The sense of immersion of traditional consumer electronics is insufficient, and the growth of demand for end products slows down
In the future, smart phones, tablets and PCs will make limited contribution to the increment of display products. It is estimated that smartphone shipments will maintain a compound annual growth rate of 5.8% from 2021 to 2024; Tablet computers are expected to reach 27.67 million in 2025, with a CAGR of about 2.5%; PC shipments are expected to reach 67.66 million units in 2025, with CAGR of about 4.2%; We expect that major consumer electronics will make limited contribution to the growth of upstream display products in the future, and most major manufacturers have gradually entered the field of vehicle electronics and AR / VR.
Meta universe promotion may improve the on-board display experience, and the product volume is at the right time
The core of metauniverse is to solve the visual improvement and more interaction of the display platform. Accelerated penetration of intelligent cockpit + increase in total screen size of the whole vehicle + gradual migration of products from LCD to miniled. Under the resonance of three factors, the cockpit field of C-end automotive products will open up incremental space for screen display related products, with LCD central control and instrument as the growth support, and will penetrate into medium and low-end vehicle types in the future; HUD and rear seat entertainment will become important increments with great growth opportunities; The main cabin display products will gradually migrate from LCD to miniled, opening up the space for the growth of single vehicle value.
Industrial yuan universe enables b-end vehicle manufacturing, bringing new incremental demand for display
The acceleration of vehicle electrification drives the accelerated evolution of vehicle manufacturing to platform, modularization and intelligence. As the core technology of industrial meta universe, digital twin can enable the main engine plant in design and R & D, simulation test, production and manufacturing and new technology development, shorten the development process, save the design and R & D time, and solve the cost pain points such as collision and site construction in testing, In the future, the integration effect optimization of superimposed virtual reality may be widely used in high-tech manufacturing industries.
Investment advice
It is recommended to pay attention to interactive intelligent flat panel faucet Guangzhou Shiyuan Electronic Technology Company Limited(002841) , touch display faucet Wuhu Token Sciences Co.Ltd(300088) , led field lighting driving faucet Shanghai Bright Power Semiconductor Co.Ltd(688368) + packaging faucet Hongli Zhihui Group Co.Ltd(300219) + backlight module manufacturer Shenzhen Longli Technology Co.Ltd(300752) , raw material supplier Tdg Holding Co.Ltd(600330) + Castech Inc(002222) , optical track Ningbo Yong Xin Optics Co.Ltd(603297) + Zhejiang Lante Optics Co.Ltd(688127) , and pay attention to Jiangsu Leike Defense Technology Co.Ltd(002413) , Jutze Intelligent Technology Co.Ltd(300802) , Shenzhen Everwin Precision Technology Co.Ltd(300115) .
Risk statement
Policy risk; The development of meta universe is not as expected; Competitive risk; The development of automotive and on-board display products is less than expected.
