Event: counterpoint released the 2021q4 global cellular IOT module and chip research report. The 2021q4 global cellular IOT module market revenue increased by 58% year-on-year, and China led the global cellular IOT module market.
The revenue of Chinese module manufacturers accounts for more than 40%, leading the global module Market: according to the latest data of counterpoint, as of Q4 2021, Quectel Wireless Solutions Co.Ltd(603236) , telit and Meig Smart Technology Co.Ltd(002881) occupy the top three positions in the global cellular Internet of things module market, accounting for 26.6%, 7.6% and 6.6% respectively, totaling 40.8%, followed by Thales and Sunsea Aiot Technology Co.Ltd(002313) with 6.2% shares; From a regional perspective, Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) and Sunsea Aiot Technology Co.Ltd(002313) occupy the top three in China. China leads the entire cellular Internet of things module market, accounting for more than 40% of revenue. As a leading partner in the Internet of things industry, its products and service lines have achieved remarkable growth, and its products have been in the leading position in the industry; Secondly Meig Smart Technology Co.Ltd(002881) , it ranks among the top three in China in terms of shipment and revenue of cellular Internet of things modules. Based on the deep technology and product accumulation of intelligent modules, it is widely distributed in the three directions of Internet of things, intelligent Internet connected vehicles and FWA. At the same time, it actively expands the new large particle market, and its performance is expected to achieve steady and rapid growth in the future. Meanwhile, manufacturers such as Sunsea Aiot Technology Co.Ltd(002313) , Fibocom Wireless Inc(300638) and Shenzhen Neoway Technology Co.Ltd(688159) have developed rapidly, among which Shenzhen Neoway Technology Co.Ltd(688159) has maintained a leading position in the Indian market. We believe that with the improvement of product richness and market expansion of Chinese players, their share in the global market is expected to further increase.
5g module shipments increased rapidly, and there was strong demand for cars and routes: in 2021, the global cellular Internet of things module shipments and revenue increased by 59% and 57% year-on-year respectively, of which Q4 global cellular Internet of things module revenue increased by 58% year-on-year in 2021; Firstly, in terms of product types, Q4, 5g and 4gcat1 modules grew the fastest in 2021, of which 5g modules contributed nearly one quarter of the revenue of the cellular Internet of things module market, with a year-on-year increase of 324%; Secondly, 4G CAT1 revenue increased by 105% year-on-year. From the perspective of application scenarios, automobile, router / CPE, industry, PC and POS are the top five application fields of cellular Internet of things modules, among which UAV, PC and router / CPE are the top three fastest-growing market segments. From a regional perspective, Q4 Chinese manufacturers’ revenue accounted for more than 40% in 2021, leading the world. However, in terms of growth rate, the Indian market ranks first with a year-on-year growth of 154%. To sum up, the demand for the Internet of things has increased steadily. Among them, the growth rate of industries such as smart cars and CPE is considerable. At present, China has become an important part of the global cellular module market. Chinese players have gradually ranked among the top in terms of technology, products and services. Therefore, we continue to be optimistic about the development opportunities of Chinese manufacturers.
Investment suggestion: the object of the suggestion: Meig Smart Technology Co.Ltd(002881) (covered), Quectel Wireless Solutions Co.Ltd(603236) , Fibocom Wireless Inc(300638) , Shenzhen Neoway Technology Co.Ltd(688159) , Sunsea Aiot Technology Co.Ltd(002313) , etc.
Risk tip: the progress of 5g industrial chain and business is lower than expected, and the downstream application and promotion speed is lower than expected.
