\u3000\u3000 Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (601799)
Matters:
On February 16, Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) and Huawei Technology Co., Ltd. held the signing ceremony of the letter of intent for cooperation in intelligent vehicle optical business of Huawei optical product line in Dongguan, China. The two sides will carry out strategic cooperation in the field of intelligent lamps to form a continuously leading competitiveness of intelligent lamp system solutions in the industry. In addition, the two sides will comprehensively carry out other business cooperation in the field of intelligent vehicle light.
Guoxin automobile view:
As the eye of the car, the lamp is an important appearance part on the car body. Car enterprises represented by Tesla and new forces lead the application of new technologies in the lamp industry. DLP projection headlights and ADB lamps have entered the market one after another, which is both an opportunity and a challenge for traditional lamp enterprises. Industrial chain coordination is particularly important in the new technological transformation of the lamp industry. Xingyu cooperates with upstream chips Software algorithms and other enterprises, based on their traditional structural design, optical and electronic design and other advantages, are expected to continue to take the lead in forward-looking product research and development and increase the gap with other independent lamp brands in China.
Guoxin automobile deeply tracks the lamp industry and firmly believes that the lamp value has the three characteristics of "high starting point, high elasticity and long duration", and the penetration of short-term led, long-term intelligent lamp (ADB, DLP) and laser headlamp is a high-quality track for parts segmentation. Under the background of intelligence and electrification in the future, the lamp, as a visual part, is expected to become the core carrier of the vehicle data flow output, and realize the functional upgrading from "lighting" to "expression".
Valuation suggestions: the trend of ADB and projection headlamp industry at the industry end is verified. The company actively embraces forward-looking new technologies and front-end new customers, cooperates with the industrial chain to expand the capacity circle, overseas construction is carried out steadily, the long-term logic is smooth, the short-term core shortage does not change the industry demand, and the company has the potential of global lamp leader for a long time, Considering that the lack of core in the industry has led to a significant decline in the production schedule of the company's core customers, such as FAW Volkswagen, we lowered the profit forecast and expected the net profit of 21 / 22 / 23 to be 10.9/15.7/21.9 (the previous profit forecast was 1.19/17.4/23 billion in 21 / 22 / 23), corresponding to PE 41 / 28 / 20x respectively, updated the one-year target valuation range of 227-265 yuan, and the short-term lack of core will not change the industry demand, The company has long-term potential as a global leader and maintains a buy rating.
Comments:
Acceleration of lamp technology innovation in the era of Automotive Electric Intelligence
With the background of intelligence, the lights are the high-quality track of parts segmentation. Since Guoxin automobile team deeply tracked and studied the lamp Market (in-depth investigation of lamp industry chain, lamp disassembly experiment, visit of engineers of lamp enterprises and vehicle manufacturers, investigation of international lamp exhibition, etc.), it has been greatly recognized by customers. As a subdivided automobile part, lamp can surpass the growth of the whole automobile industry, The main reason behind this is the increase in the value of lamps brought about by technological upgrading (high starting point, high elasticity and long duration), and the fundamental reason is that consumers are willing to pay higher costs for lamps (beautiful, intelligent and energy-saving) under the trend of automobile electronization and intellectualization. Under the background of intelligent electrification in the future, As a visual part, the lamp is expected to become the core carrier of the vehicle data flow output, and realize the functional upgrading from "lighting" to "expression".
With the continuous evolution of technology trend, the lamp configuration of new forces of car manufacturing emphasizes science and technology and intelligence. Tesla's birth has created an ideal model of global intelligent electric vehicles. The panoramic sky screen, car body, central control screen and other elements carried on it have been quickly followed and applied in new forces and traditional car enterprises. Tesla showed its new adaptive headlights at the gigafest activity of the Berlin factory in October 2021. The resolution of the LED matrix of the new headlight is high enough to even display the sign of "Tesla" on the wall. In addition, this adaptive headlamp can help the driver see more clearly on curved roads without affecting the driving vision of oncoming vehicles.
