The stock price of the shortlisted BYD industrial chain rose by more than 10% of Guangfeng Technology on -board projection products may be landed within three years

21st Century Business Herald reporter Yangping Shenzhen Report

Guangfeng Technology (688007.SZ) stood on the new energy vehicle industry chain "air outlet".

On September 13, after the announcement of becoming a supplier of BYD (082594.SZ), Guangfeng Technology's stock price rose 10.76%.

On the evening of the night, Guangfeng Technology announced that the company recently received the "Development Development Development Development Development Development Development Development Development Development Development Development Development Development Development Development Development Development Development Development Notice", which will become a vehicle optical component supplier of BYD Automobile.

At present, the announcement of Guangfeng Technology does not mention specific product information, but some brokerage analysts revealed that the products involved in the order are expected to projection in the car.

In August of this year, Guangfeng Technology disclosed in the semi -annual report that the company's research project has an innovative projection project for car products, that is, customized R & D, design, and production of car projection products for different models according to the requirements of automobile manufacturers. Wait.

On September 13th, the 21st Century Business Herald reporter asked Gwangfeng Science and Technology executives to verify whether the product information was true, which stated that "the temporary cannot be answered" beyond the scope of the announcement "," inconvenient to answer ".

To enter the BYD supply chain

Since the beginning of this year, BYD's production and sales have reached a record high, and it has also brought a "fire" supplier.

In the first half of the year, by BYD's good momentum, the orders of new energy suppliers in the A -share market soared, and the stock price continued to move.

Since entering the second half of the year, BYD's "A -share partner" has continued to expand, and Guangfeng Technology has also joined this camp.

Public information shows that Guangfeng Technology is a laser display technology company. The main product is a laser optical engine and laser projector based on ALPD fluorescent laser display technology. The application fields include movies, television, education and engineering industries. In recent years, the vehicle has been displayed as a major application scenario for the company.

The 21st Century Economic Herald reporter noticed that in April this year, Guangfeng Technology obtained IATF16949 :2016 Quality Management System Certification Certificate, which is a access permit for the domestic and foreign automotive industry supply chain.

Prior to BYD, in November 2021, Guangfeng Technology was also included in the Huawei Smart Motor Solutions Outstanding Partners. The scope of cooperation was mainly the roof display (that is, the sky curtain).

However, from the company's 2022 report data, the car display business still belongs to the early expansion stage for it. The core sales business accounts for more than 89%of the total revenue (contributing to 1.132 billion yuan). The revenue contributed by innovative core device business such as car display did not disclose specific disclosure.

In the opinion of Guangfeng Technology, it is marked that the company's car business market expansion has achieved breakthrough progress in Guangfeng Technology. It is expected that the project's life cycle will have a positive impact on the company's operating performance. "The company will strictly follow BYD's order demand. Complete the development, test verification, production preparation and delivery of designated products within the specified time. "

However, when the reporter asked how much the performance of the company's supply chain was expected to boost the company's supply chain, the people of Guangfeng Technology Securities Department said that it is not yet evaluated.

"The fixed -point notice is just a preliminary cooperation intention. It is not a real purchase or sales contract. Our products are still in the process of research and development, and it has not yet been formed. Therefore "Guangfeng Science and Technology Securities Department interviewed pointed out.

However, according to the securities department, the cycle of the car business is about 3-5 years. It is expected that there may be molding products in three years. "However, the specific progress still depends on the cooperation between the two parties."

Cooperation or car -related projection products

At present, Guangfeng Technology does not disclose the product types that cooperate with BYD, but in its earlier investor exchanges, the company has responded to the car display potential application scenarios, including the roof sky curtain, the windows of the window, the entertainment screen, the ARHUD, the ARHUD , Smart surface, smart laser headlights, etc., the market size is expected to exceed 100 billion yuan.

In August of this year, Dr. Li Yi, chairman and CEO of Guangfeng Science and Technology, also introduced in the intermediate report performance explanation: "In the car application scenario, the company's laser technology has high brightness, high light effect and small volume. The car business involves a variety of modes such as front and rear. The specific products will be exhibited in various exhibitions. "

The 21st Century Economic Herald reporter found through interviews and public information and found that many brokers expect the designated development projects of Guangfeng Technology and BYD as "car projection products".

Western securities analyst Wu Dongju clearly stated in his research report: "In September 2022, the company announced its entry into BYD Automobile supply chain. It is expected that the products involved in this order are still car projection."

In the semi -annual report of Guangfeng Technology, it has indeed disclosed a research project called "Innovation Projection". It is understood that the project is "based on the requirements of automakers to conduct customized R & D, design and production for different models. Car projection products, etc.; develop AR optical modules; provides projection solutions in the field of Internet of Things AloT ". As of the" small test "stage, the total investment is expected to be 80 million yuan, and it has invested 1220.85 million yuan.

According to the Guoxin Securities' home appliance team, the current car projection of car projection on the market is mainly based on the form of home projection+curtain. Generally, the seats need to be placed when used. The options for fluctuations. Compared with the projection of the rear -loading class, the front -load projection has the advantages of more diverse use, smaller projection surface limit, and more stable selection rate. It is expected to become the mainstream choice for future vehicle display. According to the calculation of the Guoxin Securities' home appliance team, the potential market space of the car projection is billions of space. The rate is hypothetical, and referring to the value of about 3,500 yuan of bicycle in the market, it is expected that the domestic car projection scale in 2024 can reach 2.4 billion yuan. "

From the perspective of the Guoxin Securities and Home Appliances team, the car projection projection planes are complex and diverse, and the vehicle bumps and the environmental temperature differences are large. It requires products to be in software solutions (screen adjustment/focus/obstacle avoidance/vision recognition), hardware performance (light source brightness, light source brightness (light source brightness brightness) There are higher requirements for light road design, light machine size and heat dissipation), and Light Peak, as the leader in technology research and development in the field of laser machines and core components, cooperation with BYD is expected to become the leader of a new generation of products.

"Future functional display, AR-HUD, laser headlights, etc. are expected to open space on the basis of car entertainment projection. The car display also includes application scenarios such as functional display, smart surface, AR-HUD, laser wisdom headlights. These The core technology of the scene is still based on optical display, and the company's technical reserves in the fields of AR have further extended their own capacity boundary and are expected to open the future growth space. "Guoxin Securities' home appliance team pointed out.

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