Long term correction of auto technology stocks in the sluggish market this month
In March, China’s smart car index entered the adjustment period, and the global smart car index rebounded after shock. The CSI electric smart vehicle index fell 12.3% and the CSI 300 index fell 8.6%; The NYSE global self driving and electric vehicle index rose 0.9%, and the S & P 500 index rose 5.2%. In March, the global electric vehicle index recorded the largest decline of 10.2% from the beginning of the month to the middle of the month, and then rebounded slightly; The trend of China’s smart car index is generally consistent with that of Shanghai and Shenzhen 300. In the coming months, the delivery of new cars such as weixiaoli and Gaohe will be imminent, and exhibitions such as Beijing Auto Show (expected to be delayed to June) will continue to pay attention to the investment opportunities of auto electronic circuit.
Affected by the price rise of consumer electronics market and auto enterprises, the decline of auto electronics industry chain companies continued in March. Tesla (Berlin super factory officially opened), velai (et7 delivery catalyst) and NVIDIA (gtc2022) ranked among the top three, rising 25.6% / 14.8% / 9.7% respectively. 1) Auto Enterprises: Tesla and velai rose the highest in March, with 25.6% / 9.7% Byd Company Limited(002594) , ideal and Xiaopeng decreased by 7.9% / 13.1% / 18.0%. 2) Tier1 manufacturer: Huizhou Desay Sv Automotive Co.Ltd(002920) decreased by 2.7%, and Thunder Software Technology Co.Ltd(300496) decreased by 28.1%; 3) Chip manufacturers: overseas manufacturers NVIDIA and Infineon rose 14.8% and 6.9% Will Semiconductor Co.Ltd.Shanghai(603501) and Ingenic Semiconductor Co.Ltd(300223) decreased significantly by 21.6% and 18.8%. 4) Component manufacturers: optical manufacturers sunny optics and Lianchuang Electronic Technology Co.Ltd(002036) fell by 30.4% / 17.2%; Vehicle display module manufacturers Wuhu Token Sciences Co.Ltd(300088) fell 16.1%; Vehicle PCB manufacturer Olympic Circuit Technology Co.Ltd(603920) fell 18.4%; Vehicle connector manufacturer Electric Connector Technology Co.Ltd(300679) fell 28.6%. For lidar manufacturers, luminar rose 3.8% and velodyne fell 28.2%; China lidar Industry Chain Corporation Ningbo Yong Xin Optics Co.Ltd(603297) and Juguang technology fell 16.3% and 25.2%. Wei Xiaoli and other new car manufacturing forces and Tesla‘s March shipments increased to varying degrees year-on-year and month on month. Among them, Xiaopeng’s overall sales volume in March was up to 15414 units, an increase of 202%. In March, the overall sales volume of Weilai was 9985, an increase of 38% at the same time; On March 28, et7 was delivered, and 163 sets were sold in four days. In March, 11034 ideal one vehicles were delivered, an increase of 266% at the same time. Nezha sold 12026 vehicles in March, an increase of 271% at the same time Byd Company Limited(002594) 3 the sales volume of new energy vehicles was 104878, with a year-on-year increase of 323.6%. Tesla 2022q1 delivered more than 310000 units, an increase of 67.7%. In March, affected by the price rise of upstream materials, each car factory successively increased the price of new cars. Among them, Tesla Model3 / y has experienced several rounds of price increases, with a maximum increase of 20000 yuan; Xiaopeng’s P7 / P5 / g3i prices have increased one after another, ranging from thousands to 30000 yuan; In May, Weilai will dynamically adjust the price of models on sale after upgrading the hardware of old models.
In March, the sales volume of mainstream new energy vehicle enterprises continued to grow, and the prices of new energy vehicles were raised under the pressure of declining subsidies and raw material costs
Wei Xiaoli and other new car manufacturing forces and Tesla’s March shipments increased to varying degrees year-on-year and month on month. Among them, Xiaopeng’s overall sales volume in March was up to 15414 units, an increase of 202%. In March, the overall sales volume of Weilai was 9985, an increase of 38% at the same time; On March 28, et7 was delivered, and 163 sets were sold in four days. In March, 11034 ideal one vehicles were delivered, an increase of 266% at the same time. Nezha sold 12026 vehicles in March, an increase of 271% at the same time Byd Company Limited(002594) 3 the sales volume of new energy vehicles was 104878, with a year-on-year increase of 323.6%. Tesla 2022q1 delivered more than 310000 units, an increase of 67.7%. In March, affected by the price rise of upstream materials, each car factory successively increased the price of new cars. Among them, Tesla Model3 / y has experienced several rounds of price increases, with a maximum increase of 20000 yuan; Xiaopeng’s P7 / P5 / g3i prices have increased one after another, ranging from thousands to 30000 yuan; In May, Weilai will dynamically adjust the price of models on sale after upgrading the hardware of old models.
In February, China’s automobile and passenger car sales increased by 19.4% / 28.7% year-on-year. In February, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles reached 333700, with a year-on-year increase of 203.4% and a month on month decrease of 22.6%. The penetration rate of new energy vehicles and new energy passenger vehicles increased. The penetration rate in February was 9.21% / 21.63% respectively, an increase of 2.16pct/2.46pct compared with January. In February, China’s automobile inventory was 815000, a year-on-year decrease of 14.5% and a month on month increase of 10.0%; In February, the inventory coefficient of Chinese dealers reached 1.85, higher than the warning line of 1.5 in the industry. The price of phi9 / hi9 / intelligent cockpit is continuously increased, and the price of hi9 / hiz / intelligent cockpit is ideal.
Affected by the price rise and consumption market, automotive electronics is under pressure in the short term, and companies with high proportion of high-end model industry chain and vehicle business are preferred
At the beginning of the year, the new energy subsidy policy declined, superimposed the price rise of batteries and raw materials, and all vehicle enterprises generally raised the price, which put pressure on the demand for new energy vehicles in the short term. Most companies related to the automotive electronics industry chain have a high proportion of consumer electronics business. According to cinnorresearch statistics, affected by the epidemic and the Spring Festival holiday, the sales of smart phones in the Chinese market in February 2022 were about 23.48 million, down 20.5% year-on-year and 24.0% month on month. The short-term business of related enterprises was affected by the consumer electronics market. At present, due to the impact of price rise and consumption market, automotive electronics is under short-term pressure, and high-end model industry chain and vehicle business are preferred. Focus on the camera and lidar industrial chain companies equipped with high-end models, and their on-board business has entered the volume cycle since Q2.
Investment suggestion: select and subdivide the “track” leader
Recommend Zhuzhou Crrc Times Electric Co.Ltd(688187) , Will Semiconductor Co.Ltd.Shanghai(603501) , Lianchuang Electronic Technology Co.Ltd(002036) , Ningbo Yong Xin Optics Co.Ltd(603297) , torch technology, Starpower Semiconductor Ltd(603290) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Wingtech Technology Co.Ltd(600745) , Allwinnertech Technology Co.Ltd(300458) .
Risk tip: the recovery of the automobile industry is less than expected, the impact of core shortage continues, the epidemic situation repeats, and Sino US trade friction.
