The on-board computing platform is the wind vane of the transformation of the intelligent networked automobile industry. With the gradual improvement of the degree of automobile intelligence, the demand for high-performance SOC chips is increasing. The main control chip is the link with the highest barrier and the best business model in all links; In addition, the current automobile chip shipments are too small to fully amortize the high R & D costs in the early stage. Due to various factors, SOC master chip must be a very scarce track for a long time, and it is also a game belonging to only a few players. International giants such as NVIDIA, Qualcomm and Intel continue to force the chip track. In China, Huawei and horizon are constantly catching up.
Qualcomm has a monopoly in the field of medium and high-end intelligent cockpit
As the first commercialized field, the penetration rate of digital cockpit continues to rise. As a leader in consumer electronics, Qualcomm is far ahead in the smart cockpit SOC market. Its second-generation platform 820a and third-generation platform 8155 have won a large number of fixed points from head mainframe manufacturers. Qualcomm solution providers and ecological partners’ understanding of Qualcomm platform know-how is becoming more and more important, and Qualcomm’s existing high-quality partners have significant advantages.
Automatic driving has just started, and NVIDIA is taking the lead for the time being
With the resource endowment of its GPU, NVIDIA has significant advantages in hardware. NVIDIA has also created an end-to-end, open and efficient R & D ecology for the host plant, and its ecological perfection and openness are far ahead. However, the automatic driving industry has just started and still faces many uncertainties. SOC chips with advanced processes face many risks of uncertainty in the commercialization of short-term automatic driving. We are more optimistic that leading manufacturers with other chip industries can win in the long-term technical iteration process of autonomous SOC chip.
The wave of automotive intelligence is in the ascendant. It is suggested to pay attention to relevant manufacturers
The wave of automotive intelligence is in the ascendant, and the technological transformation of on-board computing platform has just begun. Continuous product and technological iterations have provided a large number of incremental business opportunities for solution providers and software providers in the upper reaches of the industrial chain. It is suggested to pay attention to Thunder Software Technology Co.Ltd(300496) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Guangting information, Neusoft Corporation(600718) , Navinfo Co.Ltd(002405) and other related listed companies.
Investment summary
Key conclusions and investment suggestions
First, Qualcomm is far ahead in the field of intelligent cockpit. As the first commercialized field, the penetration rate of digital cockpit continues to rise. As a leader in consumer electronics, Qualcomm is far ahead in the smart cockpit SOC market. Its second-generation platform 820a and third-generation platform 8155 have won a large number of fixed points from head mainframe manufacturers.
Qualcomm solution providers and ecological partners have increasingly important understanding of Qualcomm platform know-how, and Qualcomm’s existing high-quality partners have significant advantages;
Second, automatic driving has just started. At present, NVIDIA is temporarily ahead. With the resource endowment of its GPU, NVIDIA has significant advantages in hardware. In addition, NVIDIA has created an end-to-end, open and efficient R & D ecology for the host plant, and its ecological perfection and openness are far ahead. However, the automatic driving industry has just started and still faces many uncertainties. At present, the shipment volume of automobile chips is still small, which can not fully amortize the high R & D investment in the early stage, and the return cycle is long. SOC chips with advanced processes face many risks of uncertainty in the commercialization of short-term automatic driving. We are more optimistic that leading manufacturers with other chip industries can win in the long-term technical iteration process of autonomous SOC chip.
Core hypothesis or logic
First, the on-board computing platform is the core of the whole intelligent networked vehicle and the wind vane of the technological progress of the automobile intelligent industry. It is of strategic value to observe the evolution trend of the whole intelligent driving industry from the perspective of the main control chip manufacturer;
Second, in the long run, the main control chip is destined to be a track participated by a few players. For technical support and scheme implementation, chip manufacturers prefer to find high-quality scheme providers to support the implementation of their customers; Third, the long-term cooperative solution providers have a better understanding of the ecology and platform know-how of chip manufacturers, and the running in degree of both sides is also higher, which feeds back the closeness of bilateral cooperation.
Catalytic factors of stock price change
First, the self driving industrial policy has been significantly positive;
Second, significant changes have taken place in the underlying technologies of automatic driving such as image recognition; Third, the world’s major technology giants or unicorns release new smart cars.
Key risks of core assumptions or logic
First, the repeated epidemic or continued to have an adverse impact on automobile sales; Second, the risk of Sino US science and technology and trade friction;
Third, the risk that the intelligent landing rhythm of cockpit area and driving area is lower than the market expectation; Fourth, there are risks such as changes in the market pattern and intensified competition.
