The tight supply chain has led to pressure on the sector, and the resumption of work and production of automobile enterprises will effectively boost market confidence. The epidemic has led to the shutdown of parts suppliers, which has exacerbated the tension of the supply chain. Some vehicle manufacturers in China have also reduced production and stopped production due to epidemic prevention and control or supply chain shortage, and the market sentiment is low. This week, the electric vehicle index and smart car index fell by 4.3% and 5.8% respectively, losing 3.3% and 4.8% of the Shanghai and Shenzhen 300 index respectively. The targets of various sectors have been corrected to varying degrees. Overseas, the NYSE global electric smart car index fell 1.6% this week, outperforming the S & P 500 index by 0.5%. Affected by the shutdown, the share prices of new power car companies fell slightly. With the multiple measures taken by the Ministry of industry and information technology and Shanghai Economic and Information Technology Commission to help industrial enterprises return to work and production, car enterprises that had previously stopped production are expected to gradually return to work and production, so as to effectively boost market confidence.
In March, China’s auto inventory index increased year-on-year, and the sales of new energy passenger vehicles continued to rise. In March, the overall automobile market was under pressure, with a sales volume of 2.234 million vehicles, a year-on-year increase of – 11.7%, of which the sales volume of passenger cars was 1.864 million, a year-on-year increase of – 0.6%, slightly lower than expected. The decline of car market sales combined with the replenishment of inventory at the end of the quarter, and the inventory coefficient of car dealers was + 13.6% year-on-year. Against the backdrop of the cold in China’s auto market, new energy vehicles continued to rise. In mid March, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger cars totaled 461000, with a year-on-year increase of + 117.5%, a month on month increase of + 43.6%, and the penetration rate increased to 24.7%. The trend of vehicle electrification is clear. In the new energy passenger vehicle market, Byd Company Limited(002594) , Tesla and SAIC GM Wuling account for nearly 50%.
The intellectualization of automobile electric continues to deepen, the automobile enterprises have stepped up the electric layout, and the lidar has entered a critical period of mass production. 1) Electrification: Chang’an releases the pure electric brand “dark blue”, which will promote uni brand operation and realize the electrification of the whole system; Hyundai will invest in upgrading its Alabama plant to produce electric vehicles; Honda plans to launch 30 electric vehicle models by 2030; Nissan, Byd Company Limited(002594) , Volkswagen, Contemporary Amperex Technology Co.Limited(300750) continue to increase battery capacity. 2) Intellectualization: Apple electric car applecar adopts a centralized system, and Korean manufacturers assist in the research and development of DCU automatic driving sensor; Lantu automobile and Baidu have reached strategic cooperation on the development of automobile intelligence; Suteng juchuang lidar will achieve large-scale mass production in 22q3 / Q4, and more than 40 models will be mass produced in the next two years; The future cooperation between Suteng juchuang and Tucson will focus on the front loading and mass production of L2 and L4 trucks; Stellantis group and Qualcomm jointly build 5g intelligent cabin system of Internet of vehicles.
Follow up on the resumption of work and production of Auto Enterprises: affected by the epidemic, some Chinese auto factories of FAW, Tesla, SAIC, Weilai and brilliance BMW announced to stop production, and the production and sales may be affected in April. Recently, some factories have begun to resume production in an orderly manner. On April 11, the five major factories of FAW Group began to resume production, and Weilai Hefei factory is gradually resuming production, Saic Motor Corporation Limited(600104) will start the pressure test of resuming production on April 18, and Tesla Shanghai factory will start closed-loop production on April 17, or resume work next week.
Follow up catalyst: in terms of new cars, Zhiji L7 was officially launched on April 17 and is expected to be officially delivered by the end of April. BMW i7 is expected to be launched on April 21. In terms of the exhibition, Ju Guang technology will participate in the Munich optical Expo from April 26 to 29 with exhibits and schemes such as lidar, and Guangzhou international new energy auto show will also be held from April 26 to 27.
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) , Shunyu optics, Lianchuang Electronic Technology Co.Ltd(002036) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Lante Optics Co.Ltd(688127) , Changguang Huaxin, 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 development of automobile intelligence is less than the expected risk; Risk of not updating the information used in the research report in time
