Huawei released the first Hongmeng automobile, cooperated deeply with Xiaokang xilis, focused on providing vehicle solutions, which will effectively promote the development of new energy & intelligent automobile industry. On December 23, Huawei officially released the first Hongmeng Automobile – AITO Q & J M5. AITO is a new high-end smart car brand of Cyrus under Chongqing Sokon Industry Group Stock Co.Ltd(601127) . On the basis of focusing on providing vehicle solutions, Huawei also provided some key auto parts, and actively participated in the close research and development of auto enterprises. In terms of endurance, AITO Q & J M5 adopts Huawei driveone pure electric drive extended range platform, which can realize 100 km acceleration of 4.4 seconds and 1242 km endurance; In terms of smart cockpit, the new harmonyos smart cockpit was built for the first time; In terms of perception, the perception scheme of “camera + ultrasonic radar + millimeter wave radar” is adopted, which has all-round perception ability.
Vehicle lens is the eye of intelligent vehicle, with strong certainty of future development. Intelligent vehicle HD camera is one of the important sensors in the perception layer solution. In the short term, the demand for on-board camera increases rapidly, which can effectively improve the demand for on-board optical lens. In the long term, radar perception system and visual perception system are not pure substitutes, but complement and integrate with each other to a certain extent, With the decrease of the cost of radar sensing system, it is expected to create a second growth curve for vehicle optical lens. Focus on: Sunny optics, Lianchuang Electronic Technology Co.Ltd(002036) , Dongguan Yutong Optical Technology Co.Ltd(300790) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Crystal-Optech Co.Ltd(002273) , etc.
Lidar is the second eye of autopilot. With the progress of technology and the decline of cost, it is gradually expanded. At present, the automatic driving perception technology route is mainly divided into vision scheme (dominated by camera) and multi-sensor fusion scheme (led by lidar), the vision scheme is represented by Tesla, and the core is image recognition, which depends on chips and algorithms, with mature technology and low cost; the multi-sensor fusion scheme takes lidar as the core, cooperates with cameras, millimeter wave radar and ultrasonic sensors to realize multi-component cooperation, and is flexible and stable in precision, distance and complex and harsh environment. Lidar It has excellent comprehensive performance, and the industry is still in the early stage of development. With technological progress and cost reduction, it is expected to gradually realize large-scale production, Drive the core benefits of the lidar industry chain (upstream optical & electronic components, midstream lidar products, downstream applications). Focus on: Ju Guang Technology; Shun optics, Lianchuang Electronic Technology Co.Ltd(002036) , Dongguan Yutong Optical Technology Co.Ltd(300790) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Crystal-Optech Co.Ltd(002273) , Castech Inc(002222) , Zhejiang Lante Optics Co.Ltd(688127) ; Advanced Fiber Resources (Zhuhai) Ltd(300620) , Optowide Technologies Co.Ltd(688195) , Suzhou Tfc Optical Communication Co.Ltd(300394) , etc.
The development of automobile centralization brings deterministic opportunities for enterprises related to the layout of intelligent cockpit and automatic driving “chip + algorithm + domain controller”. On the other hand, there are still a large number of ECU requirements in chassis domain and body domain, which brings opportunities for controller enterprises. With the transformation of automotive architecture to centralized, the autopilot + Intelligent cockpit domain focuses on “chip + algorithm”, and focuses on domain controllers, intelligent cockpit and operating system enterprises that cooperate deeply with chip enterprises such as Qualcomm and NVIDIA; The body domain and chassis domain still need a large number of ECUs, focusing on high-quality enterprises of controllers; In terms of power domain, although vehicle enterprises will independently develop controllers, BMS, OBC and inverter still need to be supplied by a large number of enterprises, providing deterministic opportunities for relevant enterprises. Focus on: Shenzhen H&T Intelligent Control Co.Ltd(002402) , Keboda Technology Co.Ltd(603786) , Foryou Corporation(002906) , Ningbo Joyson Electronic Corp(600699) etc.
Vehicle module is a key component of intelligent vehicle networking, which is expected to benefit first. T-box on-board intelligent terminal is the core component of the Internet of vehicles. The on-board communication module is one of the important parts embedded in the T-box. It is mainly used for the Internet of vehicles. The communication system involved is mainly 4G \ 5g at high speed, which is one of the indispensable links in the Internet of vehicles system. At present, the vehicle module is composed of data transmission module + intelligent module. The vehicle intelligent module first has the communication function of the traditional data transmission module. Different from the traditional module, the intelligent module chip is SOC chip, which integrates CPU / GPU with high edge computing power, its own operating system and its own computing algorithm. It is expected to become one of the emerging tracks of vehicle module. Key recommendations: Fibocom Wireless Inc(300638) , Meig Smart Technology Co.Ltd(002881) , Quectel Wireless Solutions Co.Ltd(603236) ; Focus on: Hangzhou Hopechart Iot Technology Co.Ltd(688288) , Queclink Wireless Solutions Co.Ltd(300590) , etc.
Core view
The connector benefits from the development of automobile electrification / intelligence, and the blue ocean market of automobile high-voltage / high-speed connector is opened. The development of automotive automation and intelligence drives the development of high-voltage and high-speed connectors. At present, it is still in the initial development stage. According to our calculation, the scale of China’s high-voltage and high-speed connectors will reach 31.5 billion yuan and 15 billion yuan in 2025, and the compound growth rate in 21-25 years is expected to reach 34% and 47%. Relying on their own technical barriers, Chinese high-quality connector enterprises are constantly breaking through, such as Tyco, Rosenberg The monopoly of overseas giants such as anbofu continues to work under high pressure and high speed, and is optimistic about the long-term growth opportunities of Chinese enterprises. Focus on: Electric Connector Technology Co.Ltd(300679) , Suzhou Recodeal Interconnect System Co.Ltd(688800) , Shenzhen Deren Electronic Co.Ltd(002055) , Zhejiang Yonggui Electric Equipment Co.Ltd(300351) , Wenzhou Yihua Connector Co.Ltd(002897) , Shenglan Technology Co.Ltd(300843) , Dongguan Dingtong Precision Metal Co.Ltd(688668) , Cwb Automotive Electronics Co.Ltd(605005) , Shanghai Laimu Electronics Co.Ltd(603633) .
