Key investment points
The industrial chain continued to improve, and the automotive electronics sector performed brilliantly. The resumption of work, production and business has made steady progress, and the automobile production side and demand side have gradually recovered. This week, China's auto electronics continued to rise. The electric vehicle index and smart vehicle index rose by 5.6% and 3.9% respectively, outperforming the Shanghai and Shenzhen 300 index by 3.4% and 1.7% respectively. Overseas, the NYSE global electric smart car index fell slightly by 0.9% this week, outperforming the S & P 500 index by 2.1%. Among them, Weilai and ideal rose higher.
Tesla is expected to restore the two shift system, and the Ministry of industry and information technology will further strengthen the coordinated management of the automobile industry chain. Last week, Tesla was still produced in a single shift, with a daily output of about 1200 units. It is expected that the two shift system will be implemented as early as May 23, when the output will return to the level of 2600 vehicles before the epidemic. On May 16, the Ministry of industry and information technology issued a notice that the Ministry of industry and information technology further strengthened the management of the smooth coordination platform of the supply chain of the automobile industry chain, so as to smooth the supply chain of the automobile industry chain and promote the smooth operation of the automobile industry.
Price increase tracking of new energy vehicle enterprises: the price increase policy of Weilai et7 will take effect on May 23, and the equity adjustment plan of polar krypton will be launched on June 1. No new energy vehicle enterprises announced price increases this week, and the price rise tide that lasted for three months has gradually come to an end. At present, the price rise policies of most vehicle enterprises have taken effect.
Weilai was officially listed in Singapore, and ideal automobile established smart technology company. 1) Electrification: Saic Motor Corporation Limited(600104) maintain the 22-year sales target of 6 million vehicles, including more than 1.1 million new energy vehicles Byd Company Limited(002594) set up a power battery company in Nanning; FAW Audi q4e Tron officially opened pre-sale; The delivery time of Tesla's new modelx will be postponed. 2) Intellectualization: Weilai is officially listed in Singapore and will establish an autonomous driving R & D center there; Ideal automobile set up smart technology company; BlackBerry cooperates with Magna to develop the next generation of advanced driving assistance system; Liangdao intelligent released the first pure solid-state flash lidar in the Chinese market; Tesla released major updates to fsdbeta software.
Follow up catalyst: in terms of new cars, avita technology announced on May 20 that avita 11 was officially opened for pre-sale and is expected to be delivered in the third quarter; Weilai ES7, ideal L9 and Xiaopeng G9 are expected to be officially released at the end of may or early June; Extreme fox alpha s ″ hi version is expected to be delivered in June; Nezha s will start pre-sale in June and is expected to start delivery at the end of the year. In terms of the exhibition, the first exhibition of China's automobile industry in 2022, Guangdong Hong Kong Macao Grand Bay auto exhibition, will be opened on May 28. At that time, a number of new models are expected to be released.
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) , Ingenic Semiconductor Co.Ltd(300223) , sunny 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
