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It is expected that the demand of the automobile industry will grow steadily next year, and the penetration rate of new energy will increase rapidly

Time of issue：2021-12-28

Looking forward to 2022, CICC expects steady growth in industry demand, rapid increase in the penetration rate of new energy, accelerated advancement of intelligence, and industrial transformation has arrived. Under the background of major changes, car companies and even the industry chain are facing subversion and reshaping. Rapid iteration of technology and product innovation is an important starting point, and it is also the core driving force for the explosion of company performance valuation. We suggest to continue to dig deeper into the structural growth track and individual stock opportunities. The current valuation is attractive under the continued high performance growth.

 

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Passenger cars: increase inventory to catalyze production and sales, and focus on new trends under electric intelligence. We believe that the performance of terminal demand is uncertain, but the increase in inventory continues to drive production and sales to outperform terminal demand, and production and wholesale volume are expected to increase by 8-10% in 2022. More new energy products are blooming, and the middle price end is strong. We believe that the sales volume will exceed 5 million units with strong certainty, and the demand for fast charging and battery replacement will increase. Smart hardware pre-embedded + software services drive changes in the profit model of car companies, and high-level autonomous driving regulations are expected to be implemented quickly.

Parts: In the short-term, the performance will be reversed, the valuation will increase, and the demand will overflow. Continue to explore the product upgrade logic under the electric intelligence. In the short-term, companies with flexible performance and compensating valuations, including the inversion of production capacity utilization and the supply chain supporting opportunities driven by strong demand for new energy spillovers; in the medium and long term, the valuation of the overall sector will increase, but it is still necessary to continue to pay attention to bicycle support Value increase and domestic substitution opportunities.

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Development Trend of High Voltage Connectors for New Energy Vehicles

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With the rapid development and technological upgrading of new energy vehicles, the requirements for high-voltage systems of the entire vehicle are not only to withstand higher and higher voltages and currents, but also to rapidly upgrade in terms of safety and electromagnetic compatibility. As an important bridge connecting high-voltage system units for energy transmission, high-voltage connectors are becoming more and more important in the entire high-voltage architecture. In the current transmission of fast charging, the current transmission of the car charger, the current transmission between the battery and the electronic control, the current transmission between the motor and the electronic control, the current transmission between the electronic control and the air conditioner, and various high voltage and high current It is widely used in transmission.
It is expected that the demand of the automobile industry will grow steadily next year, and the penetration rate of new energy will increase rapidly

It is expected that the demand of the automobile industry will grow steadily next year, and the penetration rate of new energy will increase rapidly

Looking forward to 2022, CICC expects steady growth in industry demand, rapid increase in the penetration rate of new energy, accelerated advancement of intelligence, and industrial transformation has arrived. Under the background of major changes, car companies and even the industry chain are facing subversion and reshaping. Rapid iteration of technology and product innovation is an important starting point, and it is also the core driving force for the explosion of company performance valuation. We suggest to continue to dig deeper into the structural growth track and individual stock opportunities. The current valuation is attractive under the continued high performance growth.
The auto parts sector has set off a rising tide, and the market will be more certain next year

The auto parts sector has set off a rising tide, and the market will be more certain next year

The auto parts sector has been active repeatedly, with Huguang Co., Ltd., Junda Co., Ltd., Kabeiyi, Kaizhong Co., Ltd., Shanghai Yanpu Co., Ltd., Tianlong Co., Ltd., and Changshu Auto Decoration. Logically, the sales of new energy vehicles continued to rise this year, bringing growth to auto parts companies. In addition to the popularity of the auto market this year, next year will also be a period for domestic passenger car replacement, and auto sales will continue to grow. In addition, Tesla and other new car-making forces have brought technological innovation, creating new development opportunities for the industry chain, such as air suspension, CTC and integrated chassis technology innovation, lightweight and integrated die-casting, and 800V high-voltage system penetration rate improvement Bringing connector growth, etc.