[sector trend]: this week (12.20-12.24), in the Shenwan industry, the communication (Shenwan) index fell by 2.28%, ranking fourth in the TMT sector, with a dynamic P / E ratio of 37.17, ranking second in the TMT sector. In terms of net inflow of land stock, the top five inflows include China United Network Communications Limited(600050) (18.74 million shares), Ningbo Joyson Electronic Corp(600699) (11.25 million shares), Hengtong Optic-Electric Co.Ltd(600487) (10.44 million shares), Gci Science & Technology Co.Ltd(002544) (4.37 million shares), Wangsu Science & Technology Co.Ltd(300017) (3.99 million shares); in terms of net outflow of LST, the top five outflow include Beijing Jetsen Technology Co.Ltd(300182) (- 28.42 million shares), Jiangsu Zhongtian Technology Co.Ltd(600522) (- 20.68 million shares), Addsino Co.Ltd(000547) (- 6.25 million shares), Sumavision Technologies Co.Ltd(300079) (- 4.78 million shares), and Nsfocus Technologies Group Co.Ltd(300369) (- 4.17 million shares).
[key points of this week] Shanghai Baosight Software Co.Ltd(600845) , Jiangsu Zhongtian Technology Co.Ltd(600522) , Fibocom Wireless Inc(300638) , Shenzhen H&T Intelligent Control Co.Ltd(002402) , Beijing Inhand Networks Technology Co.Ltd(688080) , Guangzhou Sie Consulting Co.Ltd(300687) , Nancal Technology Co.Ltd(603859) etc.
[key companies] industrial Internet / intelligent manufacturing ( Shanghai Baosight Software Co.Ltd(600845) , Foxconn Industrial Internet Co.Ltd(601138) , Zhejiang Supcon Technology Co.Ltd(688777) , Anhui Ronds Science & Technology Incorporated Company(688768) , Dongguan Yiheda Automation Co.Ltd(301029) , Shenzhen Invt Electric Co.Ltd(002334) , Shanghai Weihong Electronic Technology Co.Ltd(300508) , Guangzhou Sie Consulting Co.Ltd(300687) , Nengke, Zte Corporation(000063) , Unisplendour Corporation Limited(000938) ); new energy & Intelligent networked vehicles (optical lens: Sunny optics, Lianchuang Electronic Technology Co.Ltd(002036) , Dongguan Yutong Optical Technology Co.Ltd(300790) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Crystal-Optech Co.Ltd(002273) ; Controller & Algorithm: Shenzhen H&T Intelligent Control Co.Ltd(002402) , Keboda Technology Co.Ltd(603786) , Shenzhen Topband Co.Ltd(002139) , Arcsoft Corporation Limited(688088) Foryou Corporation(002906) ； Lidar: torch technology; Advanced Fiber Resources (Zhuhai) Ltd(300620) , Optowide Technologies Co.Ltd(688195) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc; On board module / module: Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) , Queclink Wireless Solutions Co.Ltd(300590) etc; Connectors: Electric Connector Technology Co.Ltd(300679) , Suzhou Recodeal Interconnect System Co.Ltd(688800) , Shenzhen Deren Electronic Co.Ltd(002055) , Shenglan Technology Co.Ltd(300843) , Wenzhou Yihua Connector Co.Ltd(002897) , Zhejiang Yonggui Electric Equipment Co.Ltd(300351) , Dongguan Dingtong Precision Metal Co.Ltd(688668) , Cwb Automotive Electronics Co.Ltd(605005) , Shanghai Laimu Electronics Co.Ltd(603633) etc; Navigation system: Shanghai Huace Navigation Technology Ltd(300627) etc.); “New energy +” (offshore wind power: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ; liquid cooling temperature control: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) etc.; energy storage: Kehua Data Co.Ltd(002335) etc.); Internet of things / power Internet of things ( Willfar Information Technology Co.Ltd(688100) , Beijing Inhand Networks Technology Co.Ltd(688080) ), cloud Computing (IDC: Shanghai Baosight Software Co.Ltd(600845) , Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Qinhuai data, Wanguo data, Kehua Data Co.Ltd(002335) , Shenzhen Envicool Technology Co.Ltd(002837) etc.; equipment manufacturers: Zte Corporation(000063) , Unisplendour Corporation Limited(000938) , Fujian Star-Net Communication Co.Ltd(002396) Etc; Optical devices: Eoptolink Technology Inc.Ltd(300502) , Zhongji Innolight Co.Ltd(300308) , Accelink Technologies Co.Ltd(002281) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc; SaaS: Beijing Kingsoft Office Software Inc(688111) , BiliBili, Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Yealink Network Technology Co.Ltd(300628) , sound network, Bizconf Telecom Co.Ltd(300578) , Montnets Cloud Technology Group Co.Ltd(002123) ); Military communication / Satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , China Satellite Communications Co.Ltd(601698) ); operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) ), etc.
Risk tips: 5g construction is not as expected, cloud computing development is not as expected, Sino US trade friction and covid-19 epidemic spread.