In terms of new forces of car making, Weilai, Xiaopeng and ideal are equipped with LED as standard. Weilai uses through heartbeat tail lamp, Xiaopeng uses integrated diamond matrix tail lamp and ideal star ring full LED tail lamp. In addition, Weilai is also equipped with intelligent 10 color atmosphere lamp / light waterfall atmosphere lamp, highlighting fashion and intelligence. Zhiyou car is equipped with 2.6 million pixel DLP projection headlights and ISC pixel signal lights equipped with more than 5000 LEDs to realize v2x intelligent driving integrated interaction and intelligent lighting expression. In 2020, the forward-looking matrix LED headlights have been applied in some models with a price of 100000-200000, such as Haval H6 and Roewe rx5. The subsequent ADB, DLP, laser headlights and OLED lamps undertake LED lamps, and the market is expected to continue to expand.
ADB adaptive driving beam is an intelligent high beam system, whose main function is to improve the safety of meeting at night. Traditional car headlights are dazzling, which is easy to dazzle drivers in the lane at night, laying hidden dangers for driving safety. by comparison
ADB headlights will contribute important incremental space. Through the input of video camera signal, ADB technology can judge the position and distance of incoming vehicles in front, and adjust the light irradiation area accordingly to avoid glare on incoming vehicles, and meet the vision needs of drivers to the greatest extent. ADB intelligent headlights can improve the image recognition ability of ADAS system at night, which will become the technical trend of vehicle safety lighting, At present, it is already a part of ADAS system and is expected to become the standard product of intelligent driving vehicles in the future. The penetration rate of new LED headlights continues to rise, rapidly increasing from 23% in 2018 to 68% in 2020. At present, it has fully radiated high, medium and low-end models. From the initial luxury car ABB equipped with LED - the standard LED of high-end models with more than 300000 in China - the LED trend of middle-end models - the LED of high-end models of low-end models. ADB can greatly improve the driving experience and safety. ADB sales account for about 6% of the total sales of passenger cars. It is expected to undertake LED lights and contribute important incremental space.
By comprehensively combing the headlight configuration of 60 key models of cars and SUVs with the top 30 sales volume in China in 2020, we found that among the latest configurations of these 60 models (mostly 2021 models), 58 models are equipped with standard / optional led, of which 33 models are equipped with all LED headlights, 25 models are equipped with LED on top, other halogen lamps, and 1 model is equipped with LED on top For other xenon lamps (Volkswagen Tiguan L), there are 1 top version standard led, optional laser headlights (12000 yuan, BMW 5 Series), and 9 vehicles can be equipped with ADB lamps.
New forces of car building promote the landing of new technologies such as atmosphere lamp and DLP projection headlamp
In terms of headlights, Weilai, Xiaopeng and ideal are equipped with LED lamps. Most of the lamp designs emphasize science and technology and intelligence. The lightsaber 2.0 led equipped by Xiaopeng P7 runs through the lamp standby dance function. The smart car jointly built by SAIC and Ali is equipped with 2.6 million pixel DLP projection headlights to realize the integration and interaction of v2x smart driving. In terms of rear tail lights, Weilai uses through heartbeat tail lights, Xiaopeng uses integrated diamond matrix tail lights, and ideally uses star ring full LED tail lights, all of which are led lights. Zhiyou car is equipped with ISC pixel signal lights with more than 5000 LEDs to realize the expression of smart lights. In terms of atmosphere lamp, Weilai is equipped with intelligent 10 color atmosphere lamp / light waterfall atmosphere lamp to highlight fashion and intelligence.
At present, the lamps of Weilai are equipped with LED, and some models have automatic control function of high and low light.
In terms of external configuration, all models of Weilai have led high and low beam integrated headlights, LED daytime running lights, led front and rear flow steering lights, led fog lights (with steering assist function). In addition, ES6, es8 and ec6 include led "heartbeat" tail lights, LED intelligent wheel eyebrow lights, led welcome lighting system, and et7 includes through heartbeat tail lights. In terms of internal configuration, all models of Weilai have led reading lights. In addition, ES6, es8 and ec6 include LED storage space lighting and intelligent 10 color atmosphere lights, and et7 includes light waterfall atmosphere lights and threshold pedal welcome lights. In terms of NAD safety and driving assistance functions, ES6 performance version, es8 signature version, ec6 performance version and signature version and et7 all have high and low beam automatic control (AHB).
At present, the lamps of Xiaopeng's car models are equipped with LED. In terms of external configuration, Xiaopeng G3 is equipped with lightsaber LED daytime running lights, self sensing full LED headlights, integrated diamond matrix LED tail lights (with streamer steering effect), led high-level brake lights and rear fog lights; Xiaopeng P7 is equipped with LED daytime running lights, self sensing full LED headlights (with steering auxiliary lighting) and lightsaber 2.0 led through lights. In terms of internal configuration, Xiaopeng G3 is equipped with push reading lamp as standard.
Ideal one configuration LED lights. In terms of external configuration, the ideal one has star ring all LED headlights, star ring all led dimensions, LED daytime running lights, IHC automatic control of high and low beams, adjustable headlamp height, etc; In terms of internal configuration, the ideal one has led touch reading lamp, led interior atmosphere lamp and full LED lighting in the car. In terms of functionality, the ideal one star ring headlamp adopts thick wall injection molding process, built-in 117 LED light sources, and supports dynamic lighting, which can show dynamic rolling effect when unlocking. The headlamp adopts all LED light sources, and the form of matrix arrangement has a full sense of science and technology.
The smart car jointly built by SAIC and Alibaba Qiangqiang will be equipped with 2.6 million pixel DLP projection headlights and ISC pixel signal lights equipped with more than 5000 LEDs to realize the integration and interaction of v2x smart driving and the expression of smart lights. In April 2021, Zhiyou L7 "angel wheel version" appeared at Shanghai auto show and opened pre-sale. Zhiyou L7 uses 2.6 million pixel DLP digital projection headlights, ISC intelligent lighting system and expression support ability to help intelligent interaction.
Industrial chain coordination helps Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) forward-looking lamp product development and scene co creation
As the eye of the car, the lamp is an important appearance part on the car body. Car enterprises represented by Tesla and new forces lead the application of new technologies in the lamp industry. DLP projection headlights and ADB lamps have entered the market one after another, which is both an opportunity and a challenge for traditional lamp enterprises. Industrial chain coordination is particularly important in the new technological transformation of the lamp industry. Xingyu cooperates with upstream chips Software algorithms and other enterprises, based on their traditional structural design, optical and electronic design and other advantages, are expected to continue to take the lead in forward-looking product research and development and increase the gap with other independent lamp brands in China.
On February 16, Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) and Huawei Technology Co., Ltd. held the signing ceremony of the letter of intent for cooperation in intelligent vehicle optical business of Huawei optical product line in Dongguan, China. Mr. Jin Yuzhi, President of Huawei optical product line, Mr. Huang Zhiyong, President of optical application field, Mr. Changjiang Liqi, Sales Department of intelligent vehicle solutions, Mr. Zhou Xiaoping, chairman and deputy general manager Li Shujun and deputy general manager Li Gang attended the signing ceremony. Mr. Liu Shengjun, general manager of intelligent lamps in the field of optical applications of Huawei, and Mr. Lin Shudong, deputy general manager of Xingyu, signed a letter of intent on cooperation on behalf of both parties. According to the agreement, the two sides will give full play to their respective advantages, mutual benefit and win-win results, carry out strategic cooperation in the field of intelligent lamps with the goal of serving global customers, and jointly build a close strategic partnership for sustainable development. The two sides will jointly build the end-to-end capability of intelligent lamps from design to manufacturing and delivery, lead the development of intelligent lamp industry, and form a continuously leading competitiveness of intelligent lamp system solutions in the industry. In addition, the two sides will comprehensively carry out other business cooperation in the field of intelligent vehicle light.
