Previously, we released the 2022 annual strategy report “seize the information & energy technology change and lead the opportunities of the new decade”, emphasizing that at the current time, the two major technological changes of information and energy are at the growth inflection point, and the electronics industry has ushered in the golden development period of the new decade. Driven by the change of information technology, automobile is expected to become a new human-computer interaction platform, and the improvement of penetration brings innovation one after another. On the one hand, the electrification of vehicles has taken the lead. The penetration rate of electric vehicles in the world has exceeded 10% and entered the stage of rapid development. The “three electricity system” has brought a large demand for electronic parts; On the other hand, the intelligent car follows, and new technologies and products related to intelligent driving and intelligent cockpit bloom. In the next decade, automotive electric intelligence will become the “main track” and “key word” of the electronics industry. The accelerated layout of the industrial chain will bring continuous catalysts, continuous penetration of demand, provide growth power, and corresponding investment opportunities will emerge one after another. Therefore, we will re sort out the contents of Automotive Electric Intelligence in the strategy report for readers.
From the perspective of penetration, the development of automobile electrification is accelerated, and intellectualization ushers in the tuyere. Referring to the development history of smart phones, when the penetration rate of terminal devices is 10% ~ 50%, the industry enters a “sweet period” of rapid development. From 2021 to 2022, the penetration rate of electric vehicles in China and the world will successively exceed 10%, and the industry will enter a period of rapid growth. Under the background of the rise of local vehicle brands and the breaking and remodeling of the traditional supply chain system under the electrification of vehicles, China’s upstream electronic parts manufacturers will usher in high growth opportunities. In addition, 2022 is a window period from L2 to L3. A number of models that can support automatic driving level of L3 and above will be mass produced and landed, driving the rise of the whole intelligent vehicle industry chain, and the intelligent driving perception layer and intelligent cockpit will take the lead.
The downstream is uncertain, but under the trend of “hardware embedding”, the upstream parts have high elasticity and certainty. The wave of automotive electric intelligence is coming. At the current time point, we believe that terminal manufacturers have both uncertainty of competition pattern and uncertainty of technical path. However, under the trend of “hardware embedding” of terminal manufacturers, upstream parts have higher performance certainty and elasticity. Therefore, starting from the emerging terminal requirements from the bottom up, we explore the deterministic investment opportunities brought by core incremental components.
In 2022, firmly grasp the two main lines of “vehicle content” and “domestic substitution”, and it is suggested to pay attention to:
Electrification:
1) IGBT & SiC: Zhuzhou Crrc Times Electric Co.Ltd(688187) (vehicle IGBT leader), Macmic Science & Technology Co.Ltd(688711) (photovoltaic and vehicle explosion), Starpower Semiconductor Ltd(603290) (strong comprehensive capacity), Hangzhou Silan Microelectronics Co.Ltd(600460) (production capacity is king), Sanan Optoelectronics Co.Ltd(600703) (SiC integrated layout), Tianyue advanced (SiC substrate), Phenix Optical Company Limited(600071) (SiC extension).
2) connectors: Electric Connector Technology Co.Ltd(300679) (the most competitive in China), Suzhou Recodeal Interconnect System Co.Ltd(688800) (full product layout), etc
3) PCB: Olympic Circuit Technology Co.Ltd(603920) (the highest proportion of on-board PCB), Shenzhen Kinwong Electronic Co.Ltd(603228) (China FPC supplier of power lithium battery leader), Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) (Tesla FPC supplier), Wus Printed Circuit (Kunshan) Co.Ltd(002463) (Tesla primary supplier), Victory Giant Technology (Huizhou)Co.Ltd(300476) (Tesla and Huizhou Desay Sv Automotive Co.Ltd(002920) )
4) passive components: Xiamen Faratronic Co.Ltd(600563) (China Film Capacitor leader), Nantong Jianghai Capacitor Co.Ltd(002484) (China Film Capacitor longer); Chaozhou Three-Circle(Group) Co.Ltd(300408) (China’s MLCC leader), Shenzhen Sunlord Electronics Co.Ltd(002138) (rapid discharge of on-board inductance)
5) battery: Sunwoda Electronic Co.Ltd(300207) (large-scale growth of power battery, layout of energy storage battery)
Intelligent driving:
1) camera: Will Semiconductor Co.Ltd.Shanghai(603501) (China’s leader in vehicle camera chip), sunny optics (global leader in vehicle lens & module), Lianchuang Electronic Technology Co.Ltd(002036) (vehicle lens & module potential company);
2) lidar: Ningbo Yong Xin Optics Co.Ltd(603297) (core components), torch technology (components + transmitting module), Optowide Technologies Co.Ltd(688195) (components), Zhejiang Lante Optics Co.Ltd(688127) (components), Castech Inc(002222) (components), Vanjee Technology Co.Ltd(300552) (scarce target of the whole machine), changguanghua core (to be listed, layout of transmitting end chips), etc
3) MCU: Gigadevice Semiconductor (Beijing) Inc(603986) (the progress of vehicle regulations is leading in mainland China), Chipsea Technologies (Shenzhen) Corp.Ltd(688595) (from the intelligent cockpit domain), Sino Wealth Electronic Ltd(300327) (from the body domain), etc
Intelligent cockpit: Wuhu Token Sciences Co.Ltd(300088) (touch & display module), Shenzhen Longli Technology Co.Ltd(300752) (backlight display module), Ways Electron Co.Ltd(605218) (backlight display module), Shenzhen Laibao High-Tech Co.Ltd(002106) (touch screen), Zhejiang Crystal-Optech Co.Ltd(002273) (HUD), Ofilm Group Co.Ltd(002456) (intelligent central control), etc.
Risk warning: the R & D progress is less than the expected risk; The penetration rate of electric vehicles is lower than the expected risk; The information used in the research report is not updated in time; Market demand / scale measurement is less than expected risk
