## Related News & Research - [Scott Bessent Brings His Hedge Fund Playbook To Treasury. 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