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On March 3, 2022, the official microblog of ideal automobile announced that its second model was named “ideal L9” and will be released at the Beijing auto show in the second quarter. The internal code before L9 was X01. The company plans to launch X02, X03 and other models in the future. On March 9, ideal announced some details of the L9 model. The three-dimensional space intelligent interaction, efficient computing platform (Qualcomm + horizon + NVIDIA), luxury entertainment hardware configuration (HUD + 15.7-inch screen + 23 speakers) and auxiliary driving system (1 lidar + 5mm wave radar + 12 ultrasonic radar, etc.) attracted people’s attention. The ideal L9 is positioned as a large SUV (5 doors and 6 seats), with an estimated price range of 45 Tianma Microelectronics Co.Ltd(000050) 0000 yuan. Among the models with the same price, it has large size and outstanding power performance. Among the models with the same level and configuration, it has obvious price advantage and high cost performance. It is expected to break through a higher market share in the segment market of family user models.
Guoxin automobile view: the ideal L9 has bright spots and outstanding cost performance. It is expected to become a popular model after listing and obtain a high share in the segment market of family user models. It is recommended to pay attention to the relevant targets of the ideal and new power car manufacturing industry chain: Huizhou Desay Sv Automotive Co.Ltd(002920) (automatic driving domain controller & central control instrument, the estimated value of a single car is 1 Shenzhen Zhongheng Huafa Co.Ltd(000020) 000 yuan), Suzhou Sonavox Electronics Co.Ltd(688533) (on-board acoustic system, the estimated value of a single car is 15 Shanxi Securities Co.Ltd(002500) yuan), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (lights, which are expected to be equipped with a variety of new power models) Jiangsu Xinquan Automotive Trim Co.Ltd(603179) (interior decoration such as door panel, estimated single vehicle value of 700800 yuan), Camel Group Co.Ltd(601311) (low voltage battery, estimated single vehicle value of 200400 yuan), etc.
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L9 is expected to become a bright spot and an ideal model
On March 3, 2022, the official microblog of ideal automobile announced that its second model was named “ideal L9” and will be released at Q2 Beijing auto show. On March 9, the ideal released some details of the L9 model, and several highlights were eye-catching: 1) three dimensional intelligent interaction: equipped with 6 microphones and 3DTOF sensors, combined with the ideal self-developed multi-modal three-dimensional spatial interaction technology based on in-depth learning, it provides intelligent interactive manipulation experience. 2) Efficient computing platform: it is equipped with two Qualcomm snapdragon 8155 chips as standard, and a computing platform composed of 24GB memory and 256gb high-speed storage to provide powerful computing power for AI, software and entertainment; Support the switching of dual 5g operators to ensure the real-time online of high-speed network. 3) Luxury entertainment hardware configuration: the standard is equipped with a super large HUD (displaying speed, road signs, gear, navigation, driving assistance and other information), the safe driving interactive screen is built on the steering wheel, and the vehicle central control screen, passenger entertainment screen and rear cabin overhead multimedia entertainment system are all 15.7-inch vehicle specification OLED screens, providing 3K high-definition resolution and extreme color restoration, The whole car is equipped with 23 speakers (1200W power) to form a lisound sound system, with Dolby panoramic sound as standard, which greatly improves the audio-visual and entertainment experience of the smart car. 4) Auxiliary driving system: equipped with 1 lidar, 5 millimeter wave radars, 12 ultrasonic radars, 12 8m cameras and 1 DMS camera, equipped with horizon J3 + J5 dual chip computing platform and NVIDIA Orin computing platform to improve the vehicle’s automatic driving ability.
The ideal L9 is expected to gain a high share in the market segment of family user models. Ideal L9 positioning large SUV, with length width height of 5200 1998 1800mm, wheelbase of 3100mm, and dimensions of BMW X7, Mercedes Benz GLS, Audi Q7 and range rover; The expected price range of the ideal L9 is 45 Tianma Microelectronics Co.Ltd(000050) 0000 yuan, and the price is benchmarked with Hongqi e-hs9, Cadillac XT6, Mercedes Benz GLC, Mercedes Benz EQC, Audi q5l and other models. Through the comparison of competitive products, the ideal L9 has large size and outstanding power performance among the models with the same price level. Among the models with the same level and configuration, it has obvious price advantage and high cost performance. It is expected to break through a higher market share in the segment market of family user models.
