Industry dynamics
Industry status
Last week (December 20-december 24), the CSI 300 index was – 0.7%, the A-share auto sector was – 0.1%, outperforming the market by 0.6ppt, and the auto parts sector was + 2.9%, outperforming the market by 3.6ppt.
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AITO intelligent luxury SUV M5 was officially released, and Huawei’s enabled vehicles took another level. On December 23, Huawei’s winter flagship new product launch, Huawei enabled AITO M5 was officially released. M5 is equipped with Huawei driveone pure electric drive range extension platform and harmonyos intelligent cockpit, marking the leap forward transformation of vehicles from transportation to intelligent ecology, and it is also a key link for Huawei to build an interconnected ecology of all things. M5 series is divided into rear drive Standard Version, 4WD performance version and 4WD flagship version. After comprehensive subsidies, the prices are 250000 yuan, 280000 yuan and 320000 yuan respectively. The company plans to open reservations in Huawei stores, AITO official website and Huawei online platform from January 20, 2022. We believe that new technologies and new cooperation in the field of Huawei enabled vehicles are expected to advance rapidly, and Huawei’s ecosystem and related industrial chains will take the lead in benefiting.
Huawei’s “platform + ecology” strategy accelerated the implementation, and technological innovation deepened resource integration. On December 21, Huawei held an ecological Forum on Intelligent Vehicle solutions, which proposed to adhere to the “platform + ecology” development strategy and build an ecosystem around the three platforms of idvp, MDC and harmonyos intelligent cockpit. At present, it has developed about 300 partners, faster than the company expected; Demonstrate innovative technologies such as star flash, OTA cloud services and three power cloud services, accelerate the construction of an innovation center and an intelligent network joint test site, and optimize the resources of the automobile industry chain.
The development plan of hydrogen energy industry in Shenzhen has been implemented, and the hydrogen energy track has broad prospects with the help of policies. The Shenzhen Municipal Development and Reform Commission issued the Shenzhen hydrogen energy industry development plan (2021-2025). The document requires that Shenzhen be built into a highland for the innovative development of the hydrogen energy industry in Dawan district. The scale of the hydrogen energy industry will reach 50 billion yuan by 2025 and 200 billion yuan by 2035, effectively promoting the green and low-carbon transformation of the urban energy structure. We believe that with the introduction of supporting policies in the demonstration area, the hydrogen industry chain is expected to usher in a new round of accelerated development window period.
Valuation and recommendations
Suggestions: 1) the power exchange industry exceeded expectations: Shandong Weida Machinery Co.Ltd(002026) , Suzhou Harmontronics Automation Technology Co.Ltd(688022) (not covered); 2) Electric intelligent components: Suzhou Sonavox Electronics Co.Ltd(688533) (uncovered), Jiangsu Olive Sensors High-Tech Co.Ltd(300507) , Shinry Technologies Co.Ltd(300745) (uncovered), Zhejiang Yinlun Machinery Co.Ltd(002126) , Ningbo Xusheng Auto Technology Co.Ltd(603305) , Wencan Group Co.Ltd(603348) , Nextel, etc; 3) Opportunities for large expansion of third-party procurement in motor supply chain:
Wuxi Longsheng Technology Co.Ltd(300680) , Jee Technology Co.Ltd(688162) (not covered); 4) Air suspension track: Tianrun Industry Technology Co.Ltd(002283) , Anhui Zhongding Sealing Parts Co.Ltd(000887) (not covered); 5) Under the expectation of steady growth, the heavy truck industry chain: Weichai Power Co.Ltd(000338) A / h, Sinotruk Jinan Truck Co.Ltd(000951) A / h, Aofu Environmental Technology Co.Ltd(688021) (not covered); 6) Autonomous Vehicle: Great Wall Motor Company Limited(601633) A / h, Geely, Weilai, Xiaopeng, ideal.
risk
Chip supply eased less than expected, and the epidemic repeatedly affected automobile production and sales.
(China International Finance)
