Since 2022, under the background of weak and volatile A-share market, automotive intelligence related subdivided industries have quietly ushered in a slow bull market of multiple stocks. In this regard, Haitong Kaiyuan Investment Co., Ltd. (hereinafter referred to as Haitong Kaiyuan) released an analytical view on January 19, saying that in this once-in-a-century great change in the current global automobile industry, electrification is the first half, and intelligence will become the second half. In the medium and long term of 5 to 10 years, the value of automotive intelligent related components in vehicles is expected to increase from the current 5% - 10% to 30% - 40%, and will provide a trillion level huge industrial investment opportunity.
Liang Lunyou, head of investment in Haitong Kaiyuan intelligent electric vehicle industry, said that vehicle intelligence is reflected in two dimensions: human vehicle interaction intelligence and driving intelligence. Among them, the main realization form of human vehicle interaction intelligence is cockpit intelligence; Intelligent driving is mainly assisted driving in the short term and is expected to develop into unmanned driving in the long term. In order to support interactive intelligence and driving intelligence, the internal electronic architecture of the vehicle will be further integrated and high-speed. After electrification, automotive intelligent related components and technologies will become the main incremental demand of the automotive industry. For Chinese entrepreneurs and investors, the current relevant new demand is also superimposed with the historical opportunity of localization.
From the perspective of subdivided tracks, Liang Lunyou further said that automobile chips, automobile sensors, automobile software, wire controlled actuators and new interactive technologies are expected to become important incremental needs in the process of automobile intellectualization in the next few years, and these fields are expected to show exponential growth. The organization will focus on the investment direction of intelligent cockpit and intelligent driving SOC chip, Ethernet chip, lidar, millimeter wave radar, automobile software and algorithm.
From the secondary market, the latest valuation data show that the TMT industry corresponding to smart cars in the A-share market is at the middle and lower level in history. 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.
Statistics show that Haitong Kaiyuan is a direct equity investment company wholly-owned by Haitong Securities Company Limited(600837) . It focuses on and tracks the growing small and medium-sized companies with good integrity record, mature and clear business model and unique core competitiveness, focusing on TMT, new energy, new materials, consumer goods, biomedicine, information technology Investment opportunities in advanced manufacturing and state supported industries at the stage of rising prosperity.
