Demand tracking of intelligent electric vehicles in February 2022: 1) the penetration rate of new energy was 21.8%, up 2.8pct month on month, and the penetration rate increased slightly month on month. The sales volume of new forces of car making accounted for 21.9% of electric vehicles, down 3.3pct month on month. In February, the overall sales volume of passenger cars rebounded, and the sales volume of Tesla and the three independent new forces Weilai, ideal and Xiaopeng also fell month on month. Among them, Tesla sold 24197 vehicles, a month on month increase of – 59.6%; Weilai automobile sold 5652 vehicles, a month on month increase of – 41.4%; Xiaopeng sold 6157 cars, a month on month increase of – 52.4%; Ideal car sales were 8370, a month on month increase of – 31.8%. 2) Intelligent function penetration tracking: the penetration rate of HUD is higher than that of traditional automobile enterprises, and the penetration rate of full LCD instrument + AHB automatic headlamp is expected to increase; The overall penetration rate of active braking function is nearly half; The penetration rate of Expressway auxiliary functions is gradually increased, and the penetration rate of urban automatic driving function is expected to increase rapidly; Lidar accelerates loading, and the traditional vehicle enterprise line control has room for improvement.
Intelligent electric vehicle industry news tracking: intelligent electric policy tracking: the Ministry of industry and information technology issued guidelines on the construction of Internet of vehicles network security and data security standard system, aiming to accelerate the establishment and improvement of Internet of vehicles network security and data security guarantee system. Industrial information tracking: 1) intelligent function – accelerating the landing and mass production of new vehicles. The Great Wall hpilot 2.0 system is carried on the tank 500 for the first time, and the urban Noh function is expected to be launched in the middle of 2022; Weilai et7 officially went offline and officially opened for delivery on March 28; Xiaomi automobile engineering prototype is expected to be launched in the third quarter of 2022. 2) AI chip competition accelerated and NVIDIA obtained multiple fixed points. BMW and Qualcomm are expected to launch autonomous driving platforms to other car companies in 2025; NVIDIA AI chip has been designated by many enterprises such as Wenyuan Zhixing, lucid, Byd Company Limited(002594) , Youpao technology and Yuanrong Qihang; Anba and Xinchi have obtained new customer fixed points. 3) Lidar enterprises achieved year-on-year high growth in revenue / shipment in 2021. Velodyne and luminar released financial reports for 2021. The shipment volume of velodyne was + 35% year-on-year, and the annual revenue of luminar was + 129% year-on-year. 4) The commercialization of L4 level autopilot continues to advance as an autopilot service provider. Cruise and waymo are licensed in California to charge autonomous passengers; Zhijia technology and yingche technology have obtained new orders for automatic driving of commercial vehicles.
Tracking target of intelligent electric vehicle: from February 25, 2022 to March 25, 2022, the weighted increase of market value of domestic listed companies was – 12.99%, and the top three vehicle enterprises were Byd Company Limited(002594) / Saic Motor Corporation Limited(600104) / Chongqing Sokon Industry Group Stock Co.Ltd(601127) , with increases of – 5.06% / – 7.57% / – 12.93% respectively; The companies with the top three increases in parts are China Automotive Engineering Research Institute Co.Ltd(601965) / Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) / Ningbo Tuopu Group Co.Ltd(601689) , with increases of – 3.05% / – 5.65% / – 6.58% respectively. The market value weighted average PE value of domestic core targets from 2021 to 2023 is 71.49/35.53/24.81 times, and the market value weighted average PS value is 3.18/2.18/1.66 times. The weighted increase in the market value of overseas listed companies was + 15.72%. Among the new forces of car making, Tesla / Weilai automobile / ideal automobile / Xiaopeng automobile increased by + 24.79% / – 4.92% / – 5.34% / – 22.78% respectively. The weighted average PE of the market value of the core subject matter of overseas listing from 2021 to 2023 is 120.54/78.30/52.32 times, and the weighted average PS value is 19.29/14.21/11.11 times.
Investment suggestion: the automobile sector may have bottomed out. We are firmly optimistic about the automobile investment opportunities in 2022. It is recommended to over match! 1) Chip Q2 is expected to continue to alleviate + policy underpinning economy + release of rigid demand. China’s passenger car traffic compulsory insurance data is expected to be positive in Q2 and Q3. 2) The demand impact of the price increase of new energy vehicles is relatively limited. 3) All independent brands actively promote overseas strategies, and exports will continue to enter the high growth channel. The whole vehicle segment recommends [ideal car + Byd Company Limited(002594) + Xiaopeng Car + Great Wall Motor Company Limited(601633) + Geely car + Chongqing Changan Automobile Company Limited(000625) + Guangzhou Automobile Group Co.Ltd(601238) + Saic Motor Corporation Limited(600104) + Anhui Jianghuai Automobile Group Corp.Ltd(600418) ], and pays attention to [Weilai Car + Chongqing Sokon Industry Group Stock Co.Ltd(601127) ]. Recommendation for parts and components sector recommendation [ Ningbo Tuopu Group Co.Ltd(601689) \ + Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) + Ningbo Jifeng Auto Parts Co.Ltd(603997) + Ningbo Joyson Electronic Corp(600699) ].
Risk tip: the development of intelligent driving industry is less than expected, laws and regulations restrict the development of intelligent driving, and there is a risk of intensified trade friction between China and the United States.
