Thanks to the increase in the level of autonomous driving, the number of demand for on-board cameras, ultrasonic & millimeter wave radars, and lidars continues to increase, which in turn drives the rapid increase in market size. Key modules such as ultrasonic radar, millimeter-wave radar, and cameras in the Chinese market are mainly provided by foreign Tier 1 companies. Lidar is still in its early stages of development, and domestic companies such as Hesai Technology and Robosense are entering the industrial chain of domestic automakers. (CITIC Securities report)