过去两年，汽车零部件以及整车毛利率皆受原材料涨价负面影响， 且毛利率的下降几乎都是由材料价格上涨而带来。反过来，利润率的恢复又有 可观弹性——无论零部件向下游转移压力，还是原材料价格回落，这带来了当 前零部件板块PE 处于历史中枢而PB 位于历史底部的局面。我们建议在这样 的历史底部，在3Q22 行业基本面回升之前，积极布局有全球竞争力的中国汽 车零部件公司，包括具备较强估值弹性的拓普集团、上声电子，以及当前估值 较低、有较大重新定价空间的立中集团、爱柯迪、常熟汽饰、豪能股份、银轮 股份等，建议关注中鼎股份；其中立中与爱柯迪等公司有望从2Q 开始将受益 于原材料价格变化与议价协议生效。

VR in cars is still a niche use case. Frost & Sullivan expects that premium vehicles and luxury brands with advanced GPUs and high-compute capabilities will be the first ones to launch in-vehicle VR applications. Manufacturing units and dealer showrooms will continue to use VR to improve the user experience.

Ultrasonic technologies used in a vehicle helps to determine the obstacles or the blind spots which falls beyond the eyesight of the vehicle. With the introduction of smart parking infrastructure followed by introduction of numerous ADAS features in new vehicles, the demand for ultrasonic technologies across the vehicle has increased which provides lucrative opportunities for the growth of the market. Companies such as Aisin Corporation, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA and others, have been developing different ultrasonic sensors for use in vehicles, which leads to the growth of the global market.

2021年港股汽车板块业绩综述：中游因三座大山承压，下游受益于供求改善 零部件承压巨大：受累于上游原材料成本上涨及海运价格上涨的直接成本影响， 同时承受下游车企由于芯片短缺削减产量/生产不连续带来的产能利用率下降，敏 实集团/耐世特/福耀玻璃/信邦控股毛利率分别下降1.6pct/2.7pct/3.4pct/5.4pct。 整车表现分化：新能源传统车企表现分化，传统车企盈利能力受到原材料成本及 芯片短缺负面影响，新能源车企享受规模效益提升带来的盈利能力大幅改善。 经销商业绩大幅增长：受益供给紧张库存周转加快，下游较强需求带来售价提升， 毛利率与净利率大幅提升，中升控股/永达汽车/美东汽车/和谐汽车/广汇宝信/百得 利控股归母净利润分别增长50.35%/52.63%/55.30%/63.90%/161.09%/94.07%。

Electric vehicles (EVs) registered a penetration of 4.2% in 2020, with a YoY growth of 40%, driven by reduced sale of conventional vehicles and faster recovery in the EV market. With a market share of 42.5%, Europe emerged as an EV market leader for the first time ever, overtaking China.

Automotive key & lock market is highly application driven and systems are gaining popularity across end users and technologies such as Infra-Red Sensor, Transmission and Others. Technological advancements along with the demand for convenience are the key factors are driving the growth of automotive smart key market. Asia-Pacific is estimated to account for the largest share of the automotive smart key system market. This can mainly be attributed to the rising vehicle production and the increasing installation of safety features in passenger cars, commercial vehicles. Additionally, high demand from customers and high purchasing power has upped the demand for vehicles and boosted the market for automotive smart key. The Europe and North American market are expected to experience a steady level of growth.

Automotive Door Handle Market have a positive outlook regarding the growth of the automotive industry. The Automotive Door Handle Market is matured one and likely to grow strongly in APAC region. There is potential for high demand in North America and Europe as well. Companies are collaborating with existing players in the Asia Pacific due to the abundance of population with growing need for the car modification.

2021 年即使在缺芯及原材料价格上涨等不利因素下汽车行业业绩依然增长良好，其中乘用车、汽车零部件行业表现较佳，2022 年一季度受乌俄战争、国内疫情等因素，汽车行业业绩暂时性下滑，预计随着国内疫情常态化防控及地方刺激消费政策的出台，汽车行业有望逐渐改善。

补贴影响减弱，市场竞争造成了车厂电池厂的合理选择，不同材料特性对应了不同的应用领域，而应用领域发展决定了材料的占比变化，从而磷酸铁锂与高镍三元并行发展。高镍在三元材料内份额从2019 年12.5%快速提升至38.3%，核心地位预计将进一步提升。

A new revenue model that defines how a company creates and capitalizes economic value, typically impacting its value proposition, product offering, operational strategies, and brand positioning.