IGBT performance continued to shine, and the automotive electronics sector began to rebound. Affected by the liquidity of the market, the smart car index and electric vehicle index fell sharply by 5% and 7% respectively in a single day on Tuesday. After that, the mood bottomed out and the capital returned. The cumulative increase in the next three trading days was 7% and 6% respectively, which narrowed the cumulative decline of smart car index and electric vehicle index to 0.7% and 2.4% respectively this week. Specifically, Yangzhou Yangjie Electronic Technology Co.Ltd(300373) , Macmic Science & Technology Co.Ltd(688711) and other IGBT core targets continued to lead the rise strongly, while Will Semiconductor Co.Ltd.Shanghai(603501) , Shunyu optics, Lianchuang Electronic Technology Co.Ltd(002036) rebounded strongly and turned to rise. Overseas, the automotive electronics sector rebounded strongly this week, and new power car companies and lidar companies achieved large gains. The global electric smart car index of the New York Stock Exchange rose 7.4%, outperforming the S & P 500 index by 1.2%.
BMW’s sales of new energy vehicles in the past 21 years have been bright, and car enterprises have accelerated the layout of intelligent networking. In 2021, BMW sold 328300 new energy vehicles, including 100000 pure electric vehicles, with a year-on-year increase of 133.2%. In terms of intelligent and networked layout of car enterprises, Audi and Qualcomm will test cellular car networking technology and use cellular car networking communication technology to protect vulnerable road users; Ideal to announce the details of the new L9 sound system and seat configuration, highlighting the concept of “third space”; Avita, jointly built by Huawei, Contemporary Amperex Technology Co.Limited(300750) , and Chang’an, has officially entered the stage of mass production. In addition, after Tesla continuously announced price increases, Byd Company Limited(002594) , Nezha, Xiaopeng and other new energy vehicle enterprises also joined the ranks of price increases. This round of price increases of new energy vehicles is mainly driven by the price increases of upstream raw materials.
The rebound focuses on the dual main line of “vehicle content” and “domestic substitution”. In the next decade, automotive electric intelligence and domestic substitution are the two most important directions. At the same time, manufacturers with the advantages of “vehicle content” + “domestic substitution” dual main line logic will usher in a golden development period of high growth and strong certainty. It is suggested to focus on: benefiting from the high boom of electrification and photovoltaic, and superimposing the IGBT sector driven by the domestic substitution trend, including Zhuzhou Crrc Times Electric Co.Ltd(688187) , Starpower Semiconductor Ltd(603290) , Yangzhou Yangjie Electronic Technology Co.Ltd(300373) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Wuxi Nce Power Co.Ltd(605111) , etc; As well as the on-board camera and lidar with constant catalyst and the strongest intelligent certainty throughout the year, including Will Semiconductor Co.Ltd.Shanghai(603501) , Shunyu optics, Lianchuang Electronic Technology Co.Ltd(002036) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Lante Optics Co.Ltd(688127) , etc.
Risk warning: the penetration rate of electric vehicles is lower than the expected risk; The development of automobile intelligence is less than the expected risk; Risk of not updating the information used in the research report in time
