This week’s view:
1、 More than ten flagship models have been signed on the NVIDIA origin platform. Weilai automobile released its fifth model et5 on 2021nioday, positioning the medium-sized intelligent electric sedan and applying the NVIDIA origin platform. It is the second model to apply the NVIDIA origin platform after Weilai et7. According to the information released by NVIDIA at Alibaba cloud habitat conference in October 2021, the current car enterprise customers adopting NVIDIA Orin series solutions include Mercedes Benz Volvo (XC90), Weilai (et7, et5), Xiaopeng (G7), ideal (X01), SAIC Zhiji (L7), R automobile (Es33), etc. more than ten models have been announced. NVIDIA Orin product line: covering three versions of ADAS, L2 +, L5, with a computing power of thousands of tops, and will be mass produced in 2022.
2、 Three questions and three answers to see the direction of intelligent driving platform
High level from 2022 (L4 +) products will be mass produced on a large scale, which will promote the outbreak on the supply side. Horizontally, NVIDIA and Qualcomm are in the leading position in terms of comprehensive performance, and other manufacturers have local advantages. We put forward three questions about market concerns: 1) which models are applied to the two computing platforms? 2) what are the differences between the two platforms? What is the competitive relationship between the two platforms? 3) what is the penetration rate of intelligent driving? Not yet How much space is there? We believe that the concentration of intelligent driving computing platforms will decline in the future. There is still great room for the development of Chinese made independent chips in medium and low-end models, while Qualcomm and NVIDIA are regarded as “two super” in high-end models. In addition, iResearch estimates that by the end of 2030, 16.4 million new cars in China will be l2.5 million 5 + level, equipped with intelligent driving chip, assuming that the average cost of the vehicle is 150000 yuan, of which the software cost accounts for 15%, the market space of Chinese intelligent driving software manufacturers will be about 369 billion yuan in 2030.
3、 Investment suggestion: focus on intelligent driving software manufacturers
1) Huizhou Desay Sv Automotive Co.Ltd(002920) : deeply plough NVIDIA computing platform, and have released domain controllers supporting L3 or above. The cockpit electronic leader has benefited from the business opportunities of intelligent network for a long time. The company’s product structure and customer structure are in the first echelon. The company has maintained in-depth cooperative relations with many leading car manufacturers. At present, the company’s latest domain controller products have supported automatic driving of L3 and above, and will follow the rapid growth of intelligent driving industry. (jointly covered with Huaxi Automobile Group)
2) Thunder Software Technology Co.Ltd(300496) : benefiting from the growth of Qualcomm ride platform, it will open the second growth curve. We believe that Qualcomm chip is expected to replicate its success in the cockpit field with the accumulation of knowhow in the consumer electronics + automotive field. The performance of ride, Qualcomm’s next-generation intelligent driving platform product, will catch up with competitors. It is expected to mass produce cars as early as 2022. As a core partner of ride, Chuangda’s business is expected to break out.
Investment advice
Reiterate that we are firmly optimistic about leading companies with card advantages in prosperous tracks such as cloud computing SaaS, energy it, financial technology, intelligent driving and artificial intelligence, and actively recommend the following seven investment main lines: 1. Cloud computing SaaS: focus on enterprise SaaS UFIDA dragon head Office software leader Beijing Kingsoft Office Software Inc(688111) (joint coverage with small and medium-sized disk), 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. Financial technology: focus on recommending securities it Hundsun Technologies Inc(600570) , in addition, Shenzhen Sunline Tech Co.Ltd(300348) , Hithink Royalflush Information Network Co.Ltd(300033) Both welcome the upward trend of the economy. 4. Intelligent driving: the on-board OS leader Thunder Software Technology Co.Ltd(300496) Intelligent cockpit leader Huizhou Desay Sv Automotive Co.Ltd(002920) (joint coverage of automobile units), in addition, high-precision map leader Navinfo Co.Ltd(002405) is the key beneficiary target. 5. Artificial intelligence: focus on recommending intelligent voice leader 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 subdivision emerging security leader will also benefit deeply. Other beneficiary targets 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) , and domestic server leading Dawning Information Industry Co.Ltd(603019) .
Risk statement
Market systemic risks, the landing of scientific and technological innovation policies is less than expected, and China US game emergencies.
