The automotive industry has a long history of development, and the global industrial chain pattern is being rapidly reshaped in the wave of electrification and intelligence. A number of outstanding enterprises have emerged in China's automobile industry, which are expected to stand out from the encirclement and gain a higher market share by virtue of their outstanding technical strength and excellent cost control. Compared with the intensifying competition and the unclear industry pattern, auto parts are a more certain beneficiary track. No matter how the downstream pattern evolves, the arms race in accessories will fully benefit the parts and components and enjoy the dividends of the wave of change in the automobile industry. E Fund CSI Auto Parts Theme ETF (159565) is on public sale, which can be used as a high-quality tool for investors to lay out the auto parts industry.
The era of electrification and intelligent transformation has arrived, and the automotive industry welcomes the redistribution of value and quantity
In the huge automobile industry, the redistribution of value and quantity brings about the reshaping of the industrial chain pattern, which contains greater development opportunities and potential. In terms of core drive components, traditional automobiles are dominated by engines and transmission systems, accounting for nearly a quarter of the cost. New energy vehicles are completely different, mainly batteries, motors, and electronic control systems, accounting for more than 40% of the value. In the field of intelligence, connected vehicles have added a large number of requirements for cameras, radars, chips and other components, and put forward higher requirements for steering, braking, cockpit and other links, and the value proportion is considerable.
Triple beta catalyzes together, and the auto parts track ushers in the second growth curve
In the era of great industrial changes, auto parts are expected to benefit from the three beta opportunities of independent rise, technological change and global expansion and develop rapidly.
(1) Autonomous Rise:With the rapid rise of domestic new energy brands such as BYD, China's share of the global automotive industry continues to increase. From a global perspective, the center of gravity of the automotive industry chain is shifting from Japan and Germany to China and the United States, and it is expected that the market share of domestic brands is expected to increase to 25 by 20302%, an increase of 16 from 20206 pct。The strong rise of domestic manufacturers may be significantIt is good for the increase in the domestic share of upstream parts, driving the vigorous development of the domestic ** chain.
Figure: The global automotive industry chain is switching to China and the United States.
Data**: Huatai**.
(2) Technological change:The intelligent transformation of electric vehicles has brought about all-round changes in the overall architecture of the vehicle, requiring new technical components such as brake-by-wire and intelligent cockpit. With the continuous maturity of technology and the rapid increase in the penetration rate of new energy vehicles, newThe penetration rate of auto parts is expected to enter a period of rapid growth, and the market space is broad.
Figure: The penetration rate of zero steam is about to enter a rapid improvement channel.
Data**: China Securities Construction Investment**.
(3) Global Expansion:Compared with overseas auto parts leaders, domestic enterprises have the significant advantages of low factor and fast response speed. In view of the fact that the cost of domestic land, equipment and labor is significantly lower than that of overseas, some products** are only 1 10 overseas. In terms of response speed, benefiting from excellent management efficiency and a large group of engineers, foreign-funded manufacturers need to produce drawings in two weeks, and domestic manufacturers can produce samples in three days. Lower costs and higher efficiency enable domestic manufacturers to reap faster global market share gains.
Compared with the fierce competition and undetermined pattern of the vehicle track, auto parts have stronger growth certainty. No matter how the downstream pattern changes, the huge demand for more advanced parts will not change, and the fierce competition will also give rise to an arms race in parts, which will further benefit the development of auto manufacturers. Catalyzed by triple beta opportunities,In the next three years, the market space of the auto parts industry is expected to enter a period of rapid growth with a compound growth rate of more than 30%-40%.
Figure: Calculation of domestic market space and compound growth rate of major auto parts.
Data**: China Securities Construction Investment**.
Auto parts ETF (159565), one-click package of investment opportunities in the auto parts sector
This ETF tracks the CSI Auto Parts Thematic IndexThe index selects 100 listed companies** whose business involves automotive system components, automotive interiors and exteriors, automotive electronics, tires and other fields as index samples, weighted by free float market capitalization, and the weight is capped at 10%.
Under the wave of great changes in the automobile industry, the auto zero track is expected to benefit from the triple beta catalysis and usher in a more certain stage of rapid growthAuto Parts ETF (159565) one-click package of high-quality companies in the auto parts sector!
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