Key investment points
The car core shortage has been gradually alleviated since October. With the marginal recovery of car sales, 2022 is expected to be a big year for the landing of smart cars. As an extension of the main line of automobile, automobile intelligence has attracted much market attention when automobile sales pick up. According to the data of China Automobile Association, the car core shortage situation has begun to ease since October. China’s car sales have maintained month on month growth for four consecutive months. At the same time, it is expected that the year-on-year growth in 2022 will reach 5.4%. With the growth of car sales, the profits of car enterprises will pick up, and the vehicle manufacturers will also have greater impetus to promote the process of car intelligence. L2 intelligent vehicles are the main force of the current vehicle intellectualization. The industry penetration rate has reached 15%, and it is expected to rapidly increase to 45% in 2025. 2022-2025 will be a big year for the centralized implementation of L3 intelligent vehicles. The industry penetration rate is expected to increase from 1% in 2021 to 10% in 2025. The trend of vehicle intellectualization begins to accelerate. In addition, technology giants such as Huawei, apple, Xiaomi and Baidu have joined the ranks of smart cars and are more radical than traditional car companies in terms of smart cars by virtue of their advantages in science and technology. At present, it has reached the key time node for the landing. A number of smart car models will be launched one after another from 2022, which will greatly accelerate the development of intelligent car industry in the future.
Automotive electronics is an essential part of intelligent vehicles. We are strategically optimistic about the role of automotive electronics in the wave of automotive intelligence, and will deeply benefit from the rapid development of automotive intelligence in the future. The increment of automotive electronic demand brought by intellectualization mainly includes six parts: On-board chip, sensor, on-board display, voice interaction, Automotive PCB and on-board HUD (head up display). Compared with traditional vehicles, AI chip, on-board sensor and HUD are the core increment, the “brain” and “eye” of intelligent vehicles, and occupy a key position in automotive intellectualization, At present, the overall penetration rate is still low. The industry driving logic is mainly the improvement of automobile intelligent penetration rate, which is the focus of the current market. The fields of on-board display, voice interaction, vehicle PCB, power semiconductor and MCU have been widely used in automobiles, which is the field that can most intuitively experience the effect of automobile intelligence. In the future, it will mainly benefit from the marginal recovery of automobile sales under the relief of core shortage, as well as the improvement of single vehicle demand and performance brought by intelligence.
Investment suggestion: as an extension of the main line of automobile, automobile intelligence began to increase market attention under the background of alleviating the lack of core in the market and the marginal recovery of automobile sales. Automotive electronics is an essential component of intelligent vehicles, which will benefit from the rapid improvement of automotive intelligent penetration in the future. It is suggested to pay attention to two major directions: first, occupy a key position in smart cars, which is the chip and sensor field of “brain” and “eye” of smart cars. It is suggested to pay attention to leading companies with global competitiveness, such as sunny optics, Will Semiconductor Co.Ltd.Shanghai(603501) , Starpower Semiconductor Ltd(603290) , and leading companies with domestic substitution ability, such as Navinfo Co.Ltd(002405) , Zhuzhou Crrc Times Electric Co.Ltd(688187) , torch technology, Huizhou Desay Sv Automotive Co.Ltd(002920) , Foryou Corporation(002906) ; Second, it is suggested to focus on the leading companies in the subdivided industrial chain that have global comparative advantages and have entered the mainstream car factories, such as shentianma, Boe Technology Group Co.Ltd(000725) , Wuhu Token Sciences Co.Ltd(300088) , Lens Technology Co.Ltd(300433) , Guangdong Ellington Electronics Technology Co.Ltd(603328) , Olympic Circuit Technology Co.Ltd(603920) , Goertek Inc(002241) , Lianchuang Electronic Technology Co.Ltd(002036) , Zhejiang Crystal-Optech Co.Ltd(002273) , etc.
Risk factors: the penetration rate of intelligent vehicles is lower than expected; Technology R & D is not as expected; The Sino US science and technology dispute intensifies; The shortage of automotive chips is increasing; Car sales fell short of expectations.
