This month’s view: the new power of car making has ended the year, and the “track” leaders of automotive electronics are rising
In December, the smart car index adjusted briefly, the state securities electric smart car index fell 7.86%, and the global automatic driving and electric vehicle index on the New York Stock Exchange fell slightly by 0.10%. The “race track” leaders of automotive electronics are rising, Wuhu Token Sciences Co.Ltd(300088) (+ 17.7%), Will Semiconductor Co.Ltd.Shanghai(603501) (+ 15.1%), Lianchuang Electronic Technology Co.Ltd(002036) (+ 8.4%), sunny optics (+ 6.4%). Subsequent catalytic events: ces in 2022 (1.5-1.8), Tesla earnings conference (January).
The annual closing of the new forces of car making, and the inventory coefficient of dealers rebounded: the annual shipments of new forces of car making such as Weilai, Xiaopeng and ideal exceeded 90000 in 21 years, and the monthly sales volume was stable over 10000. Tesla‘s shipments in the fourth quarter refreshed the previous single quarter record. In November, China’s automobile and passenger vehicle sales increased by 8.1% / 9.23% month on month. The monthly sales of new energy vehicles reached a new high of 450000, a year-on-year increase of 124.9% and a month on month increase of 17.3%. In November, the penetration rate of new energy passenger vehicles reached 19.49%, and the penetration rate of new energy vehicles was 17.84%. The core shortage was gradually alleviated. The dealer’s inventory coefficient was 1.24 in September (a new low in History), and the inventory coefficient rebounded to 1.35 in November. This month, the new key models Weilai et5 / Thales M5 are added, and the configurations of intelligent driving, intelligent cockpit and intelligent electric continue to be upgraded.
Lidar star sea, domestic supply chain has initially taken shape
The listing of Ju Guang technology triggered an investment boom in the lidar industry. It is suggested to pay attention to the industrial chain opportunities: 1) optics: windows – Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Crystal-Optech Co.Ltd(002273) ; Optical elements – Zhejiang Lante Optics Co.Ltd(688127) , Optowide Technologies Co.Ltd(688195) , Castech Inc(002222) , etc. 2) Motor: Shanghai Moons’ Electric Co.Ltd(603728) , Hunan Oil Pump Co.Ltd(603319) . 3) Transmitter: transmitter module – Ju Guang technology, laser chip – Changguang Huaxin (to be IPO). 4）PCB： Shenzhen Kinwong Electronic Co.Ltd(603228) 、 Sihui Fuji Electronics Technology Co.Ltd(300852) 、 Shenzhen Xunjiexing Technology Corp.Ltd(688655) 。 5) OEM link ( Luxshare Precision Industry Co.Ltd(002475) cooperation with Sagitar, Shunyu – optical components, components, optical and mechanical design, OEM layout).
Investment suggestion: select and subdivide the “track” leader
In 2021, the wave of electrification pushed up IGBT and SiC plates; 2022 will be the first year of intelligence. At present, intellectualization is at the singularity of spanning the industry from L2 to L3. Around this trend, vehicle optics, lidar, automotive acoustics, display, connector and Automotive PCB will usher in a new round of growth cycle, and the relevant targets deserve high attention.
It is recommended to cover Zhuzhou Crrc Times Electric Co.Ltd(688187) , Will Semiconductor Co.Ltd.Shanghai(603501) , Lianchuang Electronic Technology Co.Ltd(002036) , Starpower Semiconductor Ltd(603290) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Wingtech Technology Co.Ltd(600745) , Allwinnertech Technology Co.Ltd(300458) targets of the automotive electronics industry chain, and it is recommended to pay attention to Olympic Circuit Technology Co.Ltd(603920) , sunny optics, Xiamen Faratronic Co.Ltd(600563) , Electric Connector Technology Co.Ltd(300679) , Wuhu Token Sciences Co.Ltd(300088) , Ways Electron Co.Ltd(605218) .
Risk tip: the recovery of the automobile industry is less than expected, the impact of core shortage continues, the epidemic situation repeats, and Sino US trade friction.
