The automobile industry chain is fully restored to work and production
SAIC passenger car, SAIC General Motors, SAIC Volkswagen and Tesla have resumed work in an all-round way, with about 2000 finished vehicles off the line every day, driving more than 1100 upstream and downstream parts supporting enterprises to resume production; The recovery of automobile exports has accelerated. Since Tesla resumed work, it has exported about 4900 complete vehicles and Saic Motor Corporation Limited(600104) exported 15000 complete vehicles.
Penetration of intelligent driving increased steadily
According to Saibo automobile, since October 2021, the proportion of L2 models in the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China has remained above 40%. In March 2022, L2 models accounted for 45.22% of the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles. According to the data of China Automobile Association, although the sales volume of new energy vehicles decreased month on month in April 2022, the overall penetration rate increased significantly. The penetration rate of new energy vehicles increased from 10.9% in April last year to 29.0% in April this year.
Optimistic about intelligent driving oversold rebound
Smart driving has fallen by more than 30% year to date, and the valuation is low. On March 28, Shanghai implemented comprehensive closure and control as the benchmark date. With the gradual promotion of the resumption of work and production of the industrial chain, the automobile sector has come out of the independent rebound market since May 9, driving the rebound of the intelligent driving sector. On May 17, stimulated by the full resumption of work and production of the four vehicle manufacturers, the automobile sector rose 3.15% and intelligent driving rose 2.83%. We believe that the automobile industry, as a pillar industry, plays an important role in promoting the resumption of work and production in Shanghai, and the trend of marginal improvement will continue in the future. We expect that the rebound market of intelligent driving is expected to continue.
Investment suggestion: focus on Navinfo Co.Ltd(002405) & Thunder Software Technology Co.Ltd(300496) & Huizhou Desay Sv Automotive Co.Ltd(002920)
1) Navinfo Co.Ltd(002405) : high precision map + chip + data compliance multi driver. As a high-precision map “national team”, it is expected to leverage the penetration of high-precision map business with data compliance business and extend to the upper level of automatic driving based on map data.
2) Huizhou Desay Sv Automotive Co.Ltd(002920) : deeply plough NVIDIA computing platform, and have released domain controllers that support L3 or above. The company has maintained in-depth cooperation with many leading car manufacturers, and at present, the company’s latest domain controller products have supported automatic driving of L3 and above. (jointly covered with Huaxi Automobile Group)
3) Thunder Software Technology Co.Ltd(300496) : release Qualcomm 8295 intelligent cockpit solution, and intelligent driving opens the second growth curve. On the one hand, it maintains the card position advantage formed by cooperation with Qualcomm, on the other hand, it sets up a new company to show its determination to enter automatic driving.
Risk tips
The resumption of work and production is less than expected, the risk of tight supply of global automobile chips, the landing of intelligent driving is less than expected, and the risk of macroeconomic downturn.
