Analysis of Debang Lighting's ADB Intelligent Headlight Business Fixed-points with Independent Automotive Brands

Based on the information I have collected, below is a detailed analysis of the fixed-point status of Debang Lighting (Stock Code: 603303.SS)’s ADB intelligent headlight-related business with independent automotive brands:

Debang Lighting officially launched its automotive lighting business in 2018, clearly focusing on the field of “

”. The company has formed three major product lines: automotive lamp structural parts, Lamp Driver Module (LDM) products, and Battery Management System (BMS) controller products [0][1].

• Project Content
  : Debang Import and Export received a project fixed-point letter from NIO to custom-develop and supply
  headlight controllers
• Project Period
  : 2025 to 2028
• Estimated Amount
  : Approximately
  RMB 143 million
• Significance
  : Marks the first time the company has directly secured a lamp control fixed-point from a new energy vehicle startup [2]

• Project Content
  : Custom-develop and supply
  LDM products
  (LED headlight controllers) for the A09 project of Marelli, a global automotive parts supplier
• Applicable Models
  : Will be applied to some models of
  GAC
• Project Period
  : 2023 to 2028
• Estimated Sales Amount
  : Approximately
  RMB 60 million
  [1][3]

According to the company’s 2024 Semi-Annual Report, the end-client brands of Debang Lighting’s automotive business cover numerous independent automotive brands, including:

• New Energy Vehicle Startups
  : Li Auto, Leapmotor, NIO
• Traditional Independent Brands
  : GAC, Changan, Geely, Chery

The company supplies the above-mentioned independent brands through the following well-known automotive parts suppliers:

• SAIC Visual Technology, Wanxiang, Marelli, Hella
• Sanli, Yanfeng Plastic Omnium, Valeo, Elios, Leadway Vision [0]

• Fixed-point for Wanxiang 123 BMS Controller
  (August 2021): Approximately RMB 1.27 billion in fixed-point amount, project period of 4 to 10 years, products applied to some models of Porsche and Audi [1]
• New Fixed-points in H1 2024
  : Approximately RMB 90 million [0]

It should be noted that the main fixed-point projects publicly disclosed by Debang Lighting currently are

projects, and the lamp driver module is a core component of ADB intelligent headlights. According to industry research:

• The penetration rate of ADB intelligent headlights was approximately 6% in 2020, and it is expected to continue to increase as technology matures and costs decrease
• The value of LED lamp driver modules per vehicle ranges from RMB 720 to RMB 1,000 (including main light source controller, auxiliary light source controller, etc.)
• Matrix ADB requires more LED chips, which places higher requirements on lamp driver modules [1]

The company has passed the client system audits of the following automakers and automotive parts suppliers:

• International Brands
  : Volkswagen, Toyota, Nissan, Mazda, Porsche
• New Energy Vehicle Startups
  : SAIC, Xpeng, Leapmotor
• Automotive Parts Giants
  : Hella, Marelli [1]

• Production Capacity Layout
  : The production line at the Hengdian base with an annual output of 5 million sets of LDM controllers has been completed
• R&D Bases
  : Hengdian Automotive R&D Center, Shanghai Automotive Business R&D Center
• Manufacturing Capabilities
  : Automobile-grade electronic manufacturing system, Class 10,000 and Class 100,000 clean rooms [1]

Debang Lighting has successfully entered the supply systems of multiple independent automotive brands through its Lamp Driver Module (LDM) products, with major fixed-point projects focused on brands such as

. Although no separate fixed-point projects for ADB intelligent headlights have been explicitly disclosed in public information, as the lamp driver module is a core component of the ADB system, the company’s fixed-point projects have in fact deeply participated in the supply system of intelligent headlights for independent automotive brands.

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[0] 2024 Semi-Annual Report of Hengdian Group Debang Lighting Co., Ltd. (https://pdf.dfcfw.com/pdf/H2_AN202408151639288822_1.pdf)
[1] Guosen Securities Research Report on Debang Lighting (603303.SH) (https://pdf.dfcfw.com/pdf/H3_AP202304241585731781_1.pdf)
[2] Debang Lighting (603303.SH): Secured Lamp Control Fixed-point from NIO, Continuous Breakthrough in Automotive Business (https://pdf.dfcfw.com/pdf/H3_AP202406301637111489_1.pdf)
[3] Debang Lighting Secures Another Fixed-point Letter for Marelli’s Automotive Lighting Project (https://m.lightingchina.com/News/Detail/109200)