In the first half of automobile electrification, domestic IGBT achieved leapfrog development
With the accelerated penetration and popularization of new energy vehicles, both traditional vehicle enterprises and new forces are committed to vehicle electrification, which has significantly increased the demand for vehicle gauge power device IGBT. From the perspective of technical iteration, unlike partial digital chips pursuing Moore's law, the technical iteration of power devices is relatively slow, Based on the long-term core shortage of overseas suppliers and the rapid catch-up of local supply chain, to Zhuzhou Crrc Times Electric Co.Ltd(688187) Byd Company Limited(002594) semiconductors (forthcoming) and Starpower Semiconductor Ltd(603290) As the representative of the first tier of domestic manufacturers, with the advantages of high product performance and delivery capacity, they have achieved a rapid breakthrough in the field of vehicle regulation IGBT. So far, Chinese power semiconductor manufacturers have realized the layout of a full range of medium, low and high voltage products, fully covering the fields with high difficulty coefficient such as automobile, high-speed railway, power grid, industrial control and white electricity, and continuously shorten the gap with international manufacturers.
Intelligent car in the second half to meet the upgrade of intelligent driving
Compared with electric vehicle, intelligent vehicle is still in its infancy, Recently, Mercedes Benz announced that the German automobile transportation authority (KBA) approved that Mercedes Benz can start L3 level conditional automatic driving function on open roads, and Mercedes Benz's drive pilot system can fully take over vehicles in traffic congested sections or under 60 km / h. intelligent driving has become a general trend, which is expected to drive the demand in many fields such as sensing, computing, storage, screen and connection. In terms of sensing, the core sensing components It is the eye of automatic driving. With the upgrading of intelligent driving from L1 to L2 / L3, the number of cameras has increased from about 5 to 8 ~ 13, and the number of on-board cameras has increased significantly. At the same time, the on-board CIS has gradually upgraded its pixels from VGA → 1m → 2m → 8m. The increase in volume and price has led to the increase of the market scale of on-board CIS; In terms of calculation, MCU chip is the core of internal calculation and processing of automotive electronic system and the key to the in-depth development of automobile from electrification to intelligence, covering body control, power control, automobile safety and BMS control system. At present, domestic MCU manufacturers are still in the initial stage in the field of vehicle regulation and industrial control, We believe that China's first-line MCU manufacturers are expected to gradually break through from simple functions to safety control through cooperation with terminal vehicle enterprises, so as to meet the requirements of reliability, stability and consistency.
VR / AR has become the key to opening the "meta universe". In 2022, Apple may release new catalytic industry chain. Through VR / AR display form, we can transfer most of our time from the physical world to the virtual world. VR / AR has become the key to opening the "meta universe". Over the past two years, VR technology has become mature. We can see the prototype of VR equipment through Quest 2, but at present, the application of VR still stays in experience upgrading. As the next stage of VR, AR has been invested in research and development for many years, and finally realizes seamless switching between the display world and the virtual world. According to Bloomberg mark gurman, Apple plans to release its Mr headset as early as next year, or further drive the maturity of the industrial chain. From the upstream supply side, optics and display are the core hardware of VR and AR, and relevant parts suppliers and OEM enterprises are expected to benefit fully.
Customer a's smartphone sales may reach a new high in 2022, and the mini LED backlight application is rapidly promoted
According to macrumors, Apple's smartphone shipments will increase by 30% in the first half of next year. It may challenge 300 million shipments in 2022, which is expected to reach a record high. Apple's other series of products are also continuously innovating. The MacBook Pro released this year is equipped with a new display technology of mini LED backlight, which extends from the previous iPad pro to MacBook Pro. According to the relevant data of trendforce, it is expected that the shipment of laptops equipped with mini LED backlight will reach 5 million units in 2022, an increase of 213%, We believe that the mini LED backlight display application is expected to be further supported in 2022, driving the development of upstream and downstream industrial chains. In addition, wearable products, whether watches or TWS headphones, are also constantly upgrading, enabling the consumer electronics supply chain.
Investment suggestions:
[beneficial object]
[vehicle gauge semiconductor] Will Semiconductor Co.Ltd.Shanghai(603501) , Zhuzhou Crrc Times Electric Co.Ltd(688187) , Ingenic Semiconductor Co.Ltd(300223) , Unigroup Guoxin Microelectronics Co.Ltd(002049) etc;
[consumer electronics] Luxshare Precision Industry Co.Ltd(002475) , Goertek Inc(002241) , Shennan Circuits Co.Ltd(002916) , Avary Holding (Shenzhen) Co.Limited(002938) , Lianchuang Electronic Technology Co.Ltd(002036) , BOE, shentianma a, etc.
Risk statement
The progress of vehicle specification products is lower than expected, the demand for VR / AR, smart phones and other consumer products is lower than expected, and the research and development of new products is lower than expected.
