Suppliers of parts to auto makers have always played a key role. But these niche players are now stepping up with more technologically-advanced products as the industry turns to more complex electric vehicles and autonomous driving. In this report, we explore: 1) how China is globally competitive in so-called commodity components which are simpler parts; 2) how more advanced cars are driving up demand for everything from sensors to software; and 3) why car makers moving to modularised platforms will boost order sizes for suppliers, and consolidation too.
We initiate on three suppliers as well as a major dealer to round out our coverage.
Xingyu (601799 CH, Buy, TP RMB271.00): A pure-play maker of headlights. Xingyu is transitioning to using more energy-efficient LEDs and moving into more intelligent lighting systems. All this means higher selling prices. We see Xingyu benefitting from these changes along with market share expansion opportunities.
Joyson (600699 CH, Buy, TP RMB33.00): One of the world’s biggest airbag suppliers. Joyson has a wide portfolio of parts providing it with ample cross-selling and cost-saving opportunities.
Huayu (600741 CH, Hold, TP RMB29.30): A leading exterior and interior parts supplier in China. Huayu is an affiliated supplier of SAIC, China’s biggest auto maker,but is also overly reliant on this single client. We see current valuations as fairly reflecting its growth profile.
China Grand (600297 CH, Hold, TP RMB2.90): A leading dealer in China. New car sales and insurance commissions are the bulk of its profits but we expect independent maintenance shops to start chipping away at its aftersales business. We also see increasing online car sales starting to threaten its growth.
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