Under the background of carbon neutralization, the intellectualization of automobile electric is accelerated. Compared with traditional cars, electric vehicles will not produce carbon emissions during driving, which is the best choice for emission reduction in the current automobile industry. The development of intelligent vehicles will help to improve vehicle utilization and electric vehicle mileage, and reduce environmental pollution. Therefore, under the background of carbon neutralization, the automotive electric intelligence is bound to accelerate.
In 2021, the automobile market performed well. In 2021, the overall vehicle sales were disturbed by core shortage and heavy truck national standard switching, while the sales of new energy vehicles turned to demand driven, with a significant increase year-on-year. In the whole year, Shenwan automobile index was significantly ahead of the market index, with the rise and fall ranking fourth in the industry. From the perspective of PE and Pb valuation, they are in the top 3% quantile and the top 9% quantile respectively. In the case of lack of core in the market and rising raw material prices, the revenue and profit of the automotive industry increased rapidly year-on-year.
Focus on new energy vehicle industry chain opportunities. In 2021, the maximum monthly penetration rate of new energy vehicles will reach 17.8%. From the expectation of next year, it is expected to achieve the goal of 20% penetration rate three years ahead of schedule. We suggest looking for investment opportunities in plug-in hybrid, heat pump air conditioning, body integrated die casting, drive system integration, air suspension, 800V high-voltage fast charging, etc. at the same time, we should also focus on Tesla and Byd Company Limited(002594) supporting industrial chain targets.
Focus on the opportunities of intelligent automobile industry chain. Intelligent vehicles can be divided into two categories in the general direction, namely (Intelligent outside the vehicle) intelligent driving and (Intelligent inside the vehicle) intelligent cockpit. With countries and major automobile enterprises competing to make efforts, we believe that the current intelligent automobile industry is accelerating its development. It is suggested to give priority to the intelligent cockpit targets with rapidly improved penetration, and focus on the opportunities of intelligent driving execution end.
Investment strategy: from the perspective of allocation, under the general trend of rapid penetration of new energy vehicles, we continue to maintain an optimistic attitude towards the automotive industry. The overall market is still enthusiastic to be long, but the market differentiation market may appear. Stocks with high performance certainty will continue to be favored by the market and worthy of allocation. In the new energy vehicle industry chain and intelligent vehicle industry chain, the main line of technological change and the improvement of new product penetration is very obvious, which is expected to continue to receive attention. Therefore, the industry is rated as “leading city”. It is suggested to focus on individual stocks in 2022: Byd Company Limited(002594) (002594. SZ), Anhui Zhongding Sealing Parts Co.Ltd(000887) (000887. SZ), Ningbo Tuopu Group Co.Ltd(601689) (601689. SH), Foryou Corporation(002906) (002906. SZ), Bethel Automotive Safety Systems Co.Ltd(603596) (603596. SH).
Risk tip: the production and sales of vehicles are less than expected, the penetration of new energy vehicles is less than expected, and the development of intelligent vehicles is less than expected.
