Industry status
From January 5 to 8, CES 2022 international consumer electronics exhibition was held in Las Vegas, USA. technology giants such as Google, Microsoft, Amazon, Samsung, Sony, Qualcomm, NVIDIA, Intel and AMD all participated in the exhibition in the form of online / offline, showing new scientific and technological trends.
At this CES conference, we saw: 1) technology giants have entered the transformation wave of intelligent driving, and the proportion of automobile related exhibits has increased greatly compared with previous CES; 2) VR hardware form is gradually established, and AR manufacturers actively layout; 3) Mini / micro led new products are continuously released, driving new changes in display technology; 4) New wearable products emerge one after another, and aiot application scenarios are constantly enriched.
Suggestions: 1) mobile phone industry chain car making: Luxshare Precision Industry Co.Ltd(002475) , sunny optics, Shenzhen Everwin Precision Technology Co.Ltd(300115) , Sunwoda Electronic Co.Ltd(300207) , Lens Technology Co.Ltd(300433) , Universal Scientific Industrial(Shanghai)Co.Ltd(601231) , Byd Company Limited(002594) electronics; 2) Arvr: Goertek Inc(002241) , Zhejiang Crystal-Optech Co.Ltd(002273) (uncovered), Zhejiang Lante Optics Co.Ltd(688127) (uncovered); 3)Mini/Micro LED: Sanan Optoelectronics Co.Ltd(600703) 、 Leyard Optoelectronic Co.Ltd(300296) ； 4) Aiot: Xiaomi group, Anker Innovations Technology Co.Ltd(300866) , Shenzhen Transsion Holdings Co.Ltd(688036) .
Commentary
Intelligent driving wave after wave, technology giants actively enter the game. At CES this year, we saw that traditional technology giants released new products in the field of Intelligent Vehicles: decision makers, Qualcomm, NVIDIA and Mobileye upgraded automatic driving solutions to help the continuous implementation of intelligent driving; In the perception layer, the trend of lidar semi-solid / solid-state scheme is gradually clear. We are optimistic that solid-state technology will become the mainstream of the industry in the future, and the continuous decline of cost is expected to improve the overall mass production level of the industry. Looking forward to the future, we believe that the realization of high-level automatic driving will bring changes to all links of the automobile industry chain. Based on the precision manufacturing capacity of traditional consumer electronics companies, the admission of relevant industry chain companies to build cars may gradually become one of the mainstream trends of the industry.
VR hardware form is gradually determined, and microled + optical waveguide or ar mainstream scheme is adopted. VR: from ces2022, we can see that VR hardware scheme has been preliminarily established, and the probability of integrated scheme will become the mainstream product form in the future; Ar: most exhibitors adopt microled + optical waveguide scheme. We are optimistic that this scheme will achieve higher picture pixel density, spectral purity and contrast, and promote the new upgrading of AR industry.
The mini / micro LED Display Scheme continues to be upgraded, and the transformation of aiot continues to accelerate. At the CES conference, Sony, TCL, Samsung and other manufacturers launched a number of new mini LED products; In addition, LG announced its entry into the large-size micro LED market. We are optimistic about the admission of giants and promote the continuous upgrading of mini / micro LED display scheme. Meanwhile, Anke, Shaoyin, circular, etc. launched a variety of aiot products to continuously enrich the application scenarios of wearable products. We are optimistic that aiot will become the main growth driver of the consumer electronics industry in the future.
Valuation and recommendations
We maintain the company’s rating, profit forecast and target price unchanged.
Risk
The uncertainty of global epidemic spread is high; The development progress of cutting-edge science and technology is less than expected.
