Since the beginning of 2022, bull stocks in covid-19 detection, covid-19 drugs, digital economy and other sectors have emerged one after another. At the same time, several bull stocks have been quietly born in automotive intelligence related segments (such as high-precision map, high-precision navigation and automotive radar).
It is understood that some first-line stock private placement has laid out the layout of this sector. Some private institutions said that the second half of the intelligent transformation of the new energy vehicle industry is expected to usher in a key year in 2022. Considering the "poor expectation" and other factors, it is not ruled out that the intelligent car track may become the annual investment theme of the whole year.
the theme of automotive intelligence is quietly strengthening
Thanks to the rapid increase of Shanxi Guoxin Energy Corporation Limited(600617) automobile penetration rate and the comprehensive upgrading of new model intelligent network configuration by Chinese mainstream automobile enterprises. Since the second half of 2021, China's auto parts stocks have sprung up. Among them, there are not only traditional auto parts leading enterprises such as Huayu Automotive Systems Company Limited(600741) , Ningbo Tuopu Group Co.Ltd(601689) , but also cutting-edge companies such as Huizhou Desay Sv Automotive Co.Ltd(002920) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) . These stocks have made breakthroughs in automotive intelligence related businesses in the past two years.
According to the data of CSI Taurus, as of the closing on January 19, several automotive intelligent concept stocks in the A-share market have risen sharply since the fourth quarter of 2021.
Citic Securities Company Limited(600030) believes that with the continuous improvement of the penetration rate of automobile electrification, the era of automobile intelligence is accelerating. Considering the relatively long cycle for each subdivided product to pass the vehicle specification level verification, we are optimistic about the investment opportunities of the top enterprises in each subdivided field as a whole.
Liang Lunyou, head of investment in Haitong Kaiyuan intelligent electric vehicle industry, a venture capital institution, said that in the current great changes in the global automobile industry, electrification is the first half and intelligence is the second half. Automotive intelligence is reflected in two dimensions: human vehicle interaction intelligence and driving intelligence. In order to support interactive intelligence and driving intelligence, the internal electronic architecture of the vehicle requires further integration and high speed. After electrification, automotive intelligent related components and technologies will become the main incremental demand of the automotive industry.
is expected to be the annual theme
The reporter recently learned from a number of front-line private placement institutions that since the end of last year, a number of medium and large private placement institutions have conducted special research and company research on car intelligence related tracks.
The person in charge of a 10 billion private placement in Shanghai said that under the background of increasingly prominent demand for steady growth this year, investors will easily see highlights in investment directions such as green energy, digital economy and new energy vehicles. Among them, the sectors with "poor expectation" (which means that market investors expect to lag behind the industrial growth) may appear in the downstream of the new energy industry chain and the automobile intelligent industry.
Zhao Yuanyuan, investment director of Jianhong times, said that automotive intelligence may become the investment theme with the growth of A-Shares second only to green power infrastructure in 2022. From the perspective of market sentiment, the loose monetary environment and declining nominal interest rates are beneficial to growth stocks, including smart cars. From the perspective of industrial fundamentals, the whole automobile will usher in production expansion with the gradual easing of the shortage of chips. The fundamental aspect of the automobile industry chain is upward, which has formed a good performance support for intelligent vehicles. In addition, the valuation of intelligent vehicles is at the middle and lower level in the history of TMT industry valuation. According to the data of Tonglian, the P / E ratios of A-share computer and electronics industries are at the historical percentile levels of 55% and 22% respectively.
Cui Lei, general manager of Zhaowan assets, believes that compared with electric vehicles, intelligence is also applicable to the upgrading of fuel vehicles, so the penetration rate will be faster.
private placement "anchors" these segments
Zhao Yuanyuan said that smart cars include smart cockpit, driverless and Internet of vehicles. As the smart cockpit has gradually matured in the past few years, it is relatively more optimistic about millimeter wave radar, lidar, skateboard chassis, AR display and AI chip. Specifically, China's industry orientation tends to advocate perception layer dominance rather than algorithm dominance, which will bring huge incremental demand for millimeter wave radar and lidar. As car intelligence is accompanied by the increased demand for car space entertainment, social networking and office, it represents tier0 5's skateboard chassis is bound to become the product of the refinement of social division of labor.
Cui Lei said that the trend of intelligent industry covers many subdivided directions and components, such as HUD, intelligent driving cabin and auxiliary driving. The angle of parts includes display, sound, sensors (CIS, laser, etc.), automatic control, execution system, etc. Considering that the penetration rate of automobile intelligence is faster than that of electrification, and the rich subdivided fields are also expanding, investors can continue to tap high growth investment opportunities from the relevant subdivided tracks.
Liang Lunyou said that automotive chips, automotive sensors, automotive software, wire controlled actuators and new interactive technologies are expected to become important incremental needs in the process of automotive intelligence in the next few years, and these fields are expected to show exponential growth. This year will focus on the investment direction of intelligent cockpit and intelligent driving SOC chip, Ethernet chip, lidar, millimeter wave radar, automobile software and algorithm.