Ideal L9 supply network
According to the investigation and sorting of NE times, the Chinese listed / proposed listed companies involved in the current ideal L9 suppliers include: 1) power system suppliers Contemporary Amperex Technology Co.Limited(300750) , Shenzhen Inovance Technology Co.Ltd(300124) , honeycomb Yichuang, Xinchen power (H shares), Mianyang Fulin Precision Co.Ltd(300432) , Camel Group Co.Ltd(601311) and Anhui Zhongding Sealing Parts Co.Ltd(000887) (textone parent company); 2) Hesai technology, the supplier of intelligent Internet connection system (to be listed); 3) Interior and exterior decoration suppliers Great Wall Motor Company Limited(601633) (parent company of noble rubber), Suzhou Sonavox Electronics Co.Ltd(688533) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (parent company of Sanhua auto parts), minshi group (H shares, A-Shares to be listed) and Jiangsu Xinquan Automotive Trim Co.Ltd(603179) ; 4) Body and chassis system supplier Zhejiang Meili High Technology Co.Ltd(300611) and minshi group (H shares, A-Shares to be listed).
Investment suggestion: focus on investment opportunities in the supply chain of new energy vehicles
Huizhou Desay Sv Automotive Co.Ltd(002920) : Huizhou Desay Sv Automotive Co.Ltd(002920) as a leading enterprise of independent vehicle and machine
1) traditional products benefit from the increase of single vehicle value: the car machine including central control screen and LCD instrument is the core component of cockpit electronics and the entrance of human-computer interaction of intelligent vehicles in the future. In recent years, the driver’s demand for on-board entertainment system has experienced the upgrading of content, quality and form. The overall trend is from zoning to integration, from buttons to integrated screen. The value of a single car has increased from 600700 yuan to more than 2000 yuan. Huizhou Desay Sv Automotive Co.Ltd(002920) as a leading enterprise of independent car engine, the core benefits from the upgrading of traditional car engine business.
2) specializing in intelligent driving and Internet of vehicles in terms of new products outside the main business of car machines: the company has made phased progress in intelligent driving, intelligent cockpit and Internet of vehicles. New products such as fully automatic parking system and multi screen interactive intelligent cockpit products have been put into mass production, and the sales volume and order acquisition volume have continued to increase. Based on comprehensive technical advantages, 21h1 company The automatic driving assistance system integrating high-speed and low-speed scenes has obtained project points, and ipu04, an advanced automatic driving domain controller product that can realize L4 level functions, has obtained multiple project points. On September 28, Huizhou Desay Sv Automotive Co.Ltd(002920) the first ipu04 product was successfully launched, and the 508tops version and 1000tops computing power version of ipu04 will also be offline one after another. In November 2021, Huizhou Desay Sv Automotive Co.Ltd(002920) and Texas Instruments jointly released a new intelligent driving solution – ipu02. In January 2022, Huizhou Desay Sv Automotive Co.Ltd(002920) and Qualcomm technologies announced that they would be based on the 4th generation Xiaolong ® Cockpit platform to jointly build Huizhou Desay Sv Automotive Co.Ltd(002920) fourth generation intelligent cockpit system.
3) actively explore new customers and obtain new forces and independent new orders: in 2021, the company’s intelligent driving products won new project orders from customers such as ideal car, Xiaopeng car, Weilai car, FAW Hongqi, Geely car, Chery car and GAC passenger car, intelligent cockpit domain controller, large screen cockpit products Digital instruments and other cockpit products have won new project orders from FAW Toyota, Great Wall Motor Company Limited(601633) , Geely Automobile, GAC passenger cars, Chery Automobile, Byd Company Limited(002594) and other mainstream automobile enterprises.
The cockpit security housekeeper of Internet service business was appointed by the mainstream Japanese car factory, blue whale OS4 0. Intelligent access software suite and other products obtain pre installed mass production orders.
In the fourth quarter of 2021, the company’s performance increased rapidly. We expect the profit of 21 / 22 / 23 to be 8.2/11.9/1.57 billion, corresponding to EPS of 1.49/2.16/2.86 yuan, maintaining the rating of “overweight”.
Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) : from January to February, the company’s performance was stable and had long-term potential as a global leader in lamps
From January to February 2021, the revenue increased by 25% year-on-year, the net profit attributable to the parent company increased by 5% year-on-year, and the growth rate of revenue exceeded that of the industry. Assuming that 2022q1 continues the growth level of revenue and profit from January to February, it is estimated that the corresponding revenue of 2022q1 is about 2.4 billion (year-on-year + 25%), the net profit attributable to the parent company is about 300 million (year-on-year + 5%), and the corresponding net interest rate is about 12.5%. On the whole, the performance of the company in the first quarter is better. We believe that this is related to the recovery of production and sales of Volkswagen from January to February and the volume of new projects of Japanese and independent brand customers, It is expected that the company’s performance is expected to improve quarter by quarter after the chip mitigation; 2) customer dimension, in March 2, 2022, according to Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) official account, Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) was awarded the “product safety excellent supplier” certificate by FAW Volkswagen.
The trend of ADB and projection headlamp industry at the industry side is verified. The company actively embraces forward-looking new technologies and front-end new customers, cooperatively expands the capacity circle of the industrial chain, steadily carries out overseas construction, long-term logic is smooth, short-term core shortage does not change the industry demand, and the company has long-term potential as a global leader in lamps. We maintain the previous profit forecast and expect a net profit of RMB 1.09/15.7/2.19 billion in 21 / 22 / 23, Update the one-year target valuation range of 198238 yuan. The short-term lack of core does not change the industry demand. The company has long-term potential as a global leader in lamps and maintains the “buy” rating.
Suzhou Sonavox Electronics Co.Ltd(688533) : leading enterprise of vehicle acoustic system
Suzhou Sonavox Electronics Co.Ltd(688533) is the leader of vehicle acoustic system, benefiting from the general trend of automobile intelligence, and is expected to become the core target of automobile intelligent cockpit in terms of auditory interaction. As of the first half of 2021, the company has received new project fixed-point letters from Byd Company Limited(002594) , Weilai automobile, Tesla, Daimler, Zero run, ideal, Huawei Jinkang and other well-known automobile manufacturers.
Considering that car audio is a product with information transmission and entertainment attributes, and benefiting from multiple factors such as the increase in the number of car speakers, the independence of car power amplifiers and the increase in the value of digital power amplifiers, I am expected to see a simultaneous increase in volume and price, and there is more room for performance growth in the next few years. At the same time, the company has deeply cooperated with international giants such as Volkswagen, Ford, Mercedes Benz and Bentley, and the orders of new forces in vehicle manufacturing have made rapid breakthroughs, including Huawei Jinkang X1 / x1plus vehicle sound effect system, ideal vehicle X01 sound and power amplifier project, Weilai vehicle force vehicle sound effect and warning system project, and the performance growth also has a solid foundation. We expect the company’s earnings per share of 0.44/0.92/1.56 yuan in 21-23 years, corresponding to a profit of 0.71/1.48/249 billion yuan (maintaining the 22-23 year earnings forecast) and maintaining the “overweight” rating.
Jiangsu Xinquan Automotive Trim Co.Ltd(603179) : the car interior has a wide space, and the company’s products have become the industry benchmark
Previously, the company’s customers were mainly self owned brands such as Geely, SAIC and Chery, and its later products gradually broke through joint venture customers. In 2019, the company continued to deepen the supporting relationship with joint venture customers such as SAIC Volkswagen, FAW Volkswagen and Chang’an Ford, and obtained the dashboard of new vehicle projects such as SAIC Volkswagen Neo, Chang’an Ford Mustang and FAW Volkswagen New Jetta vs5 / VS7 Fixed point projects of key products of door panels. In 2020, the company reached cooperative relations with Shanghai Volkswagen, Changan Ford, international well-known brand electric vehicle enterprises and other passenger vehicle enterprises, and achieved the fixed-point development and manufacturing of key products such as instrument panel and auxiliary instrument panel of some new model projects.
