Market performance and highlights of this week: delimiting the boundary of the starting area at the eight hub nodes of “counting from the east to the west”
Market performance: this week (from February 21 to February 25), the Shanghai Composite Index closed at 3451 points, down 1.13%; The Shenzhen composite index closed at 13413 points, down 0.35%; The gem index closed at 2856 points, up 1.03%. In terms of the style of large and small cap, the large cap index fell 1.49% and the small cap index rose 0.08% this week. Since 2022, the market index has fallen by 7.39% and the small index has fallen by 7.65%, and the small / large ratio is 1.27. Highlights of this week: Weilai enters the mobile phone industry; The boundary of the starting area shall be delimited at the eight hub nodes of “counting from the east to the west”. Major events of this week: on February 24, Ningbo Shanshan Co.Ltd(600884) issued the stock option and restricted stock incentive plan, which plans to grant a total of 70 million shares of equity to incentive objects, including 49 million stock options and 21 million restricted shares, accounting for about 3.27% of the total share capital. The equity incentive target is based on the comparable operating income in 2021, and the growth rate of operating income in 2022 / 2023 / 2024 / 2025 shall not be less than 30% / 75% / 130% / 165% respectively. On February 24, Qianhe Condiment And Food Co.Ltd(603027) issued a restricted stock incentive plan, granting 4.59 million restricted shares, accounting for about 0.575% of the total share capital. The goal of equity incentive is to take 2021 as the base, and the growth rate of operating revenue in 2022 / 2023 / 2024 shall not be less than 18% / 38% / 60% respectively, or the growth rate of net profit shall not be less than 50% / 90% / 130% respectively.
This week’s special topic: lidar is about to be mass produced on a large scale, and the blue ocean needs to be excavated urgently
Lidar has broad downstream applications, and intelligent driving promotes the rapid development of the industry. In the field of automobile, lidar, as a sensing layer sensor capable of active detection, has significant advantages over camera and millimeter wave radar in detection distance and detection accuracy. At present, the product price has dropped to the order of thousands of dollars, and large-scale boarding is possible. According to yole’s calculation, by 2026, the global market scale of lidar will exceed US $5.7 billion, and the compound growth rate from 2020 to 2026 will reach 21%.
Lidar evolves along the technical route from mechanical to mixed solid state and then to solid state. MEMS and rotating mirror will become the mainstream in the short term. Vehicle mounted lidar is an integrator of optics, electronics, algorithm technology and process. At present, it has formed a variety of technical routes such as mechanical, MEMS, rotating mirror, OPA and flash. In the short term, the two technical routes of rotating mirror and MEMS may become the mainstream in recent years with relatively mature supply chain system, excellent performance and low cost. In the long run, OPA technology will realize the step improvement of lidar performance and the significant reduction of cost, which will become the final solution.
Throughout the parts of lidar, the transceiver module is the key part to determine the performance. With the increase of lidar shipments, relevant suppliers are expected to usher in a good opportunity for development. Lidar is composed of transceiver module, scanning module, information processing, optics, filter, shell, etc. the cost of transceiver module accounts for the highest proportion. With excellent product performance, Ju Guang technology has entered the supply chain of lidar manufacturers and is expected to take off in the east wind of the industry.
Key recommended themes and stocks
Smart car theme (torch technology, Huizhou Desay Sv Automotive Co.Ltd(002920) , Foryou Corporation(002906) , Ingenic Semiconductor Co.Ltd(300223) , Thunder Software Technology Co.Ltd(300496) , Lianchuang Electronic Technology Co.Ltd(002036) , Ningbo Joyson Electronic Corp(600699) , Meig Smart Technology Co.Ltd(002881) ); Theme of leisure snacks ( Yanker Shop Food Co.Ltd(002847) , Bestore Co.Ltd(603719) , Three Squirrels Inc(300783) ); Pet and Breakfast theme ( Petpal Pet Nutrition Technology Co.Ltd(300673) , Zhongyin Babi Food Co.Ltd(605338) ); High end manufacturing themes ( Estun Automation Co.Ltd(002747) , Amlogic (Shanghai) Co.Ltd(688099) , Jade Bird Fire Co.Ltd(002960) , Jutze Intelligent Technology Co.Ltd(300802) , Jiangsu Ankura Smart Transmission Engineering Technology Co.Ltd(300617) ).
Risk tip: the economy has fallen sharply; Major changes in capital market reform policies; The prosperity of the industry is lower than expected.
