New energy vehicles were shipped quickly, and the consumption of high-voltage harness increased significantly
1) New energy vehicles have entered a period of rapid penetration. Now, there is an urgent need for Chinese car manufacturers to realize industrial transformation, and the goal of electrification is clear. 2) High voltage harness is an important component of electric vehicle. The trend of vehicle electrification will significantly drive the consumption of vehicle high voltage harness. High voltage harness plays an important role in new energy vehicles. It connects all components of the high voltage system as the medium of high voltage power transmission. It is the main carrier of power output on electric vehicles. It is mainly used to transmit electric energy and shield external signal interference. 3) The penetration rate of new energy vehicles is 30%. It is estimated that the single vehicle value of high-voltage harness is 2500 yuan. It is speculated that the Chinese market of high-voltage harness will reach 20.228 billion in 2025 and the global market is expected to be 45 billion.
Under the opportunity of intelligent driving, the demand for high-performance data harness has increased significantly
1) Since this year, the popularization trend of L2 automatic driving assistance system is obvious, and it has become the standard configuration of new car building forces. With the improvement of vehicle intelligence, the number of single vehicle sensors will be significantly increased and the popularity of vehicle networking will be improved. The overall architecture of the vehicle will also develop from the existing distributed architecture to domain centralization. 2) With the increase of the number of sensors and the number of v2x antennas, the consumption of single vehicle data lines will be significantly increased within the framework of the prior art. In order to improve the driving safety of intelligent vehicles, the continuous improvement trend of key performance of sensors including resolution is very obvious, which will significantly improve the requirements of data cable transmission rate. Under the background of vehicle domain centralized architecture, high-performance Ethernet will become the network backbone medium of inter domain controller network, and the consumption of high-performance Ethernet harness will be further promoted. 3) It is speculated that the value of single vehicle high-speed harness with L2 and above functions is 1000 yuan. In 2025, the market scale of vehicle high-speed harness in China will be 10.788 billion yuan and the global market will be 41.85 billion yuan.
The localization and replacement logic of vehicle harness is clear, and a number of high-quality harness and cable manufacturers have emerged
Overseas manufacturers have certain first mover advantages in the field of automobile harness supply. At present, the global automobile harness market is mainly dominated by overseas harness manufacturers such as Yazaki, Sumitomo Electric, yuluo, Jingxin, Laini and anbofu. With the rapid development of China’s automobile market and the prominent cost advantages of domestic harness manufacturers, China’s automobile harness industry is in the trend of gradually realizing domestic substitution, and a number of high-quality harness and cable manufacturers have emerged. Among them Kunshan Huguang Auto Harness Co.Ltd(605333) , Flowserve group is a high-quality harness manufacturer in China and has a certain leading advantage in the field of new energy vehicles. Kunshan Huguang Auto Harness Co.Ltd(605333) is one of the few domestic automobile harness enterprises that have entered the supplier system of world-famous automobile manufacturers such as Volkswagen Group. Ningbo Kbe Electrical Technology Co.Ltd(300863) is a high-quality automobile cable manufacturer in China, supplying automobile harness manufacturers. The products of Ningbo Kbe Electrical Technology Co.Ltd(300863) have passed the certification of a number of international well-known vehicle manufacturers, and the company has established long-term and stable cooperative relations with a number of international well-known vehicle harness manufacturers.
Investment suggestion: we are optimistic about the opportunities of automobile harness brought by the trend of automobile electrification and intelligence. Harness manufacturers focus on Luxshare Precision Industry Co.Ltd(002475) , Kunshan Huguang Auto Harness Co.Ltd(605333) , unlisted company Mander, and cable manufacturers focus on Ningbo Kbe Electrical Technology Co.Ltd(300863) , Zhejiang Zhaolong Interconnect Technology Co.Limited(300913) , Kingsignal Technology Co.Ltd(300252) , unlisted company Flowserve group.
Risk tips: the penetration rate of electric and intelligent vehicles is lower than expected, the infrastructure speed of charging pile and vehicle networking is lower than expected, malignant automatic driving traffic accidents, and the production expansion speed of manufacturers is lower than expected
