Key conclusions and investment suggestions
1. From the beginning of automobile electrification, intelligent start-up and networking to the end, the 22-year intelligent direction deserves special attention.
2. The power source of cross-border enabled vehicles in the communication industry chain: broad incremental market, dimensionality reduction and adaptation of technology, and opportunities for the rise of domestic supply chain
3. Starting from the upgrading and iteration of existing devices and the addition of innovative functions and components, the opportunities for each subdivision of the communication industry chain lie in: electrification has begun to be popularized, power system innovation gives birth to new demand; the increase of vehicle voltage gives birth to the demand for high-voltage connectors. It is suggested to pay attention to the current manufacturers with first mover advantage; New order of three electricity system
The amount of vehicle intelligent controller and the superposition of professional division of labor are further deepened. It is suggested to pay attention to the head controller manufacturers who are capable of undertaking OEM orders. The start of intellectualization is accelerating, and the explosion of data flow promotes the upgrading of devices: (1) PCB: intellectualization promotes the high-frequency and high-speed upgrading of automobile PCB, and the consumption of superimposed single vehicle is increasing, and the industrial explosion is imminent; (2) Satellite inertial integrated navigation: upgrading from standard accuracy to high accuracy, which is expected to realize vehicle standard configuration, and is optimistic about manufacturers with deep accumulation of algorithms; (3) High precision positioning service: the back-end operation market space of high-precision navigation is huge. It is recommended to pay attention to manufacturers with service qualification and leading ground-based system construction; (4) Lidar optical components: the core of intelligent driving hardware upgrade. It is suggested to pay attention to the optical communication device manufacturers who take the lead in the layout of lidar; (5) SOC: the domestic substitution advantage of medium and low-end applications may be more obvious, and pay attention to the leading manufacturers that have completed the introduction of automobile customers.
Networked vehicle end hardware is the first, and roadside facilities need to be cultivated. Specifically, networking will focus on upgrading automobile related network architecture: (1) vehicle module: 5g + c-v2x upgrade, focusing on leading manufacturers; (2) Terminal equipment: the application of on-board terminals is faster than that on the roadside. It is recommended to pay attention to the relevant manufacturers with leading product landing, while the roadside facilities should pay attention to the subsequent cost reduction and clearer policy guidance; (3) UWB: digital keys are expected to be the first to land, and pay attention to the application and landing of subsequent solutions; (4) New gateway is expected to bring an intelligent terminal to the market.
4. Combining the current industrial development stage, the certainty of industry growth, the valuation level and the company's competitiveness with the current industry development stage, the certainty of industry growth, the valuation level and the current industry development stage, the certainty of industry growth, the certainty of industry growth, the valuation level, and the current industry development stage, the certainty of industry growth, the valuation level, and the current industry development stage, the certainty of industry growth, the certainty of industry growth, the valuation level, the valuation level and the competitiveness of the company, combining the current industry development stage, the current industry development stage, the current industry development stage, the industry growth certainty, the valuation level and the current industry's development, the valuation level and the competitiveness of the company's competitiveness, we would highlight our highlights to recommend: Dongguan Dingtong Precision Metal Co.Ltd(688668) 86 Dongguan Dingtong Precision Metal Co.Ltd(688668) the.
