Tracking of intelligent electric vehicle demand in January 2022: 1) in January 2022, the new energy penetration rate was 19.0%, down 2.3pct month on month, and the penetration rate decreased slightly month on month. The sales volume of new forces of car making accounted for 25.2% of electric vehicles, up 0.3pct month on month. In January, the overall sales volume of passenger cars rebounded, and the sales volume of Tesla and the three independent new forces Weilai, ideal and Xiaopeng also fell month on month. Among them, Tesla sold 59845 vehicles, a month on month increase of – 15.5%; Weilai automobile sold 9652 vehicles, a month on month increase of – 8.0%; Xiaopeng sold 12922 cars, a month on month increase of – 19.2%; Ideal car sales 12268, Mom – 12.9%. 2) Intelligent function penetration tracking: the penetration rate of HUD is higher than that of traditional automobile enterprises, and the penetration rate of full LCD instrument + AHB automatic headlamp is expected to increase; The overall penetration rate of active braking function is nearly half; The penetration rate of Expressway auxiliary functions has gradually increased, and the urban automatic driving function is only available for Xiaopeng P5 model; The laser radar accelerates the breakthrough, and the traditional vehicle enterprise line control has room for improvement.
Smart electric vehicle industry news tracking: smart electric policy tracking: Chongqing, Shenzhen, Shanghai and other places release relevant policies and plans to support the development of smart connected vehicles, including accelerating the construction of demonstration areas, promoting industrial development, and completing operation pilot projects. Industry information tracking: 1) Baidu’s intelligent driving industry chain has been comprehensively accelerated. Baidu and Geely Automobile jointly increased their holdings of Jidu automobile and announced the completion of nearly $400 million in round a financing; As the technical supporter of dair-v2x, the world’s first vehicle road collaborative automatic driving data set, Baidu will gradually support the release of relevant tools and codes Byd Company Limited(002594) choose Baidu as its intelligent driving system supplier. 2) A new round of financing + capacity expansion + strategic cooperation accelerated the progress of new forces in car manufacturing. Hezhong new energy, Chinese express and Weima automobile seek listing financing, and the ideal automobile production capacity is expected to continue to expand. 3) The security of chip supply chain has been paid more and more attention by the government, and the independent substitution of chips has been continuously promoted. NVIDIA made concessions to the opposition of the regulatory authorities and abandoned the acquisition of arm; The European Commission announced the European chip act to invest more in domestic chip production to avoid supply chain disruption and reduce dependence on foreign chips; Horizon, Nanfang Black Sesame Group Co.Ltd(000716) and other independent chip manufacturers continue to promote the independent substitution process. 4) Robo truck + Robo taxi, the commercialization of intelligent vehicles will land and speed up again. Waymo \\ Tucson future \\ cruise \\ autox \\ Zhijia technology and other automatic driving enterprises accelerate the deployment of commercial vehicles and passenger vehicles to prepare for the upcoming commercialization.
Tracking target of intelligent electric vehicle: from January 15, 2022 to February 25, 2022, the weighted increase of market value of domestic listed companies was – 8.62%, and the top three vehicle enterprises were Chongqing Sokon Industry Group Stock Co.Ltd(601127) / Baic Bluepark New Energy Technology Co.Ltd(600733) / Byd Company Limited(002594) , with increases of + 1.02% / – 0.86% / – 2.09% respectively; The companies with the top three increases in parts and components are Ningbo Tuopu Group Co.Ltd(601689) / Bethel Automotive Safety Systems Co.Ltd(603596) / Fuyao Glass Industry Group Co.Ltd(600660) , with increases of + 5.13% / + 1.24% / – 6.62% respectively. The market value weighted average PE value of domestic core targets from 2021 to 2023 is 76.03/37.32/26.18 times, and the market value weighted average PS value is 3.81/2.65/2.02 times. The weighted increase in the market value of overseas listed companies was – 16.46%. Among the new forces of car making, Tesla / Weilai automobile / ideal automobile / Xiaopeng automobile increased by – 22.84% / – 32.34% / – 10.41% / – 29.50% respectively. The weighted average PE of the market value of the core subject matter of overseas listing from 2021 to 2023 is 93.03/61.74/52.60 times, and the weighted average PS value is 15.84/11.75/9.22 times
Investment suggestion: the correction of the automobile sector has been sufficient, and we are firmly optimistic about the automobile investment opportunities in 2022. It is recommended to over match! 1) Chip Q2 is expected to continue to alleviate + policy underpinning economy + release of rigid demand. China’s passenger vehicle traffic compulsory insurance data is expected to continue to be positive in Q2 year-on-year, and the positive range of Q3 continues to increase. 2) The demand brought about by the price increase of new energy vehicles has been fully responded by the market, and Q2 is expected to resume orders and delivery. 3) All independent brands actively promote overseas strategies, and exports will continue to enter the high growth channel. Recommend [ideal car + Xiaopeng Car + Great Wall Motor Company Limited(601633) + Byd Company Limited(002594) + Geely car + Chongqing Changan Automobile Company Limited(000625) + Guangzhou Automobile Group Co.Ltd(601238) + Saic Motor Corporation Limited(600104) ], pay attention to [Weilai Car + Chongqing Sokon Industry Group Stock Co.Ltd(601127) + Anhui Jianghuai Automobile Group Corp.Ltd(600418) ]. For the recommendation of the sector of parts and components for the sector recommendation of [ Hongda Xingye Co.Ltd(002002) 002fora\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ + Ningbo Jifeng Auto Parts Co.Ltd(603997) + Ningbo Joyson Electronic Corp(600699) + Ningbo Xusheng Auto Technology Co.Ltd(603305) ].
Risk tip: the development of intelligent driving industry is less than expected, laws and regulations restrict the development of intelligent driving, and there is a risk of intensified trade friction between China and the United States.