In 2019, the company set up a joint venture in Malaysia and established a production base to explore the Southeast Asian market business; In 2020, the company set up a wholly-owned subsidiary in Mexico and established a production base to develop business in the North American market; In 2021, the company set up a wholly-owned subsidiary in the United States and increased US $30 million to its Mexican subsidiary for base construction, which will better serve local customers and expand business in the North American market. The interior space of the car is vast. Except for seats, the value of a single car is about 35004500 yuan. According to the sales volume of 30 million vehicles in China, the current market scale of interior parts (except seats) in China’s automobile industry is about 120 billion yuan. According to the calculation of global automobile sales volume of 95 million, the market scale of interior parts (except seats) in the global automobile industry is about 380 billion yuan. In 2021, the company will realize the supporting of some new energy vehicle model projects under brands such as Geely Automobile, Great Wall Motor Company Limited(601633) , Shanghai automobile, GAC new energy, Byd Company Limited(002594) automobile, ideal automobile, Weilai automobile, international well-known brand electric vehicle enterprises and so on.
The company has gradually entered into joint venture customers, international well-known brand electric vehicle enterprises and some new force car manufacturing enterprises, and the passenger car business has more room for growth in the later stage. Considering the impact of the rise in the price of raw materials on the performance, we expect to realize the net profit attributable to the parent company of RMB 477 / 700 / 839 million in 22 / 23 / 24, corresponding to EPS of RMB 1.27/1.87/2.24, maintaining the “buy” rating.
Camel Group Co.Ltd(601311) : leading enterprise of automotive lead-acid battery, to “rebuild a camel” in the next five years
Camel Group Co.Ltd(601311) is a leading start-up battery enterprise (OEM market accounted for 48% and am market accounted for 25% in 2020). It lays out the lead-acid battery cycle industry chain (production sales Recycling remanufacturing) and the new energy battery cycle industry chain, focusing on the front loading, rear loading and overseas markets. The company is committed to becoming a global leader in all-round solutions for automotive low-voltage batteries, striving to “rebuild one camel” in terms of revenue scale by 2025 and achieve the strategic goal of operating revenue exceeding 20 billion yuan, so as to lay a solid foundation for realizing the long-term goal of “rebuild two camels” in terms of revenue scale in the future.
1) lead acid battery: consolidate the leading position in subdivided fields and improve product power and market share. In the next three to five years, the company will reshape the supply chain system, improve the cost structure and comprehensively realize the leapfrog growth of lead-acid battery business through green development, brand strategy and channel, with “purchase and sales integration” as the support point; It has gained more than 50% market share in the field of automotive low-voltage batteries and established the top three market position in the world.
2) new energy battery: follow the trend, focus on demand, technology driven, and build a new business model. The company will ensure that 48V lithium battery products reach the leading technology in China and strive to achieve breakthroughs in overseas markets; Take 12V lithium battery products as the strategic focus of the company and quickly increase the global market share; Complete the strategic position of 24V lithium battery products and strengthen the 24V parking air conditioning battery; Form strategic cooperation with the main engine factory to develop HEV products; Strengthen the core competitiveness of BMS and establish advanced product platform and supply chain system; Complete the industrial chain layout of “purchase and sales integration” of lithium batteries, and build a cascade utilization and recycling plant of waste lithium batteries; Vigorously develop energy storage.
3) overseas market: supporting breakthrough and localized manufacturing. Accelerate the construction of phase II plant in Malaysia, achieve full production as soon as possible, and achieve a breakthrough in supporting business nearby; Invest in the construction of waste battery treatment plants in Malaysia or surrounding countries to form a closed-loop industrial chain with Malaysian battery plants; Build a North American battery factory to achieve a breakthrough in supporting business in North America; Continue to expand the market share in Central Asia and wait for the opportunity to build Uzbek battery production and recycled lead factory; Serving European customers and planning the layout of European lithium battery pack factory.
4) Innovation Incubation: invest in lithium battery energy storage, develop intelligent equipment, develop fuel cells, and participate in solid-state lithium batteries. The company will establish a Project Incubation Platform Based on the Wuhan Optical Valley R & D center of camel group, increase the layout of the company’s future strategic emerging industries, including investment in lithium battery energy storage industry, and cultivate a number of technical teams serving the company’s intelligent equipment development and process problem breakthrough through talent introduction, university cooperation and entrepreneurship team cultivation; At the same time, increase the research and development of high-power fuel cell system, and cooperate with colleges and universities to break through the industrialization technology of solid-state lithium battery.
It is estimated that the EPS of 21-23 years will be 0.81/0.99/1.16 yuan, the underestimated value will be the leader of the subdivided track, and the “buy” rating will be maintained.
Risk tips:
Model launch
