Author|Zhu Hualei,Editor|Gu Jinfeng
Source: Jufeng Investment Advisory, Good Stock Application
Jufeng Investment Advisor's latest column "Leading Analysis" was officially launched. There will always be a sector or concept in the A-share market to lead the market to rise during the stage time, and this column will focus on the stocks with the highest popularity or the most consecutive stocks in the current market for analysis, with the aim of screening out the value investment targets with "real materials" from the hot spots.
Following the advent of "AI + robot" embodied intelligence, "AI + automobile" intelligent driving has also attracted much attention in the industry. As new energy vehicles enter the second half of intelligent transformation, intelligent driving is becoming a new competition point for all parties. Intelligent driving is not only supported by national policies, but also the development trend of the industry level.
The driving factors for intelligent driving are as follows:
Intelligent driving industry chain analysis:
Intelligent driving is the upgrade of intelligent + network connection on the basis of the whole vehicle. Compared with traditional vehicles, intelligent driving vehicles need to be equipped with perception systems, such as lidar, millimeter-wave radar, ultrasonic radar, etc., positioning systems, such as GNSS positioning and receiving systems, IMU inertial sensors, and high-precision maps, and computing and decision-making systems, such as ADAS systems, on-board chips, and on-board memories, to achieve intelligence. In addition, intelligent driving vehicles also need the support of mobile networks, big data platforms and terminals to achieve networking. The downstream application scenarios of intelligent driving vehicles are broad, covering various application scenarios such as shared cars, driverless buses, and commuter vehicles.
From intelligent driving to autonomous driving, the L3 level is the key. From L3 onwards, driving operations and perimeter monitoring are automatically completed by the system, and the driver only needs to take over under the emergency dynamics, so the protagonist of L3 driving has been switched to the vehicle automatic driving system, realizing the leap from human drivers to AI drivers.
The global intelligent driving market is growing steadily, and China's compound annual growth rate is slightly higher than that of the world
From 2016 to 2021, the global intelligent driving market grew from 92.939 billion yuan to 183.525 billion yuan, with a compound annual growth rate of 14.5%, while the scale of China's intelligent driving market increased from 4.39 billion yuan to 9.37 billion yuan, with a compound annual growth rate of 16.4%, slightly higher than the global average growth rate. Although the current mainland intelligent driving market size is only 5% of the world, but the mainland is the country with the highest number of cars in the world, the current penetration rate of intelligent driving cars is less than 10%, with the continuous breakthrough of intelligent driving technology and the improvement of relevant laws and regulations, infrastructure, the mainland intelligent driving market will have huge room for growth.
The basis of all data of intelligent driving comes from the perception system, the composition of the perception system is mainly visual + millimeter wave, and the on-board camera + forward millimeter wave radar scheme is still the main choice for the hardware configuration of the current intelligent driving perception layer, and the proportion of hardware models is increasing month by month. From the perspective of intelligent driving perception layer hardware, including front-view cameras, surround-view cameras, millimeter-wave radars, lidars and other sensors.
Today I bring you a global global intelligent commercial vehicle monitoring giant - Ruiming Technology.
According to the company's 2023 annual report, the company's market share in the global vehicle video surveillance field is about 12%, ranking first. The company's business layout is global, deeply cultivating market segments such as buses, taxis, and two passengers and one danger, and its core competence lies in the rapid response to downstream fragmented demand.
The company is a commercial vehicle safety and information solution provider with artificial intelligence and video technology as the core, and the company's main business is still focused on the field of commercial vehicles. The company's products in the field of AEB and L2 autonomous driving in commercial vehicles apply millimeter-wave radar technology. The company is currently developing electronic rearview mirrors (CMS) and other related products, mainly for commercial vehicle scenarios, but may be applied to the passenger car market after technical improvements and iterations in the later stage.
Affected by the rising prices of raw materials, exchange rate fluctuations, the epidemic and other factors, the company's performance in 2021 and 2022 will be under pressure, and in 2023, the company's traditional industries such as freight, taxi, and public transportation will recover rapidly, and the company's three-level R&D structure will be completed, and the performance will usher in an upward turning point, and the 2023 annual report disclosed on April 24 shows that the company achieved operating income of 1.699 billion yuan, a year-on-year increase of 22.80%, and a net profit of 102 million yuan, a year-on-year increase of 169.54% The basic earnings per share was 0.59 yuan, and the weighted average return on equity was 7.46%. In the first quarter of 2024, the company achieved a total operating income of 502 million yuan, a year-on-year increase of 37.19%, a net profit attributable to the parent company of 53.1269 million yuan, a year-on-year increase of 120.74%, a non-net profit of 49.3118 million yuan, a year-on-year increase of 161.19%, and a net cash flow from operating activities of 96.6887 million yuan, a year-on-year increase of 3.34%. The company is currently in a stage of rapid growth.
The company applies AI to commercial vehicles, and cooperative insurance provides risk identification and control
Commercial vehicle solutions need to be applied to realize the integration of AI technologies, such as safe driver assistance (ADAS), intelligent driver status recognition (DSM), Blind spot monitoring (BSD), etc., the company has the ability to quickly engineer AI basic algorithms, AI technology covers both in-vehicle and out-of-vehicle scenarios, and the products have AI technology applications from the equipment end to the platform side, which has served more than 1 million commercial vehicles around the world. The company also has plans to introduce AEBS business to overseas markets. At the same time, the company has deployed autonomous driving, and the L4 automatic sweeper is expected to be implemented within the year in closed scenarios.
By introducing vehicle driving data, UBI insurance can help optimize the pricing model of car insurance and help car owners reduce premiums. According to incomplete statistics, more than 300 insurance institutions around the world have launched UBI auto insurance products, and the penetration rate continues to increase in the United States, the United Kingdom, and Italy. The company developed the industry's first human factor brain system (SafeGPT). The company said that the technology can fully integrate a variety of driving event flows, accurately confirm the driver's current cognitive state and risk level, depict the driver's 360-degree map, risk classification, driver classification, and personalized improvement of driver's driving behavior, which can effectively reduce the risk of bad driving, reduce the accident rate, and reduce the insurance loss ratio, and the application of this technology has been implemented in Mexico, Singapore and other places.
At present, the company's share price is at a low level since its listing in 2019, the company's share price has reflected the downward risk brought about by the decline in performance in the past two years, and has built a bottom support area near 18 yuan.
(Author: Zhu Hualei Practicing Certificate: A0680613030001)
Disclaimer: The above content is for reference only and does not constitute specific operation advice, and you shall operate at your own risk and profit and loss