This week’s view:
I. recent hot spot tracking
Recent hotspots of intelligent driving mainly include Baidu becoming Byd Company Limited(002594) intelligent driving supplier, Volkswagen Huawei’s proposed joint venture, Xiaopeng automobile’s establishment of automatic driving company, etc. From the perspective of the company: Baidu and Huawei (holding high and playing low) have formed cooperation with large OEMs, which confirms the scarcity of their own hard power. At the same time, Xiaopeng set up an automatic driving company to make a high-rise and low-rise route and join the robotaxi at the same time. The two lines of business model are parallel.
In addition, according to the latest AFS data, after several weeks of sharp growth in global automobile production reduction, the growth rate of production reduction has slowed down, that is, the core shortage has eased. We believe that the core shortage problem may be solved this year.
II. Navinfo Co.Ltd(002405) orders landed intensively, and the inflection point signal was obvious
In the past six months, Navinfo Co.Ltd(002405) high-precision maps and data compliance orders have been intensively implemented, and the signal of income inflection point is clear. Up to now, Navinfo Co.Ltd(002405) has signed business orders related to data compliance and high-precision maps with Daimler, Volvo, Volkswagen, Ford, BMW and other car manufacturers. Related orders show two characteristics: (1) vertical extension of different businesses of the same customer. The company’s Internet of vehicles / automatic driving data compliance and high-precision map business are highly collaborative. After winning the cooperation with core customers, it is easy to extend the business and further improve the value of single customers. (2) The contract period is 3-5 years to ensure the future revenue capacity.
III. investment suggestions: focus on Navinfo Co.Ltd(002405) & Thunder Software Technology Co.Ltd(300496) & Huizhou Desay Sv Automotive Co.Ltd(002920)
1) Navinfo Co.Ltd(002405) : high precision map + chip + data compliance multi driver. As a high-precision map “national team”, it is expected to leverage the penetration of high-precision map business with data compliance business and extend to the upper level of automatic driving based on map data.
2) Huizhou Desay Sv Automotive Co.Ltd(002920) : deeply plough NVIDIA computing platform, and have released domain controllers that support L3 or above. The company has maintained in-depth cooperation with many leading car manufacturers, and at present, the company’s latest domain controller products have supported automatic driving of L3 and above. (jointly covered with Huaxi Automobile Group)
3) Thunder Software Technology Co.Ltd(300496) : release Qualcomm 8295 intelligent cockpit solution, and intelligent driving opens the second growth curve. On the one hand, it maintains the card position advantage formed by cooperation with Qualcomm, on the other hand, it sets up a new company to show its determination to enter automatic driving.
Investment advice
Reiterate that we are firmly optimistic about the leading companies with card advantages in cloud computing SaaS, energy it, financial technology, intelligent driving, artificial intelligence and other prosperous tracks, and actively recommend the following seven investment lines: 1. Cloud computing SaaS: focus on recommending enterprise SaaS leader Yonyou Network Technology Co.Ltd(600588) , office software leader Beijing Kingsoft Office Software Inc(688111) (joint coverage with small and medium-sized markets), and super Integration Leader Sangfor Technologies Inc(300454) . 2. New energy it: focus on recommending energy SaaS leader Longshine Technology Group Co.Ltd(300682) (joint coverage of communication group), distribution network dispatching pioneer Dongfang Electronics Co.Ltd(000682) , domestic energy BIM software leader Beijing Forever Technology Co.Ltd(300365) . 3. Fintech: focus on recommending securities it Hundsun Technologies Inc(600570) . In addition, Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Hithink Royalflush Information Network Co.Ltd(300033) , all welcome the upswing of the economy. 4. Intelligent driving: the vehicle OS leader Thunder Software Technology Co.Ltd(300496) , the intelligent cockpit leader Huizhou Desay Sv Automotive Co.Ltd(002920) (joint coverage of vehicle groups) and the high-precision map leader Navinfo Co.Ltd(002405) are recommended as the key benefit targets. 5. Artificial intelligence: recommend intelligent voice faucet Iflytek Co.Ltd(002230) . 6. Network security: focus on recommending emerging security double leaders Qi An Xin Technology Group Inc(688561) + Sangfor Technologies Inc(300454) , Dbappsecurity Co.Ltd(688023) as a subdivided emerging security leader, which will also benefit deeply. Other beneficiaries include: Venustech Group Inc(002439) , Xiamen Meiya Pico Information Co.Ltd(300188) , etc. 7. Xinchuang: domestic WPS leading manufacturer Beijing Kingsoft Office Software Inc(688111) (jointly covered with small and medium-sized disk groups), domestic middleware leading Beijing Tongtech Co.Ltd(300379) , domestic PDF leading Fujian Foxit Software Development Joint Stock Co.Ltd(688095) , domestic server leading Dawning Information Industry Co.Ltd(603019) .
Risk tips
Market systemic risks, the landing of scientific and technological innovation policies is less than expected, and the game between China and the United States is an emergency.