Huawei has strong technical strength in the optical field. Huawei has been deeply engaged in the optical field for more than 20 years, with a R & D team of more than 7000 people. It attaches importance to R & D and standard investment. R & D investment accounts for more than 10%, and has deployed a large number of optical patents and standards. Relying on its continuous research on the root technology in the optical field, especially its technical accumulation in optical chips, space optics, laser light sources, optical algorithms and so on, Huawei has quickly and innovatively built intelligent vehicle optical products such as intelligent lamps and ar-hud.
Xingyu has end-to-end customized development and production capacity and a good market foundation. With nearly 30 years of experience in the production and customization of Xingyu lights, it has a good foundation to the market. The signing of this letter of intent is an important milestone in the cooperation between the two sides. Relying on the core technology and software algorithm of Huawei optical products, the ability of platform modular intelligent module and controller, it has the system level ability to build intelligent lamps from design to manufacturing and delivery, and forms a continuous leading competitiveness of intelligent lamps in the industry. At the same time, the company has also started more cooperation with Huawei on vehicle optical products in the optical product line represented by intelligent lamps, forming a long-term strategic partnership.
In September 2021, Huawei demonstrated three "intelligent vehicle light" products based on leading optical technology at Beijing new energy auto show: Vehicle super display, ar-hud and intelligent lamp. (1) Huawei intelligent lamp: the first "mobile light blanket" and "digital light screen", which can provide security enhancement, ads interaction, laser intelligent lighting and other functions, and pay attention to safety in an all-round way through a new way of intelligent interaction. (2) HUAWEI AR-HUD: by introducing the front windshield into the "first screen" of intelligent information, it can provide super capabilities such as AR navigation, safe driving assistance, night vision and rain fog enhancement display. (3) Vehicle mounted super display: using space optical design and self-developed ODP chip and other technologies, it can achieve 55 inch visual frame effect through the size of 12 inch physical screen, create a "travel personal cinema" and bring a new visual experience.
On October 15, 2021, Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) and Arcsoft Corporation Limited(688088) officially signed a strategic cooperation agreement in Hangzhou. Based on Arcsoft Corporation Limited(688088) in the design of intelligent vision system, the use of optical sensors, the development and integration of system software and the innovative development ability of full stack vision algorithms and applications, and Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) in the production and manufacturing of precision optical and electronic products, supply chain management and other aspects, Carry out in-depth cooperation around the landing application of artificial intelligence technology and high-performance intelligent vision products in the automotive field, and jointly serve the global automotive host manufacturers.
Arcsoft Corporation Limited(688088) is committed to the R & D and application of computer vision technology: hongruan is a leading algorithm service provider and solution provider in the computer vision industry. It commercializes the leading computer vision technology and artificial intelligence technology in smart phones, smart cars, smart homes, smart retail, Internet video and other fields. 1) Rainbow soft object recognition technology has been applied to various fields, such as the recognition of food in the oven, the recognition of food materials in the refrigerator, the recognition of people, cars and roads in the car, Siasun Robot&Automation Co.Ltd(300024) the recognition of room furnishings, and the recognition of objects in front of you by Ar / VR. 2) Based on the world's advanced computer vision technology and artificial intelligence technology with independent intellectual property rights, hongsoft provides one-stop vision solutions for various fields.
Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) participated in the C3 round of horizon financing. On February 9, 2021, horizon announced that it had completed a C3 round of financing of US $350 million and obtained strategic support from many star enterprises in the upstream and downstream of the automotive industry chain, including Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) , Changjiang automotive electronics, Dongfeng assets, Shunyu optics, Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) .
Horizon has formed a complete chip scheme of "intelligent driving + Intelligent cockpit" from L2 to L3
