Summary:
1. Huawei Automobile: Huawei Smart Automobile uses "cloud-device-pipe" as the core architecture to form intelligent network connection, intelligent electric, intelligent car cloud, and intelligent driving. The five major businesses of smart cockpit and smart cockpit focus on incremental components rather than car manufacturing. The industry chain involves complete vehicles, parts, cloud platforms and operators. According to the participants in each link, institutions recommend paying attention to China Automotive Research Institute, CATL, Siwei Tuxin, Zhongke Chuangda, Desay SV.
2. Yangjie Technology: A leading domestic power semiconductor company, its performance in 2019 started low and then moved high. It continued high growth in the first quarter of 2020, with non-net profit excluding a surge of 126%. It is expected to remain high throughout the year. Growth; There is a huge demand for domestic substitution of power semiconductors. The company is actively expanding product lines such as high-end MOS, IGBT and third-generation semiconductors, reaching an eight-inch line cooperation with SMIC, and cooperating with domestic giants such as Huawei, Hikvision, and Haier to achieve future growth. Larger space.
3. Megashares: A manufacturer of automobile wheel hub bearing units. Its products are supplied to first-class overseas car companies such as Mercedes-Benz, BMW, Audi, and Ford. In 2019, overseas revenue increased significantly (+92.2%). Automobile wheel hub bearings The company has a complete range of products and currently has three generations of products, with an annual output of 3.6 million sets of automobile wheel hub bearings and an annual output of 30 million automobile wheel hub precision parts. Both are expected to be completed in December this year, and are expected to bring significant incremental performance.
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1. Huawei Auto’s five core businesses, the institution recommends five industry segment leaders (Guosen Securities)
① Huawei Auto’s five core businesses Sorting out the business and potential industry chain
In recent years, Huawei has actively deployed its smart car business, with "cloud-device-pipe" as the core architecture. The cloud is the smart car cloud, and the pipe is the smart network connection, forming an intelligent network connection. , smart electric, smart car cloud, smart driving, and smart cockpit five major businesses.
Huawei Automotive is positioned as an incremental component supplier for intelligent connected vehicles, focusing on core incremental components. The industry chain involves complete vehicles, parts, cloud platforms, and operators.
In terms of complete vehicles, Huawei has cooperated with more than ten car companies such as SAIC Group, Great Wall Motors, and BYD; Intelligent Network (Management), Intelligent Car Cloud (Cloud), and Qianfang Technology and Qiming Information , NavInfo, China Mobile and other enterprises.
On the end side, smart electric is cooperating with CATL, smart driving is cooperating with NavInfo, and smart cockpit is cooperating with Shanghai PATEO and Hangsheng Electronics.
②There are many problems in the charging operation market, and Huawei HiCharger is expected to solve the relevant pain points
The convenience, safety, evolvability, and quality issues of charging facilities have become constraints on the health of the electric vehicle industry development bottleneck.
Huawei has launched a new generation of HiCharger. Its DC fast charging module has the advantages of high power density, high efficiency, high reliability, low noise and low failure rate, and is expected to solve the above problems.
In the field of charging, Huawei uses the powerful ecosystem of car cloud and terminals to help charging operators achieve business diversion.
③ Industry chain-related listing targets
Huawei Auto does not build cars, but establishes a smart car industry chain ecosystem, which is expected to drive the development of related hardware and software companies. It is recommended to pay attention to China Automobile Research, CATL, NavInfo, Chuangda, and Desay SV.
2. The underrated power semiconductor leader! The performance is not inferior to that of Star Semiconductor, and the non-net profit has doubled.
Yangjie Technology is a leading domestic power semiconductor company. Its performance in the first quarter of 2020 exceeded expectations, and its revenue increased by 19.76% year-on-year. Net profit increased by 58.5% year-on-year.
① Non-net profit in the first quarter surged by 126%
Yangjie Technology supplies diodes/rectifier bridges/MOS and other products under the IDM model, and has high market share in many market segments. Market share.
The company has maintained a high growth rate since its listing. From 2014 to 2018, the compound growth rate of revenue was 30%. In 2019, the performance started low and then went high. Q4 revenue growth reached 23.67%, and net profit achieve positive growth.
Under the influence of the epidemic, the performance in the first quarter of 2020 continued to grow at a high rate, with non-net profits excluding non-net profits soaring by 126%, and high growth is expected to be maintained throughout the year.
② There is a large space for domestic substitution of power semiconductors
The global power semiconductor market size in 2018 was approximately US$39.1 billion. China is the world’s largest consumer of power semiconductors, with market demand accounting for 10% of the world’s power semiconductor market. More than one-third, yet supply cannot keep up with demand.
However, the domestic power semiconductor market is basically monopolized by overseas companies. MOSFET, IGBT and other fields are relatively weak, and there is an urgent need for domestic substitution.
Yangjie is the number one company among the top ten domestic semiconductor power devices. Its revenue in 2019 was 2 billion yuan, which is far larger than Star Semiconductor. Compared with overseas giants, it has more room for growth. big.
③Actively expand the semiconductor product line
Based on its own advantageous products, diodes and rectifier bridges, develop high-reliability trench Schottky chips, Trench MOSFET and SGT MOS series, IGBT and third-generation semiconductors and other products.
The four-inch line has a production capacity of 1 million pieces/month, mainly diode chips; the six-inch line has a production capacity of 50,000 pieces/month, mainly Schottky chips; the eight-inch line cooperates with SMIC, Provides 2,000 pieces/month production capacity, mainly high-end MOS and IGBT chips.
Actively expand overseas business and explore the needs of industrial control, automotive electronics, 5G communications and other industries downstream. At the same time, we have reached cooperation with domestic giants such as Huawei, Hikvision, and Haier, and are expected to receive considerable incremental orders in the future.
3. The new star of automotive wheel bearings! Supplying first-class overseas car companies, major projects will be launched by the end of the year (West China Securities)
① Supplying first-class overseas car companies, overseas revenue has increased significantly
Zhaofeng Co., Ltd. is mainly engaged in automobile wheel bearings unit, the products cover overseas high-end passenger cars such as Mercedes-Benz, BMW, Audi, Ford, General Motors, Chrysler, Volkswagen, Honda, and Toyota.
In 2019, it achieved revenue of 560 million yuan, a year-on-year increase of 12.4%; net profit attributable to parent companies was 210 million yuan, a year-on-year increase of 9.3%. Among them, overseas income reached 360 million yuan, a year-on-year increase of 92.2%.
② Product structure optimization, gross profit margin increased
Automotive wheel hub bearing products have a complete range. Currently, there are three generations of products, and the product quality has been recognized by 45 countries internationally. In 2019, the company's gross profit margin was 48.2%, a year-on-year increase of 4.1pct, of which the gross profit margin of the third-generation automotive wheels was 50.5%.
The company's product structure has been further optimized, and the proportion of third-generation automotive wheels in revenue has further increased. At the same time, supporting OEMs have increased research and development.
③ Actively lay out the main engine plants, and major projects will be implemented by the end of the year
Actively lay out the automobile main engine plants, equipped with corresponding product engineering and application engineering teams, and initially entered the supply chain of independent brand OEMs , has now passed the qualification review of BAIC and BYD, and will gradually increase supply, opening up new growth space.
The capacity expansion project to produce 3.6 million sets of automotive wheel hub bearing units per year and the project to produce 30 million automotive wheel hub precision forging parts per year are expected to be completed in December this year, significantly increasing the company's production capacity.