Industry perspective
The car audio has been upgraded, and the value of a single car has increased by 10 times: the audio system is easy for consumers to perceive, and the new energy car is equipped with additional internal volume, taking the audio as the selling point. The number of speakers has increased from 4-6 to 12-22 in traditional fuel vehicles. At the same time, independent power amplifier, subwoofer, headrest sound and other products have been added. The single vehicle value of the sound system has increased from 100150 yuan to about 1500 yuan (12 speakers + power amplifier + subwoofer + AVAs), and the value is 10 times longer.
Acoustic reproduction of consumer electronics: the acoustic value increased by 9 times, and Goethe’s income increased by 10 times in four years. Through the upgrading of the consumer electronics acoustic track, we found that: (1) in 200913, when smart phones rapidly penetrated, the acoustic track’s Goertek Inc(002241) , with the largest market value, the largest increase in share price and the fastest growth in performance, achieved a revenue of 10 billion yuan from 1.1 billion yuan in four years. (2) Goertek Inc(002241) high performance growth reasons: smartphone and apple mobile phone compound growth of more than 50%; The value of acoustic track has increased by 9 times; The share of domestic substitutes has gradually increased.
Car acoustic track: software and hardware decoupling + domestic substitution, and the share of high-quality domestic white brand dealers has accelerated. By analyzing car audio competitors, we find that: (1) among car audio suppliers, white brand manufacturers are better than brand manufacturers. Mainly: brand manufacturers have high R & D and marketing expenses, and the shipment volume is small, which is easy to lose money; Brand audio has strong consumer stickiness and obvious market share, so it can only expand its share through mergers and acquisitions; (2) Domestic substitution in the car audio industry is accelerating. The new electronic and electrical architecture realizes the separation of software and hardware, and white brand audio erodes the share of brand audio through better cost performance; White Brand audio is a typical manufacturing industry with stable profits, and domestic suppliers have strong advantages. The market share of excellent enterprises can be continuously improved.
Acoustic knowhow + vehicle regulations + customer barriers are high, and they are not afraid of new entrants. Through the analysis of potential competitors (automotive electronics and consumer electronics companies), we find that: (1) consumer electronics companies began to enter the field of car audio before 2010, but at present, the income scale is very small. For example, Edifier Technology Co.Ltd(002351) 2006 entered the automotive field, and the income in 2020 is only about 20 million, and most of them are in the aftermarket; (2) The barriers to entry of car audio are high, especially in the front loading market, mainly including vehicle regulation barriers and customer development barriers. (3) Although the product attributes of power amplifier are partial to automotive electronics, the top ten brands of power amplifier are basically audio companies, and there are few automotive electronics and consumer electronics companies; Power amplifier products need to be proficient in speaker performance characteristics and audio processing technology, with strong technical barriers.
Investment advice
Suzhou Sonavox Electronics Co.Ltd(688533) : excellent leader in automobile acoustics track. The company itself has excellent texture and has been deeply engaged in vehicle speakers for more than 30 years, accounting for 12% of the global market. The large volume of products such as power amplifier and subwoofer has increased the supporting value of a single car from about 200 yuan (only speakers are provided) to about 10002000 yuan. In addition, the company has a high share in the new forces, and has entered the supply system of the vast majority of new forces (such as Tesla, Weilai, ideal, Weima, Zero run, Huawei, etc.) and traditional car enterprises (such as Byd Company Limited(002594) etc.) and will enjoy the greater income elasticity brought by the simultaneous rise of product volume and price.
Risk tips
The risk that the price of raw materials will remain high; The risk that the sales volume of new energy vehicles and traditional vehicles is lower than expected; Risk that the chip mitigation process is lower than expected; Risk of integration of power amplifier by main engine factory
