Index
On April 11, 2022, the Shanghai Composite Index closed at 316713 points, down 2.61%; The Shenzhen composite index closed at 1152021 points, down 3.67%. The automotive electronics index closed at 230746 points, down 4.48%; The passive component index closed at 758496 points, down 0.54%; The digital chip design index closed at 255928 points, down 0.30%. The top three companies in the automotive electronics industry are: Guoxin Technology (688262, 8.81%), Amlogic (Shanghai) Co.Ltd(688099) ( Amlogic (Shanghai) Co.Ltd(688099) , 6.37%), Harbin Viti Electronics Corp(603023) ( Harbin Viti Electronics Corp(603023) , – 3.93%); The top three companies in the passive components industry are Yachuang Electronics (301099, 1.76%), Guangdong Faith Long Crystal Technology Co.Ltd(300460) ( Guangdong Faith Long Crystal Technology Co.Ltd(300460) , 0.85%), Chaozhou Three-Circle(Group) Co.Ltd(300408) ( Chaozhou Three-Circle(Group) Co.Ltd(300408) , 0.18%).
Comments
Recently, Weilai, a new upstart manufacturer of new energy vehicles, announced that it was affected by the epidemic, the company’s vehicle production was suspended, the delivery of some vehicles was affected, and the supply chain partners in Jiangsu, Shanghai, Jilin and other places stopped production to varying degrees, which had a significant impact on the supply of parts. At present, the epidemic situation in Shanghai and other places is still severe, and Shanghai is an important town of China’s semiconductor and automobile industry. It is expected that its epidemic blockade will have a phased impact on the supply of semiconductors and other parts, and a certain degree of impact on the phased growth of emerging technology industries such as new energy vehicles. In April, there is a high probability that automobile production and sales will lag, and some automobile demand may be postponed to May. At the same time, the rising price of raw materials continues to put pressure on new energy vehicle enterprises, which is expected to further increase the pressure of new forces in vehicle manufacturing. Under the phased changes in the overall development of the industry, it is expected that the supply of relevant electronic products may fluctuate in different degrees. The fluctuation range needs to continue to track the changes in the development of the epidemic situation in key areas such as Shanghai.
Industry dynamics
Recently, Jiaocheng District, Ningde City, where the lithium battery giant Contemporary Amperex Technology Co.Limited(300750) headquarters is located, has been affected by the epidemic and announced the implementation of traffic control on external channels. Except for point-to-point contactless loading and unloading, closed-loop management trucks and emergency vehicles, all other vehicles are prohibited from passing. The company told reporters that it had strengthened communication and coordinated epidemic prevention with government departments for the first time. The company strictly adopted grid management measures to ensure market supply to the greatest extent and ensure orderly production in Ningde base. According to the shipment data of power batteries released by SNE research from January to February this year, the global shipment and market share of Contemporary Amperex Technology Co.Limited(300750) were 18.4gwh and 34.4% respectively, ranking first in the list. The shipment doubled and the global market share was further improved. It is expected that the impact of this round of epidemic on production may be relatively small, which mainly leads to the temporary delay of logistics and transportation. At present, the new energy vehicle market maintains a high-speed penetration, the downstream demand for power batteries has increased significantly, and many battery enterprises are actively expanding. However, the newly deployed capacity is difficult to increase in a short time, superimposing the impact of the epidemic, and the shortage of power battery supply may face further pressure. (First Finance)
Risk tip: the impact of the epidemic spread exceeded expectations, the macroeconomic environment variables increased, and the industry sales volume was lower than expected.
