Key investment points
This week, China’s auto electronics sector stopped falling and stabilized, which is expected to start a rebound. This week, the smart car index and electric vehicle index fell by 0.3% and 1.5% respectively, outperforming the Shanghai and Shenzhen 300 index by 2.7% and 3.9% respectively. Specifically, Starpower Semiconductor Ltd(603290) and Yangzhou Yangjie Electronic Technology Co.Ltd(300373) of the core targets of IGBT still performed well, and the share prices of multi sector targets such as on-board cameras, lidar, smart cockpit and connectors stopped falling and stabilized. Overseas, the automotive electronics sector made a slight correction this week. The global electric smart car index of the New York Stock Exchange fell by 0.4% and underperformed the S & P 500 index by 0.4%, but new power car enterprises and lidar manufacturers rose to varying degrees.
In March, the sales volume of new energy vehicles recovered significantly, and the sales volume of Byd Company Limited(002594) month exceeded 100000. Tesla 22q1 sold 310000 vehicles, a year-on-year increase of + 68%, continuing the previous upward trend Byd Company Limited(002594) in March, the sales volume reached 105000, with a year-on-year increase of + 333%, continuously leading the Shanxi Guoxin Energy Corporation Limited(600617) car market in China. Among China’s new forces auto enterprises, the sales volume in March ranked Xiaopeng, Nezha, ideal, Zero run and Weilai, and the sales volume was 15414 / 12026 / 11034 / 10059 / 9985, with a year-on-year increase of 202% / 270% / 125% / 909% / 38% and a month-on-month increase of 148% / 69% / 31% / 193% / 63% respectively. Xiaopeng’s sales volume increased significantly month on month in March, mainly due to the decline in sales volume during the Spring Festival in February and the technical transformation of Zhaoqing base in Guangdong, resulting in the sales volume of only 6225 vehicles in February and Xiaopeng’s return to the first place of new forces in March. Nezha continued its high growth trend and has ranked second in the sales volume of new power car enterprises for two consecutive months. Zero running is also accelerating to catch up with “Wei Xiaoli”. Its monthly sales exceeded 10000 and rose to fourth place.
The intellectualization of electric vehicles continued to deepen, Byd Company Limited(002594) discontinued fuel vehicles, and lutes released new models. 1) Electrification: Byd Company Limited(002594) announced to stop the production of fuel vehicles from March, becoming the first vehicle enterprise in the world to stop selling fuel vehicles; GAC Honda released the brand-new electric vehicle brand “jipai”, and the first model jipai 1 appeared together Contemporary Amperex Technology Co.Limited(300750) holds 23.99% and becomes the second largest shareholder of avita technology. 2) Intellectualization: the new model eletre of lutes has been officially released. The whole vehicle is equipped with 12 cameras, 4 reversible lidars, 6 millimeter wave radars and 12 ultrasonic radars, and 2 NVIDIA Orin chips. The total computing power is 508tops. It is expected to be mass produced and delivered in 2023; In 2021, Huawei invested US $1 billion in the field of intelligent vehicle solutions, with 5000 R & D teams; Avita officially announced that avita 11 will be released in the second quarter, and the first stop of the city tour is Shanghai. The sales of new energy vehicles have come out of the off-season, the sales have recovered, and the heavy industry events, the release and delivery of high-end smart vehicles and other catalysts continue to be optimistic about the automotive electronics sector.
Follow up catalyst: many high-level intelligent vehicles equipped with lidar, including Xiaopeng G9, Mercedes Benz S, BMW IX and ideal L9, will be delivered; Weilai ES7, ideal L9 and BMW i7 will be released in April this year. Affected by the epidemic, the Guangzhou International New Energy Vehicle Intelligent Manufacturing Exhibition and Summit Forum originally scheduled to be held from April 13 to 14 was postponed to April 26-27. The Beijing auto show in April also confirmed to be postponed, or postponed to June.
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 risk of intelligent development is less than expected; Risk of not updating the information used in the research report in time
