Haitong Securities: Auto parts electronics, electrical architecture upgrades, benefit from vehicle inventory replenishment| micro-research report

Haitong Securities believes that the sales growth rate of the automotive industry shows a significant cyclical characteristic, and the prosperity is driven by the inventory cycle. The automobile cycle in the fourth quarter of 2019 bottomed out, and after experiencing passive depot removal (recovery period) throughout 2020 and active replenishment (overheating period) in the first half of 2021, the industry is currently in a passive depot (stagnation period). The auto parts sector is the main stagnant sector, with the "normalization" of chip supply, the industry replenishment will drive the growth rate of the revenue side of the parts industry upwards.