Key investment points
China’s auto electronics sector bottomed out this week, and the overseas market continued to rise. This week, the smart car index and electric vehicle index fell by 1.7% and 2.2% respectively, basically the same as the Shanghai and Shenzhen 300. Specifically, the stock price of intelligent target continues to bottom. After the IGBT sector led the rise for many weeks, it entered the adjustment market this week. It is suggested to pay attention to the layout opportunities after the correction. Overseas, the rise in the automotive electronics sector continued this week. The NYSE global electric smart car index rose 2.0% and outperformed the S & P 500 index by 0.2%. Tesla rose strongly and rose 12% under the catalysis of information such as the opening of the Berlin factory.
Tesla Berlin super factory opened and NVIDIA launched a new generation of automatic driving platform hyperion9. The intellectualization of automobile electric continues to deepen: 1) in terms of electrification, Tesla Berlin super factory, which was originally scheduled to be put into operation in July 21, officially opened recently, becoming Tesla’s fourth super factory in the world Byd Company Limited(002594) becomes Chengxin Lithium Group Co.Ltd(002240) strategic investor. The cooperation between the two sides will provide guarantee for the supply stability and cost advantage of Byd Company Limited(002594) lithium products; Xiaomi group revealed that the first car will be officially mass produced in the first half of 2024. 2) In terms of intelligence, NVIDIA has launched a new generation of autonomous driving platform hyperion9, which will be mass produced in 2026, and Byd Company Limited(002594) will be put into operation in the first half of 2023; Krypton released zeekros2 0 official version, adding a number of ADAS functions; The first batch production vehicle of Weilai et7 has been offline, and the official delivery time is March 28; The ideal L9 is equipped with three self-developed systems, and it is clear that the L9 will be officially released on April 16. In addition, at the forum of China electric vehicle hundred people’s Congress, five departments including the national development and Reform Commission introduced the key work deployment of 2022 automobile industry from the aspects of automobile electrification, intelligence and networking. We continue to be optimistic about the opportunities of electronic industry chain layout brought by automobile electric intelligence.
The price rise tide of automobile enterprises continues, and it is judged that the overall impact of this round of price rise on market demand is limited. Since March, Tesla, Byd Company Limited(002594) , Xiaopeng, Zero run and other auto companies have successively issued price increase announcements. The highest monthly increase of some models of Tesla and Zero run is as high as 30000. This week, ideal and lantu cars also joined the ranks of price increases. The price of ideal one will be increased by 11800 yuan. Lantu will announce the specific price adjustment plan of lantu free on March 31. We believe that this round of price increases is a short-term factor, mainly due to the pressure of transmission costs. On the one hand, the sharp rise in upstream costs has attracted the attention of the industry, and the measures to ensure supply and stabilize prices are on the way; On the other hand, after the decline of subsidies and the increase of prices, consumer acceptance has improved. This round of price increase has a limited impact on the overall market demand, and continues to be optimistic about the automotive electronics sector.
It is suggested to pay attention to the core target of Automotive Electric Intelligence and grasp the two main lines of “vehicle content” and “domestic substitution”:
1) intelligent driving: Will Semiconductor Co.Ltd.Shanghai(603501) , sunny optics, Lianchuang Electronic Technology Co.Ltd(002036) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Lante Optics Co.Ltd(688127) , etc
2) intelligent cockpit: Foryou Corporation(002906) , Wuhu Token Sciences Co.Ltd(300088) , Shenzhen Longli Technology Co.Ltd(300752) , Zhejiang Crystal-Optech Co.Ltd(002273) , etc
3) Electrification: Zhuzhou Crrc Times Electric Co.Ltd(688187) , Starpower Semiconductor Ltd(603290) , Yangzhou Yangjie Electronic Technology Co.Ltd(300373) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Olympic Circuit Technology Co.Ltd(603920) , Electric Connector Technology Co.Ltd(300679) , 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
