The "Fengkou Research Report · Company" vehicle network sensor order 5 times the growth of 5 times the growth of the sales volume increase. This company's products are expected to increase the price increase to welcome the "volume and price rising".

The potential market value of the "equipment+system" of the Internet of Vehicles can reach a trillion level. The company's network sensor orders will increase by 5 times. There are opportunities for certain growth in the installation regulations, and analysts see that the valuation of next year is less than 20 times.

Company essence:

① According to the "China Commercial Vehicle Network White Paper", it is expected that the Chinese commercial vehicle networking market will maintain a compound growth rate of 28%. By 2025 The market accounts for about 63%, and the industry space is broad;

② Pacific Securities Cao Pei is optimistic about the company's products in the field of vehicle networking as a remote information management system, which mainly serves the market demand of commercial vehicle team management. In 2021 After reaching 1.5 million orders, the sales volume of Internet sensors may surge;

③ my country's compulsory passenger car installation TPMS (tire pressure monitoring system) starting from 2020. The penetration rate is expected to increase rapidly. The current European and American passenger cars TPMS is at the peak period of replacement. The company's TPMS business ushered in a certain growth opportunity;

④ Cao Pei expects the company's net profit from 2022-2024 to be 1.70/2.44/352 million yuan, respectively, a year-on-year increase of 54.24%/43.52%/44.35%, and the corresponding PE is 26/18/12 times;

⑤ Risk reminder: The sales of passenger cars are not as expected, the policy is not as good as expected.

In the rapid development stage of the penetration rate in my country, none of the suppliers can occupy most of the market share, and the industry is still a blue ocean.

Pacific Securities Cao Pei is optimistic about the Wanzhong Intelligent Control (300643) that cuts into the intelligent track. The company started with a valve -mouth business. Over the years, it has expanded its business to TPMS (tire pressure monitoring system) and decoupled pipeline system through internal extension. , Internet of Vehicles and other fields.

The company's products in the field of car networking are remote information management systems. The downstream customers are commercial vehicle teams. It is expected that the size of my country's commercial vehicle networking market in 2025 will reach 80.6 billion yuan. The company announced that in 2022, the PPM sensor chip factory placed 1.5 million orders, laying the foundation for the rapid growth of the Internet of car networking.

The tire pressure monitoring system is released, and my country will be mandatory to install TPMS since 2020, and the penetration rate is expected to increase rapidly. The current European and American passenger cars TPMS is at the peak period of replacement. After 2023, the domestic rear -loading market has entered the peak of replacement. The international and domestic relay and the TPMS market space ushered in a certain growth opportunity.

Cao Pei expects the company's net profit from 2022-2024 to be 1.70/2.44/352 million yuan, respectively, a year-on-year increase of 54.24%/43.52%/44.35%, and the corresponding PE is 26/18/12 times.

The connected car is ready to go, and it is expected to contribute to the maximum performance elasticity

The commercial vehicle fleet has spawned the birth of the Internet of vehicle networking through the needs of travel safety, vehicle maintenance and management. At the same time, commercial vehicles use the connected vehicle network equipment and related services. The cost optimization space is huge, and the potential market value can reach trillion.

The company has developed a network remote information management system, which mainly serves the market demand of commercial vehicle team management. This system consists of various vehicle sensors, T-BOX and management software. Different vehicle sensors are responsible for collecting various vehicle data such as tire pressure, liquid level, and brake pads, and transmitted them to T-BOX by communication.

In 2021, the sales volume of the car networking sensor was only 259,000. In 2022, the PPM sensor chip factory has already placed 1.5 million orders. The sales volume of the Internet of car networking may surge, and the sales of terminal equipment are also in the rapid growth stage.

In addition, the company proposed the current standard sensor of 80 yuan/piece in the announcement of July 2022, and it can also increase the ASP by adjusting the product sales structure. Therefore, the average price is expected to increase room.

Cao Pei believes that in the context of volume and price rising, the company's networking business income is expected to contribute to the maximum performance flexibility.

Dual favorable policies and markets, and under their own advantages blessing

my country's TPMS forced installation policies have been introduced relatively late. According to the Huajing Industrial Research Institute, the penetration rate of Chinese passenger cars from 2021-2022 will increase to 100%, and its main promotion factors or policy guidance will be promoted.

At the same time that the penetration rate of TPMS has increased, both ends of the passenger car market have recovered. Since 2022, the national departments have successively introduced policies to support the development of the passenger car market. In June, China's passenger car output increased by more than 40%year -on -year. Essence **

The company's TPMS products cover more than 95%of models in the entire market, and have accumulated front -loading customers such as automobiles, BAIC, and Changan. They have consolidated the after -sales market in large chain brand companies such as Wal -Mart and Firestone. Xin Motorcycle, Lifan Motorcycle and other well -known domestic motorcycle factories are high in market competitiveness.

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