On March 24, automotive chip concept stocks fluctuated lower. Wingtech Technology dived close to a stop, New Clean Energy fell more than 5%, Yangjie Technology, Jiayuan Technology, Obit, Leon Micro, Dongxin Technology and so on followed. Market speculation suggests that its performance may not meet expectations.
In fact, there are still positive news in the intraday market.
Nexperia, a wholly-owned subsidiary of Wingtech Technology, announced on March 24 that its new design center in Dallas, Texas, was officially launched. This marks another important step towards Nexperia's goal of becoming a global leader in basic semiconductors by 2030.
Dragon and Tiger list data show that today a total of 8 institutional seats appeared on the Dragon and Tiger list, respectively, buy two, buy three, buy four, buy five, sell one, sell two, sell four, sell five, a total net sale of 615 million yuan.
Today's Dragon and Tiger list appeared on the figure of Shanghai Stock Connect, occupying the position of buying one, showing a net purchase of 199 million yuan, accounting for 7.68% of the total transaction volume of the day.
Is there a correlation between the rapid decline in automotive semiconductors, which has always belonged to the high-prosperity industry? Can investors pay proper attention to low suction? This article will focus on the above problems.
From January to February, the performance of overseas automobiles was weak, and the industry was suppressed by many factors
Global new energy vehicle sales in February were about 560,000 units, up 110% year-on-year and down 13% month-on-month. By region, in February, There were 320,000 Chinese cars, +203% year-on-year, -24%; North American cars 74,000, +79% year-on-year, +11% month-on-month; about 150,000 European cars, +36% year-on-year, +7% month-on-month; and a total of 240,000 overseas vehicles, +49% year-on-year, +8% month-on-month; From January to February, the global total of about 1.19 million vehicles, +103% year-on-year. Due to the rise in battery costs, new energy vehicle manufacturers have raised prices, but after entering March, the price of fuel vehicles has risen by nearly 30%, the price is at a historical low, and the industry price increase will make the more competitive model market share rise.
High inflation, the situation in Russia and Ukraine, unexpected events and other factors will continue to affect the overseas business of local enterprises. In February, the mainland exported 142,000 narrow passenger cars, up 94% year-on-year and down 20% month-on-month. At the macro level, the Fed raised interest rates by 25 basis points last week, although it is to curb high inflation, but it will also weaken consumer demand, the Russian-Ukrainian conflict, the Earthquake in Japan, and the recurrence of the global epidemic, all of which may affect domestic vehicle exports and overseas business of parts and components companies. This could be a big negative for the automotive semiconductor industry.
The semiconductor sector still belongs to the high-prosperity industry
The century-old automotive industry is undergoing a major change, car electrification, intelligence is the trend of the times, ModorIntelligence expects that in the next 5 years, the automotive industry will be 10.3% compound growth rate, ranking first in the industry. Separately, the biggest benefit from the electrification of electric vehicles is the power device, especially IGBT, according to Omdia data, the automotive power device market size in 2020 is 4.5 billion US dollars, and by 2025 the automotive power device market size will reach 9.2 billion US dollars (CAGR15%); intelligent, the current automotive intelligence is in the 0-1 stage, on the basis of electrification, automotive intelligence ushered in a rapid development window, automatic driving, intelligent cockpit and other automotive sensing devices, computing power, The demand for data volume is increasing, and there is a wide space for the growth of automotive control chips, memory chips, analog chips, and sensors. At present, the lack of cores in automotive chips has accelerated the localization of automotive chips, and automotive semiconductors, as a turning point in automobiles and semiconductors, are expected to enter the historical stage. We believe that the current market attention to automotive semiconductors is mainly focused on electric vehicles, and the focus of automotive semiconductors in the future will shift from electric vehicles to smart cars.
With the help of automotive intelligence, SoC chips, sensors, and memory chip companies enjoy preferential dividends. Guotai Junan Securities believes that the realization of automotive intelligence on the hardware side mainly comes from the improvement of automotive electrical architecture, perception ability, computing power and data storage capability. Car sensors determine the car's perception of the environment, under the general trend of intelligence, on-board cameras, lidar, millimeter wave radar and other hardware is becoming more and more the standardized configuration of the car, the value of bicycles, penetration rate, market space is rapidly improving. Rising Sun Big Data predicts that the lidar market size for automotive and industrial applications is expected to reach $5.7 billion by 2026 (CAGR 21%), of which the advanced driver assistance systems (ADAS) segment is expected to reach 41% in 2026, becoming the main segment of lidar.
The main domestic enterprises of automotive sensors are CIS leading Weier shares, vehicle lens / module enterprise Shunyu Optics, Lianchuang Electronics, LiDAR industry chain enterprise Torch Light Technology (light source, module), Lante Optics (lens), Yongxin Optics (lens), Tengjing Technology (optical components), etc.; SoC chips mainly play the most core safety and driving aspects, such as image information processing, automatic driving system control, central control system display and operation, engine, chassis and body control, etc., IHS data shows that in 2020, the global automotive SoC chip market size is about 3.8 billion US dollars, is expected to grow to 8.2 billion US dollars by 2025, CAGR 16.6%, logic chip leader Nvidia, Qualcomm, Intel, AMD is leading in this field, the main domestic enterprises are Quanzhi Technology (intelligent cockpit SoC), Rockchip; memory chips are applied in multiple modules in automobiles, to achieve the interconnection of autonomous vehicles to store basic code, data and parameters, Intelligent makes the rapid growth of automotive data volume drive the rapid growth of DRAM, NAND and other mainstream memory chip demand, root IHS data, 2020 global automotive storage market space of about 4 billion US dollars, is expected to reach 8.3 billion US dollars by 2025, CAGR 15.7%, the main domestic enterprises are Beijing Junzheng (car storage), Gigabit Innovation, etc.
Wingtech Technology still does not change the investment logic of its strategic position
With the continuous maturity of downstream applications, Nexperia Semiconductor, a subsidiary of Wingtech Technology, has a lot of room for the development of power semiconductor compounds. According to statistics, global SiC and GaN power semiconductor sales reached $854 million in 2020, driven by hybrid, electric vehicle and power demand, the average annual compound growth rate will remain double digits in the next decade, and it is expected to exceed $1 billion by 2021 and $5 billion in 2029. The company will continue to develop new processes such as gallium nitride and silicon carbide to promote the development of automotive semiconductors in China.
The company joined hands with Shanghai Electric Drive to launch a new type of automotive GaN motor controller. The company has partnered with Shanghai Electric Vehicle Co., Ltd. to develop a new automotive motor controller for a 35 kW Gallium nitride power module. The controller is China's first gallium nitride (GaN) motor controller to meet the requirements of mass production models, with a power density of up to 99.34%, an output power of up to 35 kW, high power density, good NVH performance and wide coverage.
The variety of the company's silicon carbide products continues to expand, and the full coverage of vehicles and industrial uses. The company introduced a Silicon Carbide (SiC) Schottky diode for ultra-high performance, low loss, high efficiency power conversion applications. The company plans to continue expanding its product line of siC diodes with a total of 72 industrial-grade products with a voltage range of 650 V to 1200 V and a current range of 6 to 20 A